New York-based property development company Westbridge Realty Group has filed construction plans for three residential buildings, each with 99 units, in the Soundview neighbourhood of the Bronx. This is another example of the trend to limit multi-family projects to 99 units to maximise the benefits from the city's 485-x tax incentive.
Steven Westreich, President and founder of Westbridge Realty Group, explained the strategic orientation of this development. The company is focusing on creating high-quality, affordable housing in communities like the Bronx, where the need for such offerings remains high. The decision to limit each building to 99 units allows developers to optimally utilise certain advantages of the 485-x programme, which often entails more complex and less beneficial conditions for projects with 100 or more units.
Strategic Direction of the Project Development
New York City's 485-x tax incentive programme is designed to promote the creation of affordable housing by offering tax relief to developers who meet specific criteria. For projects under 100 units, the requirements are generally less stringent, creating an incentive to keep the number of flats just below this threshold. Westreich emphasised that this approach enables Westbridge to optimise costs and thus offer more affordable housing.
The development in Soundview, an emerging neighbourhood in the Bronx, underscores Westbridge Realty Group's commitment to urban revitalisation and community development. The planned buildings are intended to offer modern amenities and contribute to the attractiveness of the location. Such projects play a crucial role in addressing the ongoing housing shortage in New York City.
Significance for the Local Housing Market
The creation of almost 300 new residential units is expected to have a positive impact on the local housing market in Soundview. It is anticipated that the new homes will offer attractive options for both existing residents of the neighbourhood and newcomers. Westbridge Realty Group's investment in the Bronx reflects the broader trend of developers increasingly investing in emerging neighbourhoods outside Manhattan's traditional core areas to meet the demand for affordable housing.
