It took more than two years of study and negotiations, but last summer, the New York Botanical Garden completed a transaction to sell control of a piece of land next to its entrance in the city's Bronx borough.
In the deal completed in August, New York Botanical Garden, or NYBG, sold control of a 0.99-acre tract at 450 Bedford Park Blvd. for $15 million to Albanese Organization in a 99-year ground-lease deal that gives the developer the ownership rights and the ability to develop it, according to CoStar data.
Albanese, a firm headquartered in Garden City, New York, plans to build an affordable housing complex for seniors on the land adjacent to the Botanical Garden. Plans call for Albanese to develop approximately 270 units of needed affordable housing for New York City seniors.
Due to the complexity of the ground-lease deal and the expected outcome of new affordable housing, the deal won the 2025 CoStar Impact Award for sale/acquisition of the year for West Chester/South Connecticut as judged by real estate professionals familiar with the market.
Tom LaPerch, an associate at brokerage Houlihan Lawrence said the senior housing project will be a "great use of undeveloped land for desperately needed affordable housing."
About the project: Albanese and NYBG studied both the architectural and sustainable components that the development firm had used at its previous developments and also worked with Albanese’s architect, Marvel, to analyze a creative design of the building for affordable senior apartments.
What the judges said: "This transaction met all critical criteria, with a skilled negotiation team securing development guarantees, liability commitments, zoning adjustments, and architectural and design studies," said Paul Scalzo, president and owner of Scalzo Commercial & New Development. "The deal also ensured the site’s monetization potential. This is a true testament to strategic execution and collaboration. Hopefully, the vision becomes a reality."
Jonathan Gordon, president and CEO of Admiral Real Estate Services, said, "The fact that this development took place amongst the turmoil that affordable housing is enduring and in an area that needs capital investment, not to mention the creative long term lease structure made this deal stand out."
They made it happen: The Cushman & Wakefield team of Jonathan Squires, managing director; Josh Neustadter, director; Frank Liantonio, executive managing director of capital markets; and Austin Weiner, associate, worked closely with New York Botanical Garden to find a buyer and execute the transaction.