RXR Realty Breaks Ground on $75M Project in South Bronx
Real Estate In-Depth | October 14, 2021
NEW YORK— RXR Realty broke ground on Oct. 13 on its inaugural South Bronx development, a future residential building located at 2413 Third Ave. RXR Realty is the designated developer for the City of New Rochelle’s downtown revitalization and has developed multifamily projects in Yonkers and throughout the New York metro region.
Situated next to the Third Avenue Bridge and minutes to the 6 train, the 27-story, 200-unit tower will designate 60 units as affordable apartments for middle income households. It will feature 81 on-site enclosed parking spaces and electric vehicle charging stations and 721 square-feet of retail space. The project is slated for completion in 2023.
This summer, RXR and Bank of America closed on a $75.2-million construction loan to fund the development of 2413 Third Ave. The successful transaction was driven by RXR’s exceptional development track record, and the rare opportunity to develop within a prime waterfront neighborhood with generous park and green space.
“As the South Bronx continues to grow, it is crucial to see increased direct investment in affordable housing to support vibrant neighborhoods like Mott Haven. I am proud to celebrate the groundbreaking of over 60 affordable units for middle income households that will provide stability and opportunity for Bronx residents. I look forward to seeing continued investment in affordable housing in the South Bronx in order to lift up working families,” said U.S. Rep. Ritchie Torres, NY-15.
“We are thrilled to break ground today on our first entry into the Bronx market and celebrate the creation of 200 new apartments and retail space in the vibrant Mott Haven neighborhood. As the South Bronx’s population grows, RXR welcomes the opportunity to meet this demand and provide accessible, smartly designed and amenitized homes,” said Joanne Minieri, senior executive vice president, chief operating officer of Development and Construction, RXR Realty. “RXR is fully committed to working in partnership with the community to increase local hiring and activate the neighborhood through direct investment.”
“We are excited to welcome RXR to the Bronx and to the thriving network of Chamber members who are investing in our neighborhoods to create new jobs and opportunities for community partnerships,” said Lisa Sorin, President of the Bronx Chamber of Commerce.
Designed by CetraRuddy Architects, an award-winning global architecture and interior design firm, the building will feature an open concept cafe and gallery space on the ground floor, a state-of-the-art fitness center, flexible common area, and electric vehicle charging stations. Units will be equipped with stainless steel appliances, white oak flooring, matte black iron fixtures and subway tiling. The 145,643-square-foot development will also feature exterior amenity areas, including landscaped seating areas and lounges, rooftop grilling, dining areas and a gaming space. The tower is centrally located within walking distance of the 4/5/6 transit lines and one block from the Major Deegan Expressway.