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580 Gerard Avenue
Update
10/12/23
Developers Land $64M Loan for Large Apartment Project in Concourse Village
Joint developers, Stellar Management and The Karten Organization, have obtained a $64 million loan for a 9-story, mixed-use development, going up at 580 Gerard Avenue in the Concourse Village neighborhood of the Bronx. Issued by Customers Bank, this influx of capital will help to fund a large portion of the construction costs associated with the project.
The building is set to contain rental apartments, offered in one and two-bedroom configurations. Approximately 60 of these units are to be reserved for affordable housing.
Tenant amenities are to include a roof deck with BBQ stations, a fitness center with a yoga room, a movie screening room, a party room, and a bicycle storage area. Plans also call for square feet of ground-floor retail space, a cellar level, and an enclosed parking garage, with enough room for vehicles.
Designed by , 580 Gerard Avenue will stand feet tall and total square feet. is serving as the general contractor for the project and construction is already underway. The site spans square feet and sits at the corner of Gerard Avenue and East 150th Street. A single-story, commercial building, previously occupied the property prior to being demolished for the new development.
