A newly built 40-story tower on the Mott Haven waterfront has opened applications for 227 mixed-income apartments, with monthly rents ranging from $1,936 to $2,850. The building, known as One River Park at 355 Exterior Street, sits along the Harlem River in the South Bronx and includes more than 700 apartments total across two connected towers, one rising 40 stories and the other 26.
According to 6sqft, the development was designed by Hill West Architects and developed by Beitel Group, which qualified the project for the city's 421-a tax abatement — a program that required setting aside at least 25 percent of units as affordable in exchange for the tax break. Eligible applicants must earn between 70 and 130 percent of the area median income, and qualifying New Yorkers can apply through September 24, with all questions directed to NYC Housing Connect by dialing 311.
Construction on the site broke ground in December 2024, according to Multi-Housing News, with general contractor Prestige Construction NY handling ground-up work after Beitel Group demolished existing structures and finished site excavation. The building has since topped out, and the outlet reported that Beitel Group secured $305 million in construction financing in July 2025 from SCALE Lending, the debt-financing arm of Slate Property Group, with Landstone Capital Group arranging the 18-month loan.
A Site With a Rising Price Tag
Beitel Group acquired the Exterior Street property from Lightstone Group for $84 million, closing on the deal last year through brokers at Rosewood Realty Group, per the same Multi-Housing News account. That price marks a steep climb from what Lightstone originally paid: the firm bought 355 Exterior Street along with the adjacent 399 Exterior Street site in March 2019 for a combined $59 million in cash, with 355 Exterior Street alone allocated at $28.3 million, according to Welcome2TheBronx. The site had previously housed a bus depot and an empty lot before redevelopment began.
The project's ability to move forward under 421-a hinges on a regulatory extension. The New York State Legislature pushed back the tax exemption's construction completion deadline from June 2026 to June 15, 2031, as part of the FY 2025 budget passed in April 2024, according to the NYC Department of Housing Preservation and Development. Developers seeking that extension were required to file a Letter of Intent with HPD by September 2024. New York has since replaced 421-a going forward with a permanent successor program, 485-x, or “Affordable Neighborhoods for New Yorkers,” which the law firm Katten Muchin Rosenman LLP notes offers property tax exemptions of up to 40 years for new buildings that keep units permanently affordable — though One River Park itself relies on the older, grandfathered 421-a status rather than the new framework.
Amenities and Building Scale
At roughly 515,000 square feet, One River Park includes 11,500 square feet of retail space and nearly 200 parking spaces. Residents have access to a rooftop terrace overlooking the Harlem River and Manhattan skyline, a fitness center, yoga and spin studio, golf simulator, and indoor pickleball court. The building also features a lobby lounge, sky lobby, bike storage, game room, movie theater, party room, children's playroom, outdoor pool, and a rooftop terrace with grills.
The building is pet-friendly, allowing one pet up to 30 pounds, and includes an on-site pet spa. Transit access includes the Grand Concourse subway station serving the 2, 4, and 5 lines, and the Bx1 bus route also serves the area.
Rents Outpace Neighborhood Incomes
The lottery's starting rent of $1,936 a month lands well above what many nearby households bring home. U.S. Census Bureau estimates compiled by Data USA show the Mott Haven and Hunts Point area recorded a median household income of just $31,872 in 2024, alongside an overall poverty rate of 38.7 percent and a homeownership rate under 8 percent. The lottery's income bands — 70 to 130 percent of area median income — are designed to reach working households, but that range sits above what a large share of the surrounding community currently earns.
One River Park is only the latest example of Beitel Group's deepening footprint in Mott Haven. The developer previously secured $150 million in construction loans from SCALE Lending in April 2024 for a 13-story, 450-unit project at 120 East 144th Street, according to Commercial Observer, which was later refinanced for $175 million with Varde Partners in May 2026.
Part of a Broader Waterfront Boom
One River Park now stands among a small group of Bronx high-rise landmarks, joining River Park Towers at 44 stories and Tracey Towers at 38 and 41 stories — a comparison 6sqft draws to the borough's earlier era of high-density public and middle-income housing. The Harlem River waterfront around Mott Haven has drawn major private investment in recent years, including Brookfield Properties' Bankside complex, a $950 million, seven-tower project expected to yield 1,300 apartments nearby, per Welcome2TheBronx's earlier reporting.
The South Bronx has seen a wave of affordable housing lotteries open in recent months. Hoodline previously reported on a 129-unit Mott Haven lottery at Haven Court in February, a 303-unit lottery at The Peninsula in Hunts Point in June, and a 96-unit supportive housing project for formerly homeless New Yorkers that opened in Hunts Point last month. Together, the projects illustrate how both private capital and public subsidy continue to reshape housing options across the South Bronx.
