April 25, 2019

Property Investment Companies: Somerset Partners and Chetrit Group

Property investment companies, Somerset Partners and Chetrit Group, plan to operate a market rate development of 430 rentals on South Bronx.

The South Bronx is officially on its way now that these two organisations are planning to heavily invest. Chetrit Group and Somerset Partners are breaking ground on a 1,300-unit residential project on the Mott Haven waterfront. This is a huge attraction. 

The complete market rate development, located at 2401 Third Avenue and 101 Lincoln Avenue, features 25-story buildings. It’s a project that has been on hold for nearly a year and a half since plans were filed, according to NY Yimby.

Upon completion, the buildings will have 430 rentals (that’s 164 studios, 96 one bedrooms, 133 two bedrooms and three bedrooms), 416,446 square feet of residential space, a 175-car garage and 4,200 square feet of community space. This is a great project for the local people and helps to improve their modern-day society.

“The roof of the cellar podium, in those areas which surround the towers, is landscaped and set two feet above the 100-year flood plain,” Hill West, the project’s architect, told Yimby.

“This landscaped deck, open on one side to the river and waterfront esplanade, serves as an entry court and drop-off to both lobbies and is accessed from Third Avenue through a distinctive porte-cochere.”

Amenities include a pet care room, lounge, “quiet room,” gym, event room, bike storage and a pool. [Yimby] —Christopher Cameron

These property investment companies are making huge changes and by building new rental apartments, this is nothing but a positive move and improvement for South Bronx.

Written by Gemma Smith

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