One of the South Bronx’s biggest rental complexes is now a quiet test of how much investors are really willing to pay for Mott Haven. Peter Fine’s Atlantic Development Group has put its 419-unit building at 105 Willis Avenue on the market, with industry chatter pegging the hoped-for sale price around $70 million. The complex, branded as Bruckner By The Bridge, sits at the entry point between the Willis Avenue Bridge and the Bruckner corridor and wrapped construction in 2009. A deal would be a notable shift for Fine, who is better known for holding onto his affordable housing rather than flipping it, and brokers are leaning hard on the property’s tax perks and assumable financing to get buyers off the sidelines.
According to The Real Deal, Atlantic Development Group has officially listed the 419-unit property at 105 Willis Avenue for sale, with Ariel Property Advisors handling the marketing. The publication reports that the offering is pitched as a “gateway” institutional play in a fast-changing Mott Haven and notes that a transaction would mark a rare cash-out for Fine, whose portfolio has largely stayed intact over the years.
What the listing says
Marketing materials advertise roughly 476,000 square feet spread across three connected buildings, with about 419 residential units plus three commercial and parking condominium components. The brochure notes that 141 apartments are backed by housing vouchers and that an executed Section 610 amendment allows the landlord to collect full voucher payments even when they exceed the legal rent. On the tax side, the residential portion benefits from 420-c exemptions that keep tax liabilities capped through 2048.
The pitch also zeroes in on the debt. The package includes assumable financing with a 3.84% swap rate that runs through May 2027, a detail that could make the property especially appealing to buyers hunting for below-market leverage, according to Ariel Property Advisors.
Fine's track record and recent moves
Fine completed Bruckner By The Bridge in 2009 and has grown Atlantic Development Group into one of New York City’s heavyweight affordable housing builders. The firm has delivered roughly 12,000 units across dozens of projects in the Bronx and Manhattan, The Real Deal reports. The company became known for working financing strategies tied to older 421-a certificates, a tax incentive program that expired in 2008.
Sales of stabilized rentals have been rare for Atlantic, but the firm has not been shy about cashing out on land. In 2024, it moved to sell several Mott Haven development sites, including parcels at 350 Grand Concourse and 3041 Webster Avenue, signaling a willingness to trade at least some Bronx holdings while the submarket heats up.
Legal background
Atlantic Development and Fine have also operated under a legal spotlight. The company and its principal were embroiled in Fair Housing Act litigation focused on accessibility issues and ultimately entered into a stipulated settlement with the U.S. Attorney’s Office in 2020. The agreement required retrofits, policy changes and compensation, according to U.S. Department of Justice case documents. Any buyer of 105 Willis Avenue would be stepping into a property with not only leases and voucher income, but also a compliance history tied to that accessibility work.
What to watch
Onlookers will be tracking which type of buyer blinks first. An institutional investor, a mission-driven affordable housing operator or a private equity fund could all make a run at the property, but how they value the 141 voucher-backed units will be key. Those apartments could read as rock-solid revenue or as regulatory red tape, depending on the investor.
Public listing information currently leaves the asset officially “unpriced,” even as market reports circle a target near $70 million. The marketing package again leans on that assumable 3.84% financing as a major selling point, per Ariel Property Advisors. If a buyer steps up, the trade will offer a sharp read on how much appetite there really is for large-scale Bronx rentals that come with deep tax breaks and a well-documented compliance trail.
