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Brookfield Property completes $165M project acquisition in the Bronx, NY

Brookfield Property Partners LP completed its $165 million acquisition of a residential project in the Bronx, N.Y., from Somerset Partners and Chetrit Group, The Real Deal reported, citing representatives from Brookfield and Somerset.

The acquired properties are 2401 Third Ave. and 101 Lincoln Ave., which span roughly 189,000 square feet of land in the borough's Mott Haven neighborhood. The acquisition was agreed to in early April.

Brookfield intends to develop roughly 1,300 units at the site in seven buildings.

At 2401 Third Ave., Brookfield plans 462,000 square feet of gross development. Work is expected to commence in the second quarter of 2019, and the building is expected to open in the third quarter of 2021.

At 101 Lincoln Ave., Brookfield plans 950,000 gross square feet of development with construction expected to commence in late 2019.

According to the report, the number of planned units and buildings is the same as that planned by Chetrit and Somerset, but they had planned to make all the units market-rate. Brookfield intends to make 30% of the development affordable housing.

Chetrit and Somerset paid $58 million for the two sites, the Sept. 6 report added.