212.544.9500 | arielpa.com As printed in the Mann Report | May 2015

City Seeking Community Input on Jerome Avenue Rezoning

use residential with ground floor housing on the site and has com- opment report, Bronx Borough retail and require that any new pleted several other similar proj- President Ruben Diaz identified development include affordable ects on Webster Avenue since the additional locations for housing housing through the mandatory 2011 rezoning. development such as the Har- Inclusionary Housing Program. lem River waterfront from Third Bronx Community Board 4 is Avenue to 149th Street, the 161st As part of Phase I, the Department supporting the rezoning proposal Street corridor, and the southern of City Planning has hosted walk- as it seeks to improve the dis- portion of the Grand Concourse. ing tours, presented information trict’s quality of life by encourag- sessions, and conducted surveys. ing a mixed-zoning district that Borough President Diaz said that Additional outreach efforts and will bring new and vibrant retail more than $7.212 billion in total workshops to solicit community activity, and a mix of incomes to development dollars have been Scot Hirschfield input are scheduled to continue promote economic growth. invested in the Bronx in all cate- Vice President at Ariel Propery Advisors throughout the year. gories since 2009. In 2014 alone, The Community Board notes in the borough saw investments In support of Mayor Bill de Bla- In the fall, the Planning Depart- its FY 2016 Needs Assessment totaling $788 million in residen- sio’s Housing New York Plan, the ment is expected to release its that underused parking lots and tial development, $483 million Department of City Planning has rezoning recommendations as parking garages would be ideal in institutional development, and identified several areas citywide part of Phase II. An environmen- sites for residential development. $134 million in commercial de- that could be upzoned to en- tal analysis, draft environmental In a 19-block area in CB4, there velopment. courage the development of af- impact statement, and a public are 48 open parking lots/auto- fordable housing for moderate review of the zoning application related facilities. The Board also According to Ariel Property Advi- and mixed incomes, including a by the Community Board, Bronx recommends that the area be sors 2014 Sales Report, the dol- two-mile stretch along Jerome Borough President, City Planning designated an Inclusionary Zon- lar volume of investment prop- Avenue in the Bronx. Commission, and City Council ing area to encourage affordable erty sales in the Bronx rose above will be included in Phases III and housing. $2.39 billion in 2014, a 39 percent Representatives from the Plan- IV. increase from the previous year ning Department and other city It is doubtful, however, that the and a 55 percent jump from 2012. agencies began meeting with Owners we’re speaking with in mandatory Inclusionary Zon- Of these deals, 44 percent of the stakeholders in the area last fall the area are anxious to review the ing Program alone will spur af- dollar volume and 45 percent to study how to best revitalize city’s rezoning proposal, and are fordable housing development of the transactions were in the the 73-block area along Jerome anticipating that their property on Jerome Avenue because the Southwest Bronx. Avenue from Mullaly Park north values will increase if taller build- initiative works best in high-rent across the Cross Bronx Express- ings with greater density are al- neighborhoods where market More information about the Je- way to just south of Fordham lowed. rate units generate enough in- rome Avenue Study is available Road, and along the key commer- come to make the project fi- at http://www.nyc.gov/html/dcp/ cial corridors of W 167th Street, A similar rezoning on another nancially feasible, a recent study html/jerome_ave/index.shtml. West 170th Street, Burnside Av- Bronx corridor, Webster Avenue, by the NYU Furman Center has The Bronx 2014 Year-End Sales enue, and Tremont Avenue. resulted in a flurry of transactions found. Therefore, in the short- Report tracks all development, for development sites that are term, upzoning would most likely multifamily, industrial, and other Although Jerome Avenue is a bringing a mix of new affordable, attract residential developments commercial property sales over major transit corridor serving supportive, and moderate in- that receive public subsidies, and $850,000. For a copy of the re- the communities of Highbridge, come housing to the commercial as these benefits are finite and port, please visit http://arielpa. Mount Eden, Concourse, Mount strip. For example, we recently limited, the rate of new develop- com/newsroom/report-APA- Hope, University Heights, and sold a development site at 3084 ment might be slow. Bronx-2014-Sales-Report. Morris Heights, it is mostly zoned Webster Avenue and 410-414 for heavy commercial, light indus- East 203rd Street for $4.125 mil- The Cromwell-Jerome study is trial, and auto-related uses. The lion, or over $44 per square foot, one of several development ini- city is expected to recommend to the Stagg Group. The develop- tiatives taking place in the South rezoning the area to allow mixed- er is planning to build workforce Bronx today. In his annual devel-

For More Information Please Call Scot Hirschfield @ 212.544.9500 ext. 44