1479 Macombs Road

Bronx, NY

In December 2012, the company acquired a privately owned 6-story elevator building with 72 occupied apartments located at 1479 Macombs Road at Cromwell Avenue in the Tremont neighborhood of the Bronx. The property was severely distressed requiring extensive beam and joist replacement in addition to the comprehensive renovation program with new kitchen and bathrooms and new building systems. The team restored the property’s decorative brick façade to its original 1929 appearance. The project is financed through HPD’s PLP program, a NYCERS permanent mortgage and developer equity. The project was completed in May 2015. The Total Development Cost was $14M.