Monday, August 18, 2008

Plaza of the Hub - Mott Haven Gets A Little Bit Cooler

The Related Companies is now negotiating to build a 1.1 million of mixed retail/residential facility in the Hub (149th St. and Brook Ave), which will be comprised of 4 buildings: Building 1: 356,000 sf of retail space +10 story officetower about 290,000 sf. Building 2: 3,800 sf ground floor retail, 44,500sf supermarket on the ground floor as well, 123,000 sf cinema with 14screens and 3,500 seats. Buildings 3 & 4: Both will be 11 stories,272,000 sf of middle income housing and 16,000 sf of retail. WOW! If you would like to see the architectural drawing of the project, and learn more about the details, please see the link looks amazing!!

Click for 66 pages of Filing and Reports about this Project

Even before this new development the Hub was transcending the 99-cent store scene with a shopping experience to rival Fordham Rd. Here are some stats (and an article) provided by the NY Daily News:

Checkout: The Hub

  • 122 stores in the Business Improvement District.

  • 1928 Alexander's opened a store that year on Third Ave., the department-store chain's first. Discounter Conway now owns and occupies the building.

  • 40% decrease in crime in the past decade.

  • $85-$125 per square foot asking rents for prime store locations.

  • $56.7M retail and office building constructed by Related Cos. on Third Ave. and E. 156th St.

  • 80,000 square feet of store space in Related's Third Ave. development.

  • 250+ employees work at the stores in Related's Third Ave. building.

  • $30 per square foot was the highest rent landlords could get on Third Ave. north of E. 153rd St. before Related's project was completed. Since it opened last year, retail landlords in the area are now asking up to $70 per square foot.

~Jay O.+ErLu


Anonymous said...

Already sounds like an exciting place to be.

Anonymous said...

I just moved into the Aurora Condominium, being a long time resident of the Bronx, I'm amazed at the changes that have taken place at the hub. It's not the same as it was back in the late 70's through the 90's