CityRealty Insider > New Developments in the News

New Developments in the News

JULY 5, 2011

City plans to rezone 181 blocks in the North Bronx; Hilfiger’s clocktower plans on hold

A city that has become all too familiar with the changes that no-holds-barred development can wreak on neighborhoods has announced plans to rezone a section of the North Bronx in an attempt to keep development more predictable. The rezoning will direct development away from residential side streets with small homes to blocks that can accommodate new commercial and housing opportunities and strengthen the area’s major commercial corridors, helping them to become more vibrant and inviting for residents in the North Bronx neighborhoods of Williamsbridge and Baychester.

A deal involving apparel mogul Tommy Hilfiger’s plans to acquire the landmark “clocktower” office building on Madison Avenue near 24th Street for $170 million and convert it to a hotel and residential condos has been stalled. The property’s seller, Africa Israel USA, is currently talking with other potential investors.

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