Estela, a two-building, 544-unit rental development in the Mott Haven neighborhood of the South Bronx, aims to be a model for green-living designs.
Both buildings, located with easy access to major thoroughfares with a subway station to Manhattan just three blocks away, have received LEED Platinum certifications, the highest environmental ranking developed by the U.S. Green Building Council.
Among its sustainability features, The Domain Cos. property, located at 445 Gerard Ave., offers in-building parking with eight electric vehicle charging stations; cogeneration systems and solar panels that produce energy to power the building; acoustically upgraded windows that reduce heat transfer and energy consumption; and a building design that allows for rainwater to be collected and reused for landscaping across the building’s 15,000 square feet of outdoor space.
The development, with unobstructed views of the Harlem River and upper Manhattan, seeks to integrate with the neighborhood vibe and curates local artwork. It also uses local and natural resources of wood and metal.
The project won the CoStar Impact Award for multifamily development of the year for Westchester and Southern Connecticut, where the Bronx is included in CoStar research markets, as judged by real estate professionals.
About the Project: Estela includes 380 market-rate apartments and 165 affordable units. It qualifies for a now-expired New York state tax provision, commonly referred to as 421-a. It’s anchored by 9,000 square feet of retail space, which will include a gourmet grocer and a wine and spirit store slated to open this year. Estela’s 35,000 square feet of resident amenities include multiple outdoor spaces; screening, lounge and game rooms; a dedicated shared workspace; and a gym with a basketball court. The development, designed by S9 Architecture, cost $310 million, according to Domain's website.
What the Judges Said: Estela is a “modern multifamily property with LEED Platinum certification and rainwater harvesting offering a 70-30 market-to-affordable-rate unit ratio while staying true to the neighborhood's cultural heritage through thoughtfully commissioned artwork installations,” said Cameron LaPoint, professor of finance at Yale University.
They Made It Happen: Domain's Jason Hill, Matthew Schwartz, Chris Papamichael, Peter Papamichael and Aaron Amitin worked with Igloo's Sebastiaan Parys on the project.
CoStar Market Manager Jim Filler contributed to this report.