A new 1.1 million-square-foot affordable housing development in the South Bronx has secured a ground-floor tenant.\u00a0<\/p>\n
The nonprofit Mercy Center<\/a> will take up a 6,252-square-foot storefront at 435 Westchester Avenue. The building is part of a new five-building housing complex called La Central in the Bronx\u2019s Melrose neighborhood.<\/p>\n SEE ALSO: Collectible Labubu Maker Pop Mart Signs 7K-SF Lease at 680 Fifth Avenue<\/a><\/p>\n Mercy Center is a Bronx-based nonprofit that provides family support, education and youth development programs to the surrounding community. Services include adult education, English language classes, case management and immigration legal services.<\/p>\n Facing the expiration of their current office space at 332 East 149th Street, the nonprofit sought a new retail and office space in the area that would \u201cprovide opportunities for growth\u201d and help meet changing community needs, Stephen J. Stritch III, executive director of Mercy Center, said in a statement. Mercy Center will use its new retail space on the corner of Westchester and Bergen avenues for its education and immigration services.<\/p>\n Alexander Smith and Eshaan Gandhi of Open Impact Real Estate<\/a> arranged the 15-year lease for Mercy Center.\u00a0<\/p>\n \u201cOur goal was to secure a long-term home that would support Mercy Center\u2019s growth while deepening its connection to the community it serves,\u201d Smith told Commercial Observer. \u201cThis space provides the visibility, accessibility and flexibility they need to continue expanding their programs and reaching more families in the Bronx.\u201d<\/p>\n Mercy Center will relocate to 435 Westchester Avenue in September. The nonprofit\u2019s new space features 20-foot ceilings and a dedicated storefront entrance.\u00a0<\/p>\n The building, called Building B, was completed in 2021 and includes nearly 500 affordable housing units.<\/p>\n The landlord, La Central NMTC<\/a>, was represented by Cooper Katz, Mark Tergesen and Howard Gilbert of ABS Partners Real Estate<\/a>.\u00a0\u00a0<\/p>\n The exact terms of the transaction were not disclosed, but office asking rents at the building are \u201cin the mid-$40s per square foot,\u201d according to Open Impact Real Estate.<\/p>\n La Central was jointly developed by Hudson Companies<\/a> and BRP Companies<\/a> with ELH-TKC<\/a>, an affordable housing developer, as well as nonprofits Breaking Ground<\/a> and Comunilife<\/a>.<\/p>\n ABS Partners did not respond to a request for comment on the deal.<\/p>\n