Third at Bankside marks the first phase of Brookfield Properties' $950 million mixed-use project on the Harlem River in New York City, and represents one of the biggest private investments ever made in the Bronx.
The Bankside development's impact in terms of creating housing and jobs, and remediating a former brownfield, has earned it the 2023 CoStar Impact Award for multifamily development in Westchester-Southern Connecticut, as judged by real estate professionals familiar with the market.
Third at Bankside, located at 2401 Third Ave., has 458 waterfront apartments, with 30% of them affordable and rent-restricted, bringing much-needed mixed-income residences to the South Bronx. The overall master plan for Bankside includes 1,379 mixed-income apartments, a significant contribution to the borough's housing supply. The master plan also includes creating a public park and a promenade along the Harlem River.
Prior to Brookfield's involvement, the waterfront property was a contaminated site due to its historical use for coal storage, vehicle repair, a bus depot and a crane yard. In addition to completing remediation, Brookfield constructed a new shoreline bulkhead to increase resiliency against rising water levels due to climate change.
Third at Bankside is a flagship asset in Brookfield's opportunity zone fund, which raised over $1 billion to invest in development in designated economically challenged areas across the Northeast.
About the project: Located at a bend in the Harlem River, Third at Bankside includes of three towers ranging from 17 to 25 stories. It opened in March last year. The second phase of the development, Lincoln at Bankside, will include 921 mixed-income units and debut this year.
What the judges said: "Incredible improvement from useless land to a great development contributing residence, jobs and community," said Beth Chappel, owner of Chappel Solutions.
They made it happen: Brookfield's Gene Kim, vice president of construction; Laura Montross, director of communications; and Michael Cheek, regional director, were involved in the transaction.
