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South Bronx Resi Project Sells to Brookfield
Brookfield is acquiring a 1.3-million-square-foot residential project on the South Bronx waterfront for roughly $165 million. A spokesman for Cushman & Wakefield confirmed a New York Post report that the firm’s Doug Harmon and Adam Doneger marketed the project on behalf of the Chetrit Group and Somerset Partners.
The project is actually two parcels on either side of the Harlem River: 101 Lincoln Ave., and 2401 Third Ave., with a total of about 1,250 apartment units planned. Chetrit and Somerset acquired the sites in 2015 for a combined $60 million. It’s expected that Brookfield will tweak the project’s design.
“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,” Harmon told the Post. “They will be great stewards for the site.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
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