Daniel Hickey

N Minnieford Marina

New York’s Most Unique Neighborhood

2 Comments / Neighborhoods /

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.

1051 Boston Rd., Bronx NY

Top 10 Second Quarter 2023 Bronx Real Estate Deals

Leave a Comment / Market /

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.

Playing cricket at Van Cortlandt Park

Come Play in Van Cortlandt Park

Leave a Comment / Lifestyle /

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.

1869 White Plains Rd

Bronx Benchmarks Hang Tough

Leave a Comment / Market /

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.

The Bronx Energy Terminal at 1040 E 149th St

Top 10 First Quarter 2023 Bronx Real Estate Deals

Leave a Comment / Market /

The combined value of the top 10 first quarter Bronx real estate deals fell by 8.4% from 2022, which understates the 55% decline in total transaction values. Deal volume dropped by around half across all asset classes compared to last year’s first quarter, except for the Office category which was skewed by the second place portfolio below. Our small apartment metrics are running around a third of last year’s pace and the hot Industrial sector has cooled similarly. As regulatory and monetary conditions tighten, the sellers of the following ten deals must feel relieved to lighten their risk load.

2115-2119 Hughes Ave, Bronx NY

Warning Signs in Walk-Up Apartments

Leave a Comment / Asset Class /

Albany missed its budget deadline again as counties across the state anxiously await results of the back-room horse trading. Reforming bail reform is getting the headlines while suburbs fight to preserve their bucolic boulevards and Bronx apartment owners sweat out rent control expansion. Gov. Hochul is weighing local interests against a tidal wave of contributions from real estate developers aligned with affordable housing advocates. Independent owners of Walk-Up Apartment buildings are worried about another bull’s eye on their properties.

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

Ascending to Elevator Apartments

Leave a Comment / Asset Class /

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.

Electric Industrial Boiler

Local Law 97 Looming Over The Bronx

Leave a Comment / Issues /

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 /

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.

727 Ladd Rd, Bronx, NY

Updated Bronx Benchmark Values

Leave a Comment / Market /

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.