Food Market Set to Open in New Bronx Residential Development
Food Market, a local grocery store operated by Abdullah Ahmed, has signed a significant 15-year lease agreement to occupy a space within Estela, a new residential project developed by The Domain Companies. This opening is slated for the summer and is part of a larger trend of growing retail opportunities in the Bronx’s Mott Haven neighborhood.
Details of the Lease
The store will be located in a total of 3,043 square feet, distributed in both the ground floor (2,156 square feet) and an additional cellar space (887 square feet). This strategic move brings Estela’s retail spaces up to full occupancy, a milestone that The Domain Companies celebrates as an indicator of the project’s appeal.
“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,” stated Matt Schwartz, co-CEO of Domain. He emphasized the demand from businesses to be part of Estela and the ongoing development in Mott Haven.
Current Retail Landscape
While the exact rental rate for the lease was not disclosed, reports from RM Friedland indicate that retail rents in the Bronx averaged approximately $61.40 per square foot during the closing quarter of 2024, giving insight into the economic environment in which Food Market is making its entrance.
Diego Maya, from Midtown Commercial Real Estate, facilitated the deal for Food Market. Notably, no brokerage representation was cited for the landlord’s side. Efforts to reach Maya for comment were unsuccessful, and a representative from Food Market was also not available for feedback.
Other Retail Tenants
Food Market will join Mott Haven Marketplace and Mott Haven Spirits in Estela, completing the building’s retail space that totals around 10,000 square feet.
About Estela
Estela comprises two buildings located on either side of Gerard Avenue, between East 144th and East 146th streets, just to the east of the Major Deegan Expressway. Since opening for leasing in May 2023, the development has reached a high occupancy rate of 95%, featuring 380 market-rate units and 164 affordable units.
Amenities and Community Impact
The development boasts over 35,000 square feet of amenities, including:
- An outdoor courtyard
- Lounge and game rooms
- A shared workspace
- Fitness centers and a yoga room
- A child-friendly playground
- A pet spa
Estela’s opening is anticipated to enhance the local community by providing new retail options and contributing to the growing vibrancy of the Mott Haven area.
For further inquiries, Isabelle Durso can be reached via email at id****@co****************.com.
