Jacob Schwimmer’s got the dough.
The head of JCS Realty landed $105 million in construction financing to build a 447-unit mixed-use building on the site of the former Zaro’s Bakery warehouse in Mott Haven.
Schwimmer acquired a ground lease on the property at 138 Bruckner Boulevard from Montgomery Street Capital, which purchased the site for $55 million. The 12-story rental building, which will include ground-floor commercial space, is scheduled to be completed in early 2023.
Joshua Crane, co-founder of S3 Capital, which provided the construction loan, said he thinks there is “enormous opportunity” for transit-oriented development in Mott Haven and the rest of the South Bronx, particularly given its access to Midtown. The 138 Bruckner property is six blocks from the Brook Avenue 6 train.
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Developers make big resi bet on Mott Haven
Schwimmer’s no stranger to the South Bronx. He recently developed a 215-unit rental building at 276 Grand Concourse and a 55-unit rental building at 101 Bruckner Boulevard. He’s also planning a 200-unit building at 40 Bruckner Boulevard.
Mott Haven’s gritty warehouses and auto shops are giving way to large residential projects. About 20 developments are expected to bring more than 5,000 new apartments to the neighborhood over the next few years, according to the New York Times.
Jacob Schwimmer’s father, Cheskel Schwimmer of Chess Builders, recently opened a pair of 25-story towers with 430 apartments dubbed The Arches at 224-228 East 135th Street in Mott Haven.