Gilbane inks $49M 99-year lease at pair of Bronx sites

Gilbane Development Company has signed a $49.1 million lease at two adjacent city-owned sites in the Bronx. New York City Housing Authority is leasing 2251 Webster Avenue to Gilbane for 99 years, according to records filed with the city Wednesday. The Webster Avenue parcel is currently vacant, while the one on Tiebout Avenue houses a 10-story, 312-unit apartment building.