In a boost for The Bronx, an upscale, nearly shovel- ready residential project along the South Bronx waterfront is being sold to Brookfield for around $165 million.
Assembled by the Chetrit Group and Keith Rubenstein’s Somerset Partners, the 1.3-million-square-foot development will rise on both sides of the Third Avenue Bridge over the Harlem River, due south of Yankee Stadium.
Designed by Hill West Architects, the two sites include 101 Lincoln Ave., with 849 apartments and four retail stores, and 2401 Third Ave., with 404 units. Both have parking and amenities that include more than 850 feet of public esplanade along the river.
It is likely that Brookfield’s designers would collaborate to tweak the design.
The project has been in the planning stages for several years and was marketed by Douglas Harmon and Adam Doneger of Cushman & Wakefield.
“Brookfield’s fine-tuned big-deal radar combined with their proven pioneering instincts make them one of the most creative and dependable investor-developers in the world,” said Harmon, who declined to discuss pricing or other specifics of the deal. “They will be great stewards for the site.”
Harmon’s team just closed the $2.4 billion sale of Chelsea Market to Google, and earlier this year, sold a stake in Brookfield’s One Liberty Plaza tower to Blackstone.
The Bronx transaction will continue Brookfield’s development of emerging neighborhoods. This includes the redevelopment of Downtown’s World Financial Center into Brookfield Place and Greenpoint Landing, a large mixed-use project along 22 acres of the Brooklyn waterfront.
Brookfield declined to comment on the Bronx deal.