Updated over 3 years ago on . Most recent reply
South Bronx Market Report- NYC
Hello fellow BPers,
I want to share with you some interesting observations I have made about one of the quickest growing parts of New York City, for any of you looking to find the next "IT" market to invest in. For the past several years I have been a licensed broker and active investor in the South Bronx, beginning about 9 years ago when I was first introduced to the South Bronx while working as an urban planner for the City of New York. I have found the South Bronx market to be very, very interesting, as it is quickly transforming from a low income/ industrial neighborhood, to an upscale neighborhood complete with new parks, new transit options, and numerous 20+ story rental buildings. It's a similar transformation to what happened in Long Island City 5 years ago, and Williamsburg 10 years ago.
Currently, there are over 4,000 new units being built in the neighborhood, all coming online in the next 3 years. Almost all of those units are luxury units with market rate rents ( think 1 bedrooms renting for $2300+, and 2 bedrooms renting for $2700). This is a HUGE change for a Census Tract that was one of the poorest in the nation, just a few year ago. Every quarter I have been keeping track of the residential market trends, and I compile them into a market report for my clients and friends. Now I want to share it with the BP family, as I really think this area of New York City is a fantastic appreciation play (8%+ growth YoY), with decent even cash flow. I hope you enjoy the read :)