NEW YORK — New York’s Ponce city market is poised to become the latest in a wave of luxury apartment developments as it tries to transform its image as a destination for luxury properties.
New York City will spend $25,000 per unit on a new apartment project in the Ponce neighborhood of the Bronx that includes three-bedroom units, a four-car garage and new lighting, said a source with knowledge of the deal.
The development will replace an existing five-bedroom, four-bathroom unit that the Pogue family purchased for $1.8 million in 2014 and has since leased for $2.1 million per month, the source said.
The developer is the latest luxury apartment developer to make a move in the market amid soaring rents and record home sales.
The latest deal, however, could be the biggest of its kind in the city’s history.
Ponce City market saw more than 2.7 million home sales last year, a 27 percent increase from a year earlier, according to the real estate data firm Reis.
The Pogue’s home is currently valued at $2 million, with a price tag of about $30 million.