Domain’s New York expansion continues with the acquisition of two new development sites in the South Bronx!
445 Gerard Avenue and 414 Gerard Avenue in Mott Haven were purchased for $38.5M and will allow for the creation of a mixed-income, mixed-use residential property consistent with Domain’s focus on community development and sustainable design. The sites are located within an Opportunity Zone, and are expected to participate in the New York State Brownfield Cleanup Program and include at least 25% affordable housing.
“We’re looking forward to growing within and alongside the Bronx community with these recent acquisitions,” says Matt Schwartz, Co-Chief Executive Officer, The Domain Companies. “Domain takes pride in developing impactful, high-quality projects and shares the city’s dedication for investing in, and engaging with, the community.”
The Mott Haven sites sit in the middle of the rapidly-developing South Bronx, where separate development projects from market leaders range from residential and affordable housing to green space, transportation, and entertainment.