Food Market to Open at Bronx’s Estela Development This Summer
A new retail addition is set to enhance the Bronx community as Food Market prepares to open its doors at the Estela residential complex. Scheduled for this summer, the grocery store will occupy 3,043 square feet within the innovative two-building development created by The Domain Companies.
Lease Agreement Details
Food Market, which is owned by Abdullah Ahmed, has secured a 15-year lease agreement. The grocery store will feature 2,156 square feet of space on the ground level and an additional 887 square feet in the cellar, as confirmed by the landlord. This agreement marks a significant milestone, bringing Estela’s retail space to full occupancy.
Community Impact and Development Insights
Commenting on this achievement, Matt Schwartz, co-CEO of Domain, remarked, “Achieving 100 percent retail leased is a major accomplishment that demonstrates Estela’s resonance as a high-quality product and the strength of Mott Haven as a growing mixed-use neighborhood. Businesses want to be a part of Estela, as well as this era of growth in Mott Haven, and we welcome Food Market to our community.”
Current Retail Landscape
While the exact rent terms were not disclosed, retail rental rates in the Bronx averaged $61.40 per square foot during the last quarter of 2024, according to a report by RM Friedland. The leasing activity at Estela, which opened for leasing in May 2023, includes other tenants such as Mott Haven Marketplace and Mott Haven Spirits, filling the balance of the retail space totaling 10,000 square feet.
About the Estela Development
Located at 414 and 445 Gerard Avenue in Mott Haven, the Estela complex features a total of 544 residential units, consisting of 380 market-rate apartments and 164 affordable units, with current occupancy rates at approximately 95 percent. The two buildings are strategically placed between East 144th and East 146th streets, just east of the Major Deegan Expressway.
Amenities for Residents
Estela is designed to cater to modern living, offering over 35,000 square feet of amenities that include:
- Outdoor courtyard
- Lounges and game rooms
- Shared workspace facilities
- Fitness centers and yoga rooms
- Children’s playground
- Pet spa
Conclusion
The addition of Food Market to the Estela development not only enhances the local retail landscape but also demonstrates the ongoing growth and revitalization within Mott Haven. With full retail occupancy achieved, Estela stands as a hallmark of the neighborhood’s transformation.
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