Bronx Real Estate

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
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
The Bronx Energy Terminal at 1040 E 149th St

Top 10 First Quarter 2023 Bronx Real Estate Deals

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.

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Market
2115-2119 Hughes Ave, Bronx NY

Warning Signs in Walk-Up Apartments

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.

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

Ascending to Elevator Apartments

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.

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Asset Class
Electric Industrial Boiler

Local Law 97 Looming Over The Bronx

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.

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

Making Money in Wakefield

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.

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Neighborhoods
280 E 161st St

Top 10 Fourth Quarter Bronx Real Estate Deals

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.

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Market
Morris Park Ave

Happy Holidays, Let’s Shop The Bronx 

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. 

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Asset Class
NYC polling place

Election Impact on Bronx Real Estate

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.

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Issues