The Montefiore Medical Center has purchased the Farrand Building, a former rehabilitation center, at 4401 Bronx Boulevard for $5.19 million. Formerly operated by Our Lady of Mercy Medical, the 40,000-square-foot building will be used in the same capacity by its new owners, according to a statement from Kelly Lee, a representative for NAI Friedland Realty. The realty group's Rick Stassa represented both buyer and seller in the transaction. TRDIt's great to see Monte snapping up such a huge property during this real estate downturn. To the average observer, everything they own is impeccably maintained and their presence brings a sense of stability to neighborhoods.
GlobeSt.com reports the following affordable housing project in Morrisania:
Bronx Pro Real Estate Management opened a new 90-unit affordable housing development at 1085 Washington Ave., in the Morrisania section of the Bronx on Tuesday, according to a release from the management company. The building’s anchor tenant will be DreamYard, a local provider of art education to K-12 aged students.Good stuff!
Bronx Pro says it has completed new construction and renovation projects through the Neighborhood Entrepreneur and New Foundations programs, sponsored by the city’s Department of Housing Preservation and Development. In the release, Peter Magistro, president of Bronx Pro, says, “this building is a testament not only to Bronx Pro’s commitment to developing quality affordable housing, but our commitment to the creation of new communities in the Bronx.”
The New York City Housing Development Corp. provided a $13.6-million construction loan, $5.7 million in permanent financing and a $4.95-million subsidy. Other partners included Enterprise Community Partners, who provided Bronx Pro with an acquisition loan equaling $3.4 million, $95 million in tax credit equity and a $40,000 Green Communities Grant.
The new building includes a 1,850-square-foot green rooftop garden that’s certified a “natural habitat in the Bronx” that includes a sustainable native organic garden, birdhouses and a solar powered birdbath. According to he release, the roof will provide a “safe haven for migrating or native birds, butterflies and bees that may be seeking sanctuary in the Bronx.”[GlobeSt.com]