While walking along Westchester Avenue in the Bronx on a Tuesday afternoon, Moshik Regev, managing partner of 5 Boro Real Estate Partners, points to a Dunkin’ right across the street on the corner of Westchester Avenue and Amendola Place.
Besides the coffee and doughnut vendor and the Pelham Bay Mini Market, there aren’t many other food options in the immediate area.
“If you are going to have grab-and-go food concepts here with good quality food items, I think it would be a great success,” Regev told the New York Business Journal. “The neighborhood needs that.”
Regev’s development company is finishing construction work at 3289 Westchester Ave. in the Pelham Bay neighborhood. It is expected to be completed in eight weeks.
The property will house three retail tenants, one of which will be Popeyes. The fast-food restaurant will be in a 2,200-square-foot space in the property and have a 20-year lease. Regev predicts Popeyes will be open for business in the spring of 2023.
The other two tenants have yet to be announced.
The total space at 3289 Westchester Ave. is 5,000 square feet, not including the cellar space. All three tenants will have access to a cellar space below them that is 3,000 square feet and can be legally used for cooking.
Regev’s strategy is to bring in tenants that fit the grab-and-go concept, which he’s con- vinced will prove successful in the neighborhood.
“It’s such a transient corner,” Regev said. “When people are coming off the subway and they are hurrying up to their jobs, what’s better than grabbing a great Italian cappuccino and a croissant? Or a Popeyes breakfast?”
Currently, Regev said his company is in talks with a pharmacy, a couple of coffee shop franchises as well as couple of quality restaurants. They are hoping to have made a final decision in the next couple of weeks.
3289 Westchester Ave. is situated directly across from the Pelham Bay Park subway sta- tion, which is the last stop on the 6 train. In general, the neighborhood is very accessible.
However, that accessibility hasn’t resulted in high foot traffic on the ground. The neigh- borhood wasn’t bustling at lunchtime on Tuesday.
But Regev is banking on foot traffic levels in the area returning to pre-pandemic levels. According to MTA data, on an average weekday in July of 2019, Pelham Bay Park station received 6,752 visitors. In contrast, on an average weekday in July of 2022, the station received 3,440 visitors.
One thing that does make Pelham Bay an attractive neighborhood for retail development is its residential nature. There are a lot of multifamily buildings, apartment buildings, and single and multifamily houses.
“The neighborhood itself can support small businesses on its own,” Regev said. “If you open a successful restaurant here, you don’t necessarily need people from out of the neighborhood to come in, just the people who live here and the subway traffic from day- to-day commuters should suffice.”
That being said, Regev acknowledges that there are citywide challenges that could im- pede Pelham Bay’s ability to flourish if they aren’t addressed, including public safety, subway safety and homelessness.
“City government has to take action,” Regev said. “We had very high expectations of the new administration. So far there is a lot left to be desired.”
Nevertheless, he is optimistic about Pelham Bay’s future prospects.
“I am a great believer in the area,” Regev said. “We are willing to bet our own capital to show that belief. If you walk the walk and you just don’t talk the talk, then you know that we are partners to making these neighborhoods better.”
Source: Why developer Moshik Regev is bringing grab-and-go concepts to Pelham Bay
