The Insiders' Guide to The Bronx Real Estate Market

Timely Market Info on the BuyTheBronx.com Blog

March is going out like a lamb and green shoots are emerging from the brush throughout The Bronx. We hope the metaphor extends to the real estate market which could use some sunshine and sweets, not to mention a resurrection.

Bronx Multifamily Meltdown

The timeless advice to invest in middle class housing has lost relevancy in The Bronx apartment market. Landlords are facing rising expenses while new regulations have halted revenue growth. Banks are reluctant to refinance, even if the loans could perform at current rates. Valuations of $100,000 per unit have become common among the few properties being sold. Those brave enough to buy need to wait for stable prices, lower interest rates and a rational regulatory environment. They may have a better shot of hitting a trifecta at Yonkers Raceway.

Relaxing interest rates in the fourth quarter brought a hopeful thaw to the historic 2023 freeze in The Bronx real estate market. Valuations have held up thus far, but fewer marquee deals and more distressed sales are working their way through the averages. The scarcity of residential properties has boosted some of our benchmarks, although commercial apartment valuations continue to weaken. We see fewer land transactions above our benchmarks, and more below. Other commercial valuations have held steady among a wave of distressed sales.

Happy Thanksgiving!

Amidst the current challenges in The Bronx real estate market, everything that we are thankful for shines brighter. We especially appreciate the trust and business of our readers and clients. We hope you all have a happy Thanksgiving and joyous holiday season with your loved ones. Thank you for spending time at BuyTheBronx.com!

Through the first nine months of the year, The Bronx real estate market has seen the number of transactions and total principal value cut by more than half. The slowdown is consistent across asset classes, with few exceptions and plenty of reasons. Valuations have yet to reflect the historic downturn with the lower equilibrium of transactions closing near recent records. In this thinner market for New York City’s lowest valued borough, we have fine tuned our benchmarks with a few adjustments in either direction.

Exploring Pelham Bay Park

Over three times the size of Central Park, along thirteen waterfront miles at its northeast edge, lies New York City’s largest park. With a rich history over geological time, Pelham Bay Park was John Mullaly’s favorite. The Father of Bronx Parks called it the “Newport of New York’s Toilers.” Robert Moses reimagined the park with his Great Depression reconstruction that added playgrounds, athletic facilities, horse stables, and Orchard Beach. An $87 million reconstruction of the Orchard Beach pavilion, currently underway, is the latest upgrade for 1.6 million annual visitors to enjoy.

It’s summertime, and living is easy on City Island. New York City’s most remote neighborhood is a mile long finger island at the western end of Long Island Sound, surrounded by Pelham Bay Park. The Seaport of the Bronx is famous for its restaurants attracting regular diners from far and wide, while residents love its family friendly lifestyle. Approximately 2,000 households live in mostly single and two family houses with co-ops, condos and low income apartments mixed among a handful of waterfront mansions. It’s a tight-knit community like no place else.