Sara Rubenstein, who works as general counsel at Simone Development, sees more players entering the development business in the Bronx. “We are seeing a lot of other developers now come into the Bronx and it’s great to see additional development. (It) has obviously driven prices up in some areas and a lot of developers now are looking at multifamily in the Bronx. It’s very interesting to see the development boom and it’ll be very interesting in the next five years to see how much the borough is growing,” she said.
In spite of this, she said properties in the borough remain a bargain. “Right now, prices are still very good in the Bronx. So we’re seeing a lot of developers actively looking in developing in the Bronx. Multifamily is coming to the Bronx in a much bigger way. So these next few years I think we’ll see a lot of that before prices really skyrocket and developers will be priced out of the Bronx, too. It’s a great opportunity for developers to come in and really make some great changes in the borough.
Rubenstein made the remarks during the Fifth Annual Real Estate Weekly Women’s Forum. She took part in the panel discussion entitled “Outer Boroughs: The Live, Work and Play Boom.”
For the full interview, check out the video below: