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| Matthew Schwartz |
The 44,500sf sites allow for the development of an
approximately 428,906sf mixed-income, mixed-use residential property consistent
with Domain’s focus on community development and sustainable design.
The sites are located within an Opportunity Zone, and
currently zoned M1-4/R8a within the MX-13 Special Mixed-Use District.
It is expected that
both sites will participate in the New York State Brownfield Cleanup Program
and include at least 25% affordable housing.
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| Rachel Diller |
In 2015, Mayor Bill de Blasio announced a $194M
investment focus in the “Lower Concourse North” area, which included street
improvements, new Harlem River open space, and more.
“We’re looking forward to growing within and alongside the
Bronx community with these recent acquisitions,” says Matt Schwartz,
Co-Chief Executive Officer, The Domain Companies.
“Domain takes pride in developing impactful, high-quality
projects and shares the city’s dedication for investing in, and engaging with,
the community.”
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| New York City Mayor Bill de Blasio |
Domain has worked in several rezoned neighborhoods throughout New York and has developed a successful track record in creating mixed-income housing and remediating brownfield sites.
Most recently, Domain purchased 553 Sackett Street, 545
Sackett Street, and 420 Carroll Street in Gowanus, Brooklyn, representing
three of the few sizable redevelopment parcels in Gowanus to sell in recent
years.
Prior to these acquisitions, Domain developed several
mixed-income projects throughout New York. These include Eleven33 in
Greenpoint, Brooklyn, a LEED Gold-certified, mixed-income development
participated in the New York State Brownfield Cleanup Program and received the
2015 Big Apple Brownfield Award for Green Building.
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| Christopher Peck |
Financing for the Mott Haven acquisition was provided by
equity partner Hunt Real Estate Capital, senior lender Centennial Bank, and
mezzanine lender Sherwood Equities.
The $30M in acquisition financing from Centennial Bank and
Sherwood Equities was arranged by Christopher Peck at HFF. Commercial
real estate advisory firm. Newmark Knight Frank served as the investment sales
broker for the deal.
“We are thrilled to launch our Opportunity Zone investment
strategy with Domain in the South Bronx," says Rachel Diller,
Senior Managing Director Equity Strategies, Hunt Real
Estate Capital.
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| Jonny Snider |
"Domain’s
history of community engagement, coupled with the potential for inclusive
growth in the South Bronx through mixed-income housing, represents what we
believe is the intent of the Opportunity Zone program.
“The project
signifies a continuation of our long-standing relationship with Domain and our
history of investing in public-private partnerships in evolving neighborhoods.”
“Sherwood is excited to again partner with The Domain
Companies,” says Jonny Snider, Senior Vice President, Sherwood Equities.
“We have high confidence in the Domain team and are thrilled to be part of the
next chapter of the South Bronx’s storied history.”
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| David Behin |
“The neighborhood is
developing rapidly. With its convenient commute to Midtown in Manhattan and
access to green space and diverse housing options, it’s easy to see why.”
The Mott Haven sites sit in the middle of the
rapidly-developing South Bronx, where separate development projects from market
leaders range from residential and affordable housing to green space,
transportation, and entertainment.
CONTACT
Megan McNeill
The Domain Companies
504.301.0014x612
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