Brooklyn Developer Sees Economic Boom in Bronx
by David Greene
A rundown section of a busy business corridor in Norwood is about to undergo a transformation as the new owner looks to invest in the more than 75-year old property, and possibly creating a modern 2-story building that will attract all types of business, that the new owner expects will bring customers from across the borough.
Faith Hope Consolo of the Douglas Elliman Real Estate firm is the exclusive leasing agent for the Brooklyn-based Transition Acquisitions, who purchased the 5 store, one-story building at the northwest corner of Hull Avenue and East 204 Street in the Norwood section.
Worker’s began gutting two stores on Hull Avenue back in December.–Photo by David Greene
“The Bronx is really booming,” Consolo excitedly said during a recent interview, “There’s good investment in the Bronx for different types of owners and investors and we foresee the Bronx as being the next frontier.”
Consolo continued, “We have the possibility to build two levels and really make something special.” She added, “We believe in the Norwood section, we believe in the Bronx and the good thing about my owner is he has the money to design, invest and enhance” the property.
The former Beso Lounge on East 204 Street was recently gutted and repairs were underway at the nearly 80-year old building.–Photo by David Greene
In 2015 Transition Acquisitions spent $15.1 million to purchase a former clothing store and then spent an additional $5 million to turn it into a 40-unit apartment building.
“We know what’s missing in the neighborhood,” Consolo concluded, “and we spent a lot of time studying. Our goal is we take targeted uses that are missing from a neighborhood.” Consolo says she is currently in discussion with several chain restaurants, medical clinics and several large fitness businesses as possible future tenants.
MetroPCS remains the last store remaining open at the corner of East 204 Street and Hull Avenue.–Photo by David Greene
Consolo noted that Transition Acquisitions was currently looking at three or four additional properties in the borough.
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