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Developer Delivers Despite Uncertain Economic Times
AB Capstone Group (425 Westchester Avenue), New Development
South Bronx
Developer Delivers Despite Uncertain Economic Times
AB Capstone Group (425 Westchester Avenue), New Development
South Bronx
The 150,000-square-foot, mixed-use facility is one of the few construction Class A projects in the Bronx. The result of federal 2017 tax reform, the Opportunity Zone fund incentivizes investors to build in designated low-income regions.
Developer Delivers Despite Uncertain Economic Times
AB Capstone Group (425 Westchester Avenue), New Development
South Bronx
Significant reductions in upfront and ongoing operating costs were necessary for the complex, multi-phased effort to move forward. In response, ThinkForward arranged incentives for the project under the New York City Industrial Development Agency’s “Straight-Lease”program. A straight-lease transaction provides several types of tax exemptions(sales and use, mortgage recording), as well as property tax abatements and discounted utility rates.
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Developer Delivers Despite Uncertain Economic Times
AB Capstone Group (425 Westchester Avenue), New Development
South Bronx
Developer Delivers Despite Uncertain Economic Times
AB Capstone Group (425 Westchester Avenue), New Development
South Bronx
A PK-8 charter school operated by Zeta Charter Schools anchors the new 10-story property. The building's special features, such as floor-to-ceiling windows, open office floor plans, and 11,000 square feet of outdoor amenities, draw strong demand for school enrollment and for ground floor retail space.
The mixed-use facility at 425 Westchester Avenue is asuccessful joint venture between the commercial developer AB Capstone Group andStarwood Opportunity Zone Partners, a commercial real estate investor andaffiliate of Starwood Capital Group.
Developer Delivers Despite Uncertain Economic Times
AB Capstone Group (425 Westchester Avenue), New Development
South Bronx
The 150,000-square-foot, mixed-use facility is one of the few construction Class A projects in the Bronx. The result of federal 2017 tax reform, the Opportunity Zone fund incentivizes investors to build in designated low-income regions.
Significant reductions in upfront and ongoing operating costs were necessary for the complex, multi-phased effort to move forward. In response, ThinkForward arranged incentives for the project under the New York City Industrial Development Agency’s “Straight-Lease”program. A straight-lease transaction provides several types of tax exemptions(sales and use, mortgage recording), as well as property tax abatements and discounted utility rates.
A PK-8 charter school operated by Zeta Charter Schools anchors the new 10-story property. The building's special features, such as floor-to-ceiling windows, open office floor plans, and 11,000 square feet of outdoor amenities, draw strong demand for school enrollment and for ground floor retail space.
Mixed-Use Development: School & Class-A Office
$71,000,000
“The Bronx is New York City’s fastest growing borough, and we see continued opportunity to help bring new investment in the services, schools, office space, and retail that have long contributed to the Bronx being such a vibrant community (Miami, May 2019, PRNewswire).”
ANTHONY BALESTRIERI, SNR. VP
The 150,000-square-foot, mixed-use facility is one of the few construction Class A projects in the Bronx. The result of federal 2017 tax reform, the Opportunity Zone fund incentivizes investors to build in designated low-income regions.
Significant reductions in upfront and ongoing operating costs were necessary for the complex, multi-phased effort to move forward. In response, ThinkForward arranged incentives for the project under the New York City Industrial Development Agency’s “Straight-Lease”program. A straight-lease transaction provides several types of tax exemptions(sales and use, mortgage recording), as well as property tax abatements and discounted utility rates.
A PK-8 charter school operated by Zeta Charter Schools anchors the new 10-story property. The building's special features, such as floor-to-ceiling windows, open office floor plans, and 11,000 square feet of outdoor amenities, draw strong demand for school enrollment and for ground floor retail space.
The mixed-use facility at 425 Westchester Avenue is asuccessful joint venture between the commercial developer AB Capstone Group andStarwood Opportunity Zone Partners, a commercial real estate investor andaffiliate of Starwood Capital Group.
