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New elevator apartment building at 931-935 E 179 St, Bronx

Ascending to Elevator Apartments

Leave a Comment / Asset Class / March 9, 2023 March 9, 2023

Almost half of The Bronx’s 567,446 residential units are in elevator apartment buildings which account for about 21% of the borough’s total assessed property value. The disparity is because housing carries considerable regulatory hassles that don’t come with renting warehouses. 2,679 of those units changed ownership last year, and more than 200 have traded in 2023. We recently trimmed our benchmark values because of sector headwinds and several low valued transactions, but some recent trades have come in better than the benchmarks.

Local Law 97 Looming Over The Bronx

Leave a Comment / Issues / February 16, 2023 February 17, 2023

Owners of commercial buildings larger than 25,000 sf are learning how much the 2019 NYC Green New Deal will impact their investments. The legislation’s hallmark Local Law 97 has become a pressing issue for property owners to tackle this year. Registered Design Professionals will need to draw up plans to comply with the greenhouse gas reductions mandated to take effect in 2024 and beyond. Energy efficiencies will have to be deployed in successive stages to meet increasingly strict emissions reductions. Most legacy building utilities will ultimately need to be replaced.

Wakefield is served by Bee Line Bus and MTA Bus and Subway

Making Money in Wakefield

Leave a Comment / Neighborhoods / February 1, 2023 February 1, 2023

Working people like to live in Wakefield for many reasons. At the northern border with Yonkers and Mount Vernon, a variety of mass transit reaches anywhere in New York City and Westchester. Money, meals, medical care and most miscellaneous needs can be met in the busy shopping districts along White Plains Road and E 233rd Street. You might even have a backyard, driveway and garage. So like George and Weezy, move on up to the east side where the living is nice and easy.

Updated Bronx Benchmark Values

Leave a Comment / Market / January 13, 2023 January 13, 2023

Tighter monetary policy and the stagnant economy have dealt severe headwinds to national real estate but The Bronx has fared better than most markets in recent months. The BuyTheBronx.com valuation benchmarks have been updated to reflect the current market of sale and lease transactions in the context of longer trends. The strong have held onto record values, as weaker sectors bear the brunt of macro pressures. The improving benchmarks outnumber those we cut, but even more remain unchanged at this time.

Top 10 Fourth Quarter Bronx Real Estate Deals

Leave a Comment / Market / January 5, 2023 January 6, 2023

The good times kept rolling in The Bronx real estate market during the fourth quarter of 2022. Industrial and multifamily assets were most common among the quarter’s top deals at valuations in line with recent records. The development window has yet to close with some deals registering surprising prices for Bronx dirt. The top ten deals also reflect unique attributes of The Bronx real estate market where social welfare and affordable housing projects have yet to feel the pressures affecting other economic sectors.

Cityscape from the New York Botanical Gardens 2022 Holiday Train Show

Favorite Bronx Holiday Traditions

Leave a Comment / Lifestyle / December 14, 2022 December 14, 2022

‘Tis the season to close your deals or push them into next year. Between that and supporting our local retailers, try to leave time to celebrate the season with some classic Bronx holiday traditions. Most of the local BIDs have already lit their displays so take a stroll to see your favorite neighborhood aglow in holiday splendor. Santa is making regular visits to the major shopping areas with other special family activities. Menorah lightings and Kwanza celebrations will close out the month. Among so much local merriment, The Bronx also enjoys these enduring holiday traditions.

Happy Holidays, Let’s Shop The Bronx

Leave a Comment / Asset Class / November 22, 2022 November 27, 2022

No place is more resilient than The Bronx. After years of online shopping threatened the existence of bricks and mortar retailing, the pandemic was a knockout blow for several national chains with a local presence. However, a recent rebirth has seen large spaces vacated by bankrupt companies get acquired by thriving national retailers building their presence in America’s third most densely populated county. Beyond the malls and power centers, local shopping corridors throughout the borough are enjoying low vacancies and record rents.

Election Impact on Bronx Real Estate

Leave a Comment / Issues / November 14, 2022 November 15, 2022

Most New York Democrats breathed a sigh of relief last week despite Republican gains in Congress and Albany. While the power structure remains status quo, the ideological center moved slightly to the right. Real estate developers support Democrats over Republicans by a wide margin and they will need to leverage that influence to address several issues looming over The Bronx real estate market.

Run For Your Lives!

Leave a Comment / Lifestyle / November 4, 2022 November 4, 2022

This is not a post about Mayor Adams’ anti-crime initiatives. On Sunday 50,000 athletes of all backgrounds and abilities from around the world will compete in the 51st annual New York City Marathon. It will run at full capacity again after last year’s half sized roster and 2020’s cancelation. Mile 20 of the 26.2 mile course will bring them through the South Bronx, which is more mileage than Staten Island gets. Long time contestants have surely noticed the changes in the local landscape.

Investing in Small Multifamily Properties

Leave a Comment / Asset Class / October 26, 2022 October 27, 2022

If you’re looking to invest in Bronx real estate, there’s a good chance you’re targeting the small multifamily sector. Multifamily properties with 2 to 4 units comprised around half of third quarter Bronx real estate sales and more than a quarter of principal value. The sector is a favorite for budding real estate investors following the age old advice to invest in middle class housing.