Developer reveals plans to bring affordable housing to the south Bronx

Affordable housing
The future home of affordable housing at 580 Gerard Ave.
Photo by Jason Cohen
A 200-unit multi-family development is set to be built in the south Bronx with 30 percent of the rooms designated for affordable housing.

Silverback Development along with Opportunity Zone equity purchased 580 Gerard Ave. in Concourse Village, and will construct an eight-story, multi-family rental complex comprised with retail and parking .

This is Silverback’s first investment into the Bronx.

“Not since 1970 has demand for housing in the Bronx been higher, making this an opportune time for a project of this kind,” said Josh Schuster, managing principal of Silverback Development.

Amenities will include a sun deck, touchless elevators, fitness center, yoga room, grilling stations, screening room, party room and bike storage. There also will be a commercial component on the ground floor.

Schuster said they plan to meet with the stakeholders to see what types of services they want there.

“We want to have a positive impact on the community,” he said.

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Silverback Development is a forward-thinking real estate developer, owner and investor with a reputation for establishing solid partnerships and transforming properties into successful income producing and profitable assets.


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