With this purchase of five acres of waterfront land, is the South Bronx New York’s newest development hot spot?

Development East News Skyscrapers
(Courtesy Bing)

(Courtesy Bing)

The Chetrit Group and Somerset Partners are betting big on the Bronx. The developers have recently purchased 5 acres of industrial land along the Harlem River. The Wall Street Journal reported that they plan to build up to six 25-story market-rate apartment towers on the land.

According to the Journal, “overhauling the area would cost at least $500 million in private investment and at least $200 million in local, state, and federal funds, with a percentage from developers for roads, sewers, flood prevention measures, and work to integrate a freight rail line with the public areas.”

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