30% Affordable Housing in Brookfields First Bronx Development

Future 421a Tax Abatement 2401 Third Avenue and 101 Lincoln Avenue in the Bronx

The Real Deal reports that Brookfield Property Partners plans to build a new development in the Bronx. The location is 2401 Third Avenue and 101 Lincoln Avenue. The project is in planning stages but construction should start in 2019. Rentals should be available in 2021.

Brookfield will probably seek a 421a tax abatement. Therefore, 30% of the rental units reportedly fall under New York’s Affordable Housing Program.  The development site’s tremendous 462,000 gross square foot of development at 2401 Third Avenue and 950,000 gross square foot at 101 Lincoln Avenue will provide thousands of residential units to the market.

Future Affordable Housing in the Bronx

The new development will reportedly feature a waterfront park, promenade, shared courtyard, cafe, library/wine room, screening room and more.  The news was first released in 2017. The project appears to make progress as a great addition to the neighborhood. In addition, it should provide hundreds of affordable housing rental units to New Yorkers.