Michael Weiser, GFI Realty Services, Inc.Throughout New York City’s current real estate boom, we’ve seen a dramatic rise in investment and development activity in areas across the city. From Manhattan to the outer boroughs–especially waterfront areas in Brooklyn and Queens–neighborhood after neighborhood has been revitalized with new construction and redevelopments on both the commercial and residential side.
Noticeably absent, however, was The Bronx. While the resurgence of many other areas was widely heralded, The Bronx seemed somewhat stagnant. Considering the borough’s recent surge in population and investment activity, it’s clear that has begun to change. In fact, recent census figures show The Bronx as the fastest growing borough in New York City. In 2015 the borough also saw a 54% year-over-year increase in real estate investment activity.
Like New York’s other revitalized areas, The Bronx–especially South Bronx neighborhoods like Mott Haven and Port Morris–are geographically close to Manhattan, and are flush with developable buildings and sites that can easily be converted to attractive new developments. Much of the borough’s investment activity is concentrated in these areas, each of which is experiencing a dramatic upsurge in development, from condos and rentals to office, hotel, and retail properties.
Of course, the strongest indicator that The Bronx is finally getting on the map may be the fact that many of the same investors who developed in Brooklyn when it was on the rise are now seeking out Bronx properties to push this borough to the next level.
With location, developable product, and prominent investors backing new construction, all indicators point to the complete revitalization of the south Bronx. While they may not have reached the levels of Williamsburg just yet, the trajectory of Mott Haven and Port Morris is clearly on the rise.
Please read more about the South Bronx in GFI’s Q2 2016 Research Report at http://gficap.com/next-stop-the-south-bronx-6-24-16
Michael Weiser is the president of GFI Realty Services, New York, N.Y.
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