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2115-2119 Hughes Ave, Bronx NY

Warning Signs in Walk-Up Apartments

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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

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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.

Morris Park Ave

Happy Holidays, Let’s Shop The Bronx 

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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. 

106 Ditmars St, City Island

Investing in Small Multifamily Properties

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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.

ABC Carpet now Amazon

Bronx Industrial Real Estate Focus

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At the geographic and logistical center of the New York metropolitan area, The Bronx is a natural location for a thriving industrial asset base. Train lines and a working waterfront brought the industrial revolution to the south Bronx in the early 20th century and defined those neighborhoods. Until recently, the industrial real estate sector has been transitioning into residential development to meet New York City’s persistent housing shortage.