3160 Villa: An overview of Asset Realty's new development

Dino Tomassetti, Jr., head of Asset Realty & Construction Group, announced in 2020 the development of 3160 Villa Avenue, a multifamily project in the Bronx, NY. The project will be located along the Grand Concourse, a major thoroughfare that passes through the west side of the Bronx, near Fordham University, Van Cortlandt Park, and the New York Botanical Garden.

Asset Realty acquired the property in 2018 and set about designing a multifamily rental apartment 12-story building that will hold 66 units. This would be the best use for the land, and the project itself would serve a need for affordable housing within the local community.

Engineering for the 3160 Villa was completed in 2019, and the plans were submitted for approval to the NYC Department of Buildings.

At the same time, Asset Realty applied for a tax abatement under the NYC Housing Preservation and Development (HPD) "421a" program. This widely used program allows the developer to offer, in this case, 30% of the units as affordable housing under the program, in exchange for a tax abatement that enables the developer to provide a lower cost to the end-user.

Approvals were obtained, and in late 2019, Asset Realty raised the funding needed through a development affiliate and started demolishing the existing buildings that were located on several zoning lots comprising the site.

With construction financing at hand, Dino Tomassetti, Jr. and Asset Realty anticipate the completion in 2022. Once completed, Asset Realty intends to manage the property in-house and will employ a long-term hold strategy for the asset.