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South Bronx Development: From Parking Lots to Residential Towers

Real Estate Developments

New plans are on the horizon for two parking lots located in the South Bronx at 1159 River Avenue and 1184 River Avenue. Maddd Equities, a New York based real estate development company, have proposed two developments situated near Yankee Stadium. Plans to transform the parking lots started once the rezoning applications were approved for Jerome Avenue. The City Council approved the plans in March 2018, which will impact 92 blocks in the Bronx and create an abundance of opportunity for developers to build large residential spaces.[1]

The two developments will be opposite from one another and create a total of 750 apartment units. 1159 Rive Avenue will be a mixed use building with 250 apartments with commercial retail space, totaling to 20,000 square feet.[2] The developers have partnered with Community Access, a non-profit organization that provides access to affordable housing for those in need. Since 1974, Community Access has developed “more than 20 affordable housing projects in New York City”[3] – and now it will have this South Bronx development to add to its portfolio. All 250 units will be available to individuals in the city who require affordable housing and supportive housing.

Maddd Equities have proposed much bigger plans for the buildings across the street at 1184 River Avenue, also known as River Crest. This vacant parking lot will transform into two 17-story towers (548,000 square feet) that will include 500 apartment units, commercial retail space, open community spaces and a 354 car parking lot.[4] This development will offer a mix of affordable housing and market rate units. River Crest financing will be coming from bonds from the city’s Housing Development Corporation and loans from the Department of Housing and Preservation and Development.[5]   These projects will create functional space and affordable housing for the community, in addition to significantly increasing the value of the two properties.

[1] Kensinger, N. (Mar. 29, 2018) “What Happens To Jerome Avenue After Its Rezoning?” Curbed NY. Available at: Accessed on May 9, 2018.

[2] Walker, A. (May 2, 2018) ”South Bronx Parking Lots Will Become Massive 750-Unit Development.” Curbed NY. Available at: Accessed on May 9, 2018.; Small, E. (May 2, 2018) “Maddd Equities Planning Massive Affordable Housing Projects Near Yankee Stadium.” The Real Deal. Available at: Accessed on May 9, 2018.

[3] Community Access. Housing. Available at: Accessed on May 9, 2018.

[4] Op. Cit. n2.

[5] Op. Cit. n2, Small.

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