NEW YORK CITY-A partnership of Grid Properties and the Gotham Organization will pay $30.5 million to acquire a 550,000-square-foot parcel in the Pelham Gardens section of the Bronx from the Metropolitan Transportation Authority.
The MTA announced the deal on Friday. The Grid-Gotham partnership was selected as the winning proposal for the site near the intersection of East Gun Hill Road and the New England Thruway. The firms plan to build a large retail project at the property. According to Crain's New York Business, the partners plan to build 260,000 square feet of leasable retail space and possibly up to 100 units of senior housing there.
"We are extremely excited about the prospect of creating an architecturally distinctive, pedestrian-oriented retail destination in the Bronx," Grid Properties Principal Drew Greenwald states. "Currently, Bronx residents have to leave the borough to experience the type of vibrant shopping and dining environment we envision at this site." See story in Crain's New York Business.
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