Announcement | April 10, 2009

Condos Selling Well in the South Bronx

 

While the luxury residential market remains depressed, The Aurora, an 8-story, 91-unit, condominium building in the Bronx is a success story.  With 83% of the units sold, this mixed-use project, designed by award-winning Magnusson Architecture and Planning PC, is a bright spot in the current real estate market.

 

Developed under New York City’s Cornerstone Program, the 103,000 SF, $ 22-million development was funded by the Affordable Housing Corporation and the Bronx Borough President’s office.  The Cornerstone program is a Department of Housing Preservation and Development new construction initiative designed to facilitate the construction of mixed income, multi-family housing on City-owned land.

 

“Features such as  a landscaped common courtyard, energy efficient and green design elements, a beautifully designed entrance lobby, and convenient retail on the ground floor all make the Aurora a dream opportunity for home ownership,” says Ron Moelis, CEO and Chairman of L + M Equity Partners LTD, one member of the project’s development team.

 

Situated in the Melrose Commons Urban Renewal Area, The Aurora was developed on the largest and longest site in the neighborhood.  “In response to this situation, we broke down the impact of a potentially long street wall with massing to articulate varied facades, special features, and setbacks,“ explains Magnus Magnusson, Principal of Magnusson Architecture and Planning, PC (MAP).

 

A fully landscaped multi-level terrace at the second floor encloses the ground floor parking area, while providing outdoor space for all residents.  Additional features that distinguish the property as an ownership building include private terraces and special finishes inside select units. “High-end design, spacious apartments, and outdoor space all contribute to making The Aurora a place you want to call home,” says Yolanda Gonzalez, who heads up Nos Quedamos, the community development arm of the project’s development team.

 

“Located on a tree-lined block within walking distance of a vibrant shopping district, the Aurora is a distinctive building in the right location,” says Christine Procida, Senior Vice President of Procida Realty & Construction Corp, the third member of the development team, “MAP’s design for the 1-, 2-, and 3-bedroom condominium residences includes integrated kitchens and living rooms, bamboo flooring, and ceramic tile bathrooms that can accommodate the personal style of the individual unit owners.”

 

MAP has been designing innovative community-based projects since 1995. Current projects include:  several new housing and mixed-use developments throughout the boroughs of New York City, as well as developments in the Hudson Valley, Long Island and New Jersey.  Other current and past MAP clients include: Phipps Houses, Volunteers of America, the Jewish Board of Children and Family Services, CPC Resources, Ridgewood Bushwick Senior Citizens Council, Inc., Fifth Avenue Committee, and BFC Construction.