In a city where new luxury condo and co-op developments are pretty much the norm, not every project announcement is front-page newsworthy.
But in the Bronx, where the vast majority of the residential market is of the rental variety, Brooklyn-based developer Hello Living is currently expanding its portfolio with the announcement of a new condo project in the Morrisania neighborhood.
The Real Deal reported that Hello Living spent $11.3 million to acquire a property at 1049 Washington Avenue from A&D Realty Company (The site currently houses a parking garage for Ambassador Fuel, a petroleum products distributor). The next step will be constructing Hello W, a planned 11-story, 104-unit condo in the space, with ND Architecture and Design on board as project architect.
The acquisition of the Bronx site is just the second project undertaken by Hello Living outside of Brooklyn, according to the firm, with another 272-unit residential building underway at 4650 Broadway in Inwood. The company's portfolio currently includes 13 additional developments in Brooklyn.
"Hello Living is excited to continue building stories in new boroughs, and through the acquisition of 1049 Washington Avenue, Hello W marks a new chapter for us in this dynamic Bronx neighborhood," said Hello Living CEO Eli Karp in a news statement. "This property is an optimal location, in an energetic part of the South Bronx, and we look forward to becoming a part of this vibrant, diverse neighborhood.”