Developers in the Bronx are moving forward with their projects, despite uncertainty over the future of the 421-a tax exemption program. In the western Bronx neighborhood of Mount Hope, one builder is pushing ahead with plans to put up an eight-story apartment building at 222 Echo Place.
The development will replace a pair of aging wood frames between Grand Concourse and Anthony Avenue, around the corner from the Tremont Avenue stop on the B and D trains. The Department of Buildings just approved plans for 44 apartments and 27,575 square feet of residential space, for typical units of 625 square feet. The apartments will be studios and one-bedrooms, according to developer Alex Gilkarov.
He said that he had hoped to get the 421-a tax break and rent 30 percent of the units at below-market rates. “My building was designed to be [partially] affordable, but affordable is not quite available yet,” Gilkarov told YIMBY. “Nobody really knows what’s happening. I’m fine with market-rate as well, but it’s not preferable. Obviously I’ll benefit a little bit from 421-a, but it’s not a big benefit.”
If the controversial tax exemption doesn’t return in the near future, he’ll simply rent all of his apartments at market rates.
Issac and Stern Architects is designing the building.
Gilkarov picked up the pair of houses for a combined $1.15 million in May 2016. Then he filed plans for the new building in August. Now, he’s getting ready to break ground on April 1.