By John Banks, REBNY President
As part of our five borough series, last week we told you about some of the amazing things happening in Brooklyn real estate.
The Bronx is determined not to be left behind.
Industry experts are in agreement that the South Bronx in particular is on the rise and New York City is doing its part to make sure the borough is well prepared to host the steadily increasing residential and commercial activity.
According to The Real Estate Board New York’s recently-released 2nd Quarter Residential Sales Report, the Bronx saw an average price increase of seven percent year-over-year, with Riverdale, Fieldston, Parkchester, Westchester Square, and Castle Hill, Soundview being the areas with the most home sales this quarter.
The New York Restoration Project, a non-profit organization dedicated to protecting, repairing, and improving New York’s public spaces recently launched its plan called The Haven Project, which will renovate a series of open spaces in the South Bronx in an effort to prove that improving physical environments on a neighborhood-wide scale can have significant health and social outcomes.
By focusing on the South Bronx, NYRP hopes to create enough change to have a lasting positive effect on both the landscape and quality of life for area residents.
Local government is working to ensure that the Bronx is ready to accommodate those looking to take advantage of its rising popularity.
Recently, Mayor de Blasio announced a record-breaking 20,325 affordable apartments and homes were financed in the last year – enough for 50,000 New Yorkers. Of these, 2,360 newly constructed units and 2,621 preserved units are in The Bronx.
This is not only progress towards the mayor’s goal of 200,000 affordable apartments over 10 years, but also a big step for Bronx residents.
In addition to the encouraging residential growth, commercial developers have recently begun flocking to The Bronx as well.
REBNY’s newly formed commercial brokerage committee, the Upper Manhattan and Bronx Committee, was created in order to aid our members in engaging in the sales and management of those properties, as well as provide a platform for committee members to convene, network, and discuss subjects directly related to markets that influence sales activities in those areas.
“From multifamily portfolios to development sites, the Bronx is seeing tremendous activity in terms of deal volume and price appreciation,” said Shimon Shkury, president of Ariel Property Advisors and member of the new committee. “Investors clearly see the value in both short term trends and fundamentals pushing long term growth prospects in the future.”
Developers and potential buyers alike are flocking to The Bronx as commercial and residential real estate is becoming increasingly popular. Over the last decade, the Bronx has experienced increasing demand for housing but unfortunately did not have the supply to meet it.
Today, the Bronx is hot on the heels of Brooklyn and Queens in today’s real estate boom and shows no signs of slowing down.
In other REBNY News:
August 18 is REBNY’s next Residential Breakfast Club Seminar. From 9:30 a.m. to 11 a.m., join your fellow REBNY members at this free seminar in our Mendik Education Room, where our top industry leaders will be imparting hints and tips to improve your business. For more information, contact Yesenia Dhanraj at YDhanraj@rebny.com, or check the Events section of www.rebny.com.
REBNY’s next Residential Rental Clinic Seminar in September 11 from 9:30 a.m. to 10:30 a.m in the Mendik Education Center. Presented by Daniel Marrello of Town Fifth Avenue LLC and Douglas Wagner of Bond NY Properties LLC, join fellow REBNY members in this exciting seminar that will teach you more about how to expand and improve your residential real estate business. For more information, contact Yesenia Dhanraj at YDhanraj@rebny.com.
The City has developed a new e-cycleNYC program to assist residential buildings in complying with a new which makes it illegal for New Yorkers to discard electronics in the trash.
Residential buildings wishing to participate in this free program will be required to sign a Site Sponsor Agreement, and REBNY’s Residential Management Council and its legal team have reviewed the Terms of Agreement with the Department of Sanitation and ERI, who have agreed to REBNY’s recommended changes. Special thanks to Ben Kirschenbaum, Eva Talel, and Michael Wolfe for dedicating their time and expertise on behalf of the industry.