Brooklyn Developer to Convert South Bronx Property to Condos
The firm reports it has purchased 1049 Washington Ave. in the South Bronx that will be redeveloped into a 104-unit “Hello W” condominium building.
NEW YORK CITY—Real estate development firm Hello Living has completed its second acquisition outside of its home borough of Brooklyn with the purchase of a building in the Morrisania section of the Bronx.
The firm reports it has purchased 1049 Washington Ave. in the South Bronx that will be redeveloped into a 104-unit “Hello W” condominium building. The property, which is currently a one-story building, was purchased for $11.3 million. The total development cost for the project is expected to be approximately $50 million.
The development will feature 74,896 square feet of residential space, 48,364 square feet of community facilities and 27,065 square feet for retail space. ND Architecture & Design, founded in 2004 by Nataliya Donskoy, is the architect of record.
“Hello Living is excited to continue Building Stories in new boroughs, and through the acquisition of 1049 Washington Avenue, Hello W marks a new chapter for us in this dynamic Bronx neighborhood. Each of our projects are unique, with components that are tailored to the Hello Living brand, including light-filled apartments that maximize the square footage of both the indoor and outdoor spaces,” says Eli Karp, CEO and Founder of Hello Living. “This property is an optimal location, in an energetic part of the South Bronx, and we look forward to becoming a part of this vibrant, diverse neighborhood.”
The redevelopment of the property is expected to take between 24 to 36 months, according to a representative of Hello Living.
The units will include studios to four-bedroom apartments that will feature triple-pane windows and doors, stainless steel appliances, and Hello Living’s signature floor-through units with front and back terraces. Accessible via the 2 and 5 subway lines and Metro-North, in tandem with the Bx6 and Bx15 buses, the property offers a 35-minute commute to Midtown Manhattan.
Since its founding in 2005, Hello Living has developed 13 projects to date throughout Brooklyn, with additional developments in the pipeline throughout New York City.