Dino Tomassetti, Jr. of Asset Realty has announced that the development of 3160 Villa Avenue, a multifamily project in the Bronx, NY, is underway. The project will be located along the Grand Concourse, a major artery through the west side of the Bronx. Other landmarks near 3160 Villa include Fordham University, Van Cortlandt Park, and the New York Botanical Garden.

Asset Realty acquired the property back in 2018 through an all-cash transaction 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 project was completed in 2019, and the plans 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, which allows the developer to offer, in this case, 30% of the units as affordable housing in exchange for a tax abatement that enables the developer to provide a lower cost to the end-user.

After the approvals were obtained late last year, Asset Realty raised the required funding through a development affiliate. This marked the start of the demolition of the existing buildings located on several zoning lots comprising the development site.

Dino Tomassetti, Jr. and Asset Realty anticipate an imminent groundbreaking with the construction financing secured. The start of concrete construction is slated to be within the next two months. The projected completion date will be early 2022. Once completed, Asset Realty intends to manage the property in-house and will employ a long-term hold strategy for the asset.

Dino Tomassetti, Jr. is an accomplished real estate developer with roots in construction. His company, Asset Realty & Construction Group, Inc., is built on his construction and real estate expertise. Check out this site for similar reads.