Cactus Asset Management files plans for 159-unit project in northern Bronx
Updated: Mar 12, 2020
Article originally published by therealdeal.com by Eddie Smalls
The holding company that controls discount supermarket Western Beef is planning to build a 159-unit mixed-use building in the Bronx.
Peter Castellana’s Cactus Asset management filed plans with the city’s Department of Buildings for a project at 4720 Third Avenue that will span nearly 191,000 square feet. The company and Michael Ashkenazy bought that site, along with 4734 Third Avenue and 448 East 189th Street, in 2018 for $18 million from Mayo Associates. The parcels are currently parking lots.
The nine-story building will be split between about 128,000 square feet of residential space, 61,000 square feet of commercial space and 900 square feet of community space.
Cactus and Ashkenazy have partnered on other middle-market investment sales in the last two years, including a $19 million commercial condo in the Upper West Side.
Cactus also owns properties in Kingsbridge, Foxhurst, Morisania, West Bronx, Soundview, Belmont, Morris Park and Mott Haven, according to its website.
Other projects coming to the Bronx include a multifamily buildingfrom Brooklyn investor Shimshon Grunstein at 550 Trinity Avenue and a two-tower project from Omnibuild at 290 East 149th Street with 124 units.