Gilbane Development

Gilbane inks $49M 99-year lease at 上海龙凤论坛sh1f

pair of Bronx sites Company landed lease for 2251 Webster Avenue and 2244 Tiebout Avenue

From left: 2251 Webster Avenue and 2244 Tiebout Avenue (Credit: Google Maps)

Gilbane Development Company has signed a $49.1 million lease at two adjacent city-owned sites in the Bronx.

New York City Housing Authority is leasing 2251 Webster Avenue and 2244 Tiebout Avenue to Gilbane for 99 years, according to reco上海千花网交友

rds filed with the city Wednesday. The Webster Avenue parcel is currently vacant, while the one on Tiebout Avenue houses a 10-story, 312-unit apartment building.

The properties appear to be part of NYCHA’s Twin Parks West project, which according to city documents calls for the creation of between 150 and 200 new affordable apartment上海贵族宝贝

s in partnership with the city’s Department of Housing Preservation and Development.

In January, NYCHA announced it had chosen Gilbane, Dantes Partners and the Kraus Organization to partake in a separate initiative meant to update and preserve hundreds of affordable units — Twin Parks also being a part of that. Renovations to the existing units in the Webster Avenue building are being done through the federal Rental Assistance Demonstration program, according to NYCHA.

Gilbane said in a statement that it is planning to underta上海千花网交友

ke a significant renovation of the property that will include upgrading apartment kitchens, bathrooms, flooring, lighting fixtures and new windows as well as property upgrades including façade repairs, roof repairs, renovation of community spaces, and site improvements including new play equipment and landscaping.

Gilbane is funding its ground lease acquisition with a $59.2 million loan from KeyBank.

Nearby, UA Builders recently filed plans for 上海千花网

a 91-unit, 13-story building at 2047 Ryer Avenue that will span about 61,000 square feet.

Tags: Development, NYCHA, the Bronx
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