INVICTUS Property Advisors has been retained on an exclusive basis for a new construction asset in the Bronx, two (2) contiguous new construction multifamily walkup buildings located in the heart of Mott Haven. The subject property consists of sixteen (16) units, of which fourteen (14) are one-bedrooms and two (2) are two-bedrooms. Of these apartments, six (6) will be restricted to affordability guidelines limited to households earning no more than 130% of the Area Median Income (AMI) and ten (10) will be market-rate, through established "first-rents", though encumbered by rent stabilization guidelines.
The property benefits from the 35-Year, 421A Exemption Program and future ownership will further benefit from both buildings classified as Tax Class 2B whereby state law limits how much the assessed value can rise each year. Upon expiration of the 421-A, all of the residential units which are currently rent stabilized will become free market upon vacancy.
The brand new development boasts on-site amenities offered to residents such as backyards and balconies, a laundry room, roof deck, and individual air conditioning, heat and hot water systems. In addition, all of the apartments have stainless steal kitchen appliances and hard-wood flooring.
538-540 East 142nd Street is four (4) blocks away from the 6 train at Brook Avenue and East 138th Street. Residents have access to Midtown Manhattan in less than 30 minutes. The building is in close proximity to the Mott Haven East Historic District and a short-walk to The Hub, the South Bronx major intersection described as the retail, theater, and restaurant heart of the borough. The area includes national retailers such as McDonald's, AT&T, T-Mobile, GameStop, CVS, Blink Fitness, and a wide variety of local eateries.