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New York & Tri-State  + Uptown/Bronx  + Opportunity Zones  | 

Domain Acquires 2 Parcels in Bronx Opportunity Zone

The Domain Companies has purchased a pair of parcels in an Opportunity Zone within the Bronx’s Mott Haven section for $38.5 million. Totaling 44,500 square feet, the sites at 445 Gerard Ave. and 414 Gerard Ave. allow for the development of an approximately 428,906-square-foot mixed-income, mixed-use residential property.

“We’re looking forward to growing within and alongside the Bronx community with these recent acquisitions,” said Matt Schwartz, Domain’s co-CEO.

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 $30 million in acquisition financing from Centennial Bank and Sherwood Equities was arranged by Christopher Peck at HFF. NKF served as the investment sales broker for the deal.

“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,” said Rachel Diller with Hunt Real Estate Capital.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Sale/Acquisition