Oak Point Property

New Markets Tax Credit Coalition

Bronx,
NY
(2010)

Oak Point Property

Warehouse and Wholesale

Investment

NMTC Amount: $25,000,000
Total Project Cost: $50,000,000

IMPACT

55 FTE jobs
31 construction jobs

CDEs

Chase

Investor

Chase

Project Description

Restaurant Wholesale Supplier: South Bronx developer Steven Smith has taken a bankrupt 28-acre illegal garbage dump and transformed it into a fresh food distribution hub with the potential to bring hundreds of jobs to the area, according to the New York Daily News. The once empty site in Hunts Point, dubbed Oak Point Property, stretches between the Oak Point railroad yard and the East River. Ten years ago ABB planned a power plant for the parcel, but the project was abandoned and Oak Point Property was forced into bankruptcy, having amassed approximately $60 million in claims. Smith was an engineer with ABB at the time and decided to leave his job, cash out his retirement savings and become a trustee of the property.

MAP

Address: 1 Oak Point Avenue, Bronx, NY 10474

Census Tract: 36005009300

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