BP members thoughts on Bronx NY for investment
Hello All,
I wanted to get your opinions on a possible investment in Bronx, I'm looking for something to live in and rent out and close to Manhattan as well.
What areas do you guys recommend, and what is the average price for a brick 2 family home?
Thank you for your input
Most Popular Reply
I just bought my first Bronx, brick 2-family in 10/16, and I'm extremely happy with it so far. Property prices have a huge range - I'd suggest you get a little more specific and look at average price by zipcode to begin your search. An average price for the whole borough is kind of useless.
I'd suggest looking in areas where the city council is considering rezoning. The massive price changes over the past year in East New York are almost all due to their rezoning plans.
The council is considering rezoning Jerome avenue in the Bronx. I would guess that the closer you can get to these plans, the more your property will appreciate if the rezoning is approved. It's the main reason why I started looking in the Bronx when East New York become way too expensive. Here's the map: https://www1.nyc.gov/assets/planning/download/pdf/...
I'm also looking around the Lambert Houses. Ritchie Torres, the Bronx council member who sits on the rezoning committee, pushed a bill last year to renovate these houses according to code. I don't think it will have the same effect as the East New York rezoning, but it will almost definitely improve the neighborhood.