SF
35,000
Capitalization
$10 million
Status
Under construction
Role
Owner & development manager
Partners
Borough Equities, Urbane Development, Arden Group Intl
Architect
Michael Kahn Architecture
New York Design Architects
Contractor
Borough Construction
2929 3rd Avenue & 410 W 152nd St
The Hub, Bronx, NY
Pointsfive and its partners secured a distressed 35,000 square foot vacant commercial building and adjacent 30,000 buildable square foot lot on a prime retail strip in the Bronx in auction from a bankrupt operator. The partnership procured lease agreements for 60% of the space with nonprofits and local tenants, designed a significant rehab of the building, and cleared squatters from the land while in contract. The partnership subsequently assigned the contracts for the land and the lot to separate buyers. Pointsfive was retained by the purchaser of the commercial building to execute the business plan including lease up, construction, and management and is negotiating a master leaseback of office space. Closed December 2020 and construction began January 2021.
