By the Numbers
$895 million Amount invested in Bronx real
estate and development in 2013, two-thirds of which went toward residential development. That’s a nearly 33 percent increase from the $674 million invested in 2010.
Next stop for investors: the Bronx
With prices rising throughout the rest of New York City, land availability and crime drop spur interest from developers
C
ould the birthplace of hip-hop be the next real estate hot spot in the city? With the recession in the rearview, ever more confident New York City developers and real estate investors are scouring the five boroughs for the next up-and-coming locales. And the Bronx is more often on the radar. Crime is down by more than 70 percent since the crack-riddled 1990s, and developers like Signature Urban Properties, Omni Development and Equity One are ramping up projects. To be sure, not all is hunky-dory in the borough. Unemployment is still high, average incomes are still low and infrastructure needs are great. But for many, that signals opportunity. “Keep your eyes on the Bronx — that’s the next borough. They’re ready for it,” Louis Coletti, CEO of the Building Trades Employers’ Association, recently told The Real Deal. “They have land available, and that’s the primary factor.” This month, TRD looked at what’s happening in the Bronx, and what lies on the horizon. B y S asha von O ldershausen
$500 million Amount the borough president
projects the redevelopment of the Special Harlem River Waterfront District as a mixed-use hub will generate in new development.
15% Rise in average income of
residents in the South Bronx neighborhoods of Highbridge, Concourse and Mount Eden from 2005 to 2010. Yet median income in those areas stood at only $25,834 in 2012, the most recent data available.
$1.35 billion The dollar volume of all Bronx
properties sold in 2013 — down slightly from 2012, but up 78 percent from 2011’s $757 million.
40% Increase in number of residents with a bachelor’s degree in Highbridge and Concourse between 2005 and 2010.
$75 million Cost of the Bronx’s priciest
residential development in 2013, a 1,300-unit, 10-building complex in Crotona Park being built by a group that includes Signature Urban Properties and GTIS Partners. It will replace a series of derelict warehouses.
$945 Average residential rent in the
neighborhoods of Highbridge and Concourse in 2010 — a 10 percent increase from 2005. Crotona Park’s planned Compass Residences
5,594 Number of residential and
mixed-use units in the Bronx that investors purchased in 2014’s first quarter, for a total of $651 million. That compared with 794 units for $72 million — an 800 percent leap — in 2012’s first quarter.
$341,500 Median price for homes in the
Bronx between December 2013 and March 2014. The median price in Manhattan was $1.25 million and $485,888 in Queens in that span.
12% Bronx unemployment rate as of
February, the highest of any county in the state. Citywide, it’s 7.9 percent.
New Listing By the Numbers
20,699
The number of crimes reported in the Bronx in 2013, versus 27,527 in Manhattan, which has about 190,000 more residents. Major crimes reported in the Bronx dropped 74 percent from 1990 to 2013. For the last five years, the drop was about 3 percent.
63% Portion of all new housing units added in the Bronx in 2013 that were market rate, compared with 43 percent in 2010.
Sources: Bronx Borough President’s office, Trulia, NYPD, New York City Housing Authority, state comptroller, State Department of Labor, Crain’s, Massey Knakal research
225 East 73rd Street, PHD | $3,250,000
NIKKI FIELD Senior Global Real Estate Advisor, Associate Broker | 212.606.7669 | nikki.field@sothebyshomes.com | www.nikkifield.com East Side Manhattan Brokerage | 38 East 61st Street, New York, NY 10065
Compiled by Yaffi Spodek
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