News Summary
The Beitel Group has obtained a $305 million construction loan from SCALE Lending to develop a mixed-use project in Mott Haven, featuring two high-rise towers. This project will include 755 rental units and 11,500 square feet of retail space, set to enhance the neighborhood’s skyline and living experience. With a variety of amenities and affordable housing options, this development marks a significant investment in the Bronx’s growth. Construction is slated for completion by June 2026, further contributing to the area’s vibrant real estate market.
Beitel Group Grabs $305 Million Loan for New Bronx Development
The Beitel Group has successfully secured a significant $305 million construction loan from SCALE Lending to develop a major mixed-use project in Mott Haven, Bronx. The new development will consist of two towers, one soaring to 40 stories and the other to 26 stories, which together will provide a total of 755 rental units at the address of 355 Exterior St.
Expansive Project Details
Covering an impressive 515,000 square feet, the project is designed to enhance the local neighborhood with a mix of high-end features and affordable options. This ambitious undertaking has gained special attention as it is part of the 421a affordable housing tax abatement program, which requires that at least 25% of the apartments be set aside as affordable housing to benefit from tax relief.
Major components of the new complex will include a variety of living spaces, with studios, one-bedroom, and two-bedroom apartments designed to accommodate diverse households. Furthermore, the planned amenities are aimed at providing residents with a luxurious lifestyle; these features will include an outdoor pool and terrace, a gym equipped with a sauna and steam room, a pickleball court, a golf simulator, co-working spaces, and dedicated areas for social gatherings and children.
Retail and Parking Provisions
Beyond residential units, the development will feature 11,500 square feet of retail space as well as nearly 200 parking spaces. This combination is set to not only encourage commercial activity but also to improve convenience for residents. Located along the beautified banks of the Harlem River, the site is conveniently positioned just a short walk from the 149th Street Grand Concourse Subway station.
Recent Developments and Future Prospects
The Beitel Group’s engagement with the site commenced after it purchased the land from an affiliate of Lightstone Group, which acquired it back in 2019 for $28.3 million. As part of the construction timeline, Beitel has already completed the demolition of existing buildings and finished excavation work. The project, expected to be completed by June 2026, is managed by Prestige Construction NY as the general contractor.
With this latest financial boost, SCALE Lending demonstrates its ongoing commitment to residential development in Mott Haven, previously partnering with Beitel Group on several notable projects. These include a $135 million loan for two 14-story buildings and a $150 million loan for a 13-story complex, showcasing a sustained effort to drive growth in the area.
Supportive Housing Project in the Pipeline
In addition to Beitel Group’s mixed-use project, plans for another supportive housing project have emerged in Mott Haven at 694 E. 142nd St. This upcoming development is anticipated to consist of an 8-story building featuring 236 units aimed at providing assistance to at-risk individuals and families. This supportive housing project will offer residents essential sleeping accommodations along with a cellar and a rooftop terrace, enhancing life quality further.
The new supportive facility will be strategically located near schools, parks, and transit options, including a subway station serving the 6 train route. While no formal completion date has been given for this supportive housing development, progress will continue to be monitored closely as demolition permits for the existing 3-story residential building have yet to be filed.
Mott Haven’s Growing Appeal
With investments pouring in and new developments taking shape, Mott Haven is witnessing remarkable growth and revitalization. Over the past five years, significant changes have taken place in the neighborhood, drawing attention from developers and investors alike. The influx of housing and amenities promises to reshape the community and provide vital resources to residents in the years to come.
Deeper Dive: News & Info About This Topic
Additional Resources
- BX Times: 8-Story Supportive Housing in Mott Haven
- Wikipedia: Mott Haven, Bronx
- News 12: Mott Haven Luxury Rental Boom
- Google Search: Mott Haven development
- New York YIMBY: Excavation for 714-Unit Complex
- Encyclopedia Britannica: Housing
- Crain’s New York: Peter Fine Sells Mott Haven Development Site
- Google News: Mott Haven real estate
- Brick Underground: Housing Lottery in Mott Haven
- Google Scholar: Mott Haven housing
