Bronx Industrial

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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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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