By John Banks
In order for New York City to continue to thrive as one of the most dynamic urban centers in the world, the city’s various neighborhoods will have to demonstrate a capacity to change and adapt.
In recent years, we have seen dramatic changes to neighborhoods in Manhattan, Queens, and Brooklyn. It was only a matter of time before the Bronx followed in those footsteps.
In fact, the average sales price for one-to-three family residences reached $515,000, which is a 12 percent increase since the fourth quarter of 2016 and eclipses the previous peak of $507,000 in the fourth quarter of 2006. Some neighborhoods, like Kingsbridge Heights, saw the median sales price rise as much as 15 percent.
These numbers reflect what has become the new reality in the Bronx. REBNY members recently met with the Borough President, Ruben Diaz Jr., who spoke about plans for four new planned Metro North stations in the borough.
In Albany, the Assembly Speaker, Carl E. Heastie also hails from New York City’s northernmost borough and is fully committed to the economic development of the Bronx.
These officials, and the communities they represent, understand the economic benefits of development that other neighborhoods and communities have experienced in recent years — and are eager for the Bronx to get a slice of the pie.
Already, we have seen the rise of the amenities that come with new development take shape in certain neighborhoods in the borough. There is an influx of new restaurants and bars throughout the Bronx that are reinvigorating historically industrial complexes. This has brought newfound attention to the borough and with it, new residents. For instance, the borough has added over 70,000 new residents since 2010.
They are drawn to the relative value of living in the borough as well as the ease of transportation — which will only get easier thanks to planned projects like the Metro North expansions referenced above.
With the economic benefits brought by further development projects, we can expect to see even more new residents venture to the Bronx.
The fact of the matter is that the Bronx is a much different place than it was when my friends and I would go to baseball games at Yankee Stadium as young boys. Major crime is down by 75 percent and robberies by 80 percent. More quality of life improvements will continue to help the borough flourish for every community, and that is something that every New Yorker should be proud of.
The Bronx is no longer burning as it was in those decades – in fact, it is growing stronger than ever.
In Other REBNY News
Learn about the new tax bill and its effect on the New York real estate market at our Inside Secrets of Top Brokers and Industry Leaders event on Tuesday, February 27, 5:30-8:00 p.m. at the Bernard H. Mendik Education Center. Leonard Steinberg of Compass Real Estate, Robert Schmidt of Merrill Lynch, Mike Slattery of REBNY, and Louise Phillips Forbes of Halstead Property will share their expertise on the panel moderated by Ravi Gulivindala of Nest Seekers International at this event hosted by our Residential Brokerage Division’s Membership Committee. Register online.
Join us at our bi-annual Members’ Luncheon on Monday, March 19 from 11:45 a.m.-2:00 p.m. at the
New York Hilton Midtown. Led by Bruce Mosler, Cushman & Wakefield’s Chairman of Global Brokerage, our distinguished panel will explore the shifting forces, regulations, and costs of doing business that are impacting strategies to drive value in our market. “The New Path to Value: Mega Trends in NYC Real Estate” panel discussion will feature: Ric Clark, Senior Managing Partner and the Chairman, Brookfield Property Group and Brookfield Property Partners; Laurie Golub, Chief Operating Officer, Square Mile Capital Management LLC; Jeff Levine, Chairman, Douglaston Development; and Isaac Zion, Co-Chief Investment Officer, SL Green Realty Corp. Purchase your table/tickets online. For more information and sponsorship opportunities, email Julian Speakes at [email protected]
REBNY will also announce the recipient of our 2017 Most Promising Commercial Salesperson Award at the Spring Members’ Luncheon. This year’s nominees are: Conor Sullivan, Associate Director, Colliers International; Chad Sinsheimer, Senior Director, Eastern Consolidated; Evan Fiddle, Senior Associate, CBRE; and Christine Colley, Director, Cushman & Wakefield.
On Wednesday, March 21, the residential management community will gather for our 20th Annual Residential Management Leadership Breakfast at the New York Hilton Midtown to celebrate the achievements of Adam Batista, of Rose Associates, Inc., who will be presented with the Residential Management Executive of the Year Award and Mitchell D. Barry, of Century Management Services, Inc., who will receive the Residential Management Community Service Award. The event will feature keynote speaker John A. Catsimatidis of Red Apple Group. Register online and email Cindy Ramotar at [email protected] for more information and sponsorship opportunities.