L+M Development Partners and Nelson Management Group announced the start of construction at 1520 and 1530 Story Avenue – two new multifamily, mixed-income apartment buildings being added to the Lafayette Boynton apartment complex in the Soundview neighborhood of Bronx.
Together, the two, 13-story buildings will contain 435 units of affordable housing, some units of which will potentially have a preference for senior households in the city’s affordable housing lottery.
This will bring the total unit count to over 1,400 mixed-income apartments in the Lafayette Boynton area. Each property will feature a range of studios, one-, two- and three-bedroom units, a fitness center, and a 7,500 s/f community facility space.
The project will also include two acres of landscaped greenspace featuring walking paths between the properties, a children’s play area, and an outdoor fitness center.
The area will be accessible to Lafayette Boynton residents as well as residents of 1520 and 1530 Story Avenue.
“This project presents us with an opportunity to grow our presence in the neighborhood and more importantly, give back to the entire Soundview community,” said Robert. S. Nelson, president of Nelson Management Group and Principal of Global One Investments.
“In addition to creating more affordable housing units, our partnerships with community organizations will bring more job opportunities to the area while offering much-needed services for existing and future residents.”
“These new buildings will serve as a source of high-quality, affordable housing in an increasingly dynamic neighborhood,” said Spencer Orkus, Development Director at L+M Development Partners.
“We are proud to continue our investment in the Soundview community and to provide affordable homes for working families in New York City.”
The project is adjacent to the 205-acre, recently renovated Soundview Park. It is served by the No. 6 subway, the Bx5 bus and is a short walk to a planned Metro-North station and soon-to-be-opened ferry terminal with service to Manhattan.
Nelson Management Group is undertaking the project through its investment arm Global One Investments, led by principals Robert Nelson and Michael Gerstein.
