Daniel Hickey

Noble Mansion at 1500 Noble Ave, Bronx NY

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.

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Asset Class
409 W261st St, Bronx NY 10471

Fourth Quarter Bronx Benchmark Review

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.

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Market
NYPD Bronx Precincts 2023 Turkey Bowl

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!

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Lifestyle
1420 Burke Ave, Bronx NY 10469

The Bronx Real Estate Market Cut in Half

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.

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Market
Pelham Golf Course

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.

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Lifestyle
N Minnieford Marina

New York’s Most Unique Neighborhood

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.

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Neighborhoods
1051 Boston Rd., Bronx NY

Top 10 Second Quarter 2023 Bronx Real Estate Deals

The persistent shortage of New York City workforce housing was the driving factor in the top 10 second quarter Bronx real estate deals. Marquee transactions in the multifamily and development sectors dominate the list with industrial and retail assets rounding out the group after dominating prior quarters. Fully permitted deals developed up to groundbreaking changed ownership at rarified prices for Bronx dirt, while occupied apartments changed ownership at new cycle discounts. Transaction volumes are down by half or worse and values are beginning to reflect a more challenging Bronx real estate market.

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Market
Playing cricket at Van Cortlandt Park

Come Play in Van Cortlandt Park

Let’s take a taste of the great New York City melting pot at Van Cortlandt Park, where on a typical weekend people from all around the world come together to play. A crown jewel of The Bronx park system covering 1,146 acres at the end of the 1 train, the park is home to the country’s first public golf course, the oldest house in The Bronx, and the borough’s largest freshwater lake. Immigrants drawn to the world’s beacon of freedom play soccer and cricket on the Parade Ground where troops trained from The Revolution to World War 1.

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Lifestyle
1869 White Plains Rd

Bronx Benchmarks Hang Tough

The number of Bronx real estate transactions thus far in 2023 is only a third of last year’s. The dramatic slowdown has not been fully reflected in valuations that cling to recent records. The darkest clouds looming over apartment valuations are clearing favorably as demand for other asset classes has been enough to satisfy lower supply. Troubled regional banks and moderating inflation could signal the top of the interest rate cycle which would remove another cloud from The Bronx real estate market. 13 metrics remain unchanged after our benchmark review which resulted in 4 increases and 9 reductions.

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Market