Investors Are Adding More Residential Rentals In Bronx Nyc

By Author: Lawrence Roy
Total Articles: 10
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More than $3 billion dollars was invested in real estate development in the Bronx borough in 2016. More than half of that went towards new residential construction.

Reports indicate that 239 houses and apartments were created with the $1.7 billion dollars in investments, with the majority of them going up in the neighborhoods of Fordham and Bedford Park. According to the Bronx Borough Presidents office the new constructions amount to 7.23 million square feet of new residential space. The total amount invested in the area is an increase of 37% from the previous year.
Adaline Walker-Santiago, Chair of Community Board 7, told amNewYork reporter Ivan Pereira that although she saw an apartment in her neighborhood listed for $2000 a month, she was not too concerned about gentrification in the area, because 73% of the residential units across the borough are subsidized housing. Walker-Santiago went on the explain the increase in number of residents and building owners in the area could be attributed to the reduction in crime, improved park spaces, new restaurants, and upgraded infrastructures.
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... estate in the Bronx borough received $1.3 billion in investments that covered 4.63 million square feet across 126 new developments. Schools and other properties received investments totaling $228 million and covered 2.34 million square feet.

While the big money investors are developing properties in the South Bronx, there are more investors developing property in other parts of the borough including at least 5 developments in the Parkchester neighborhood. The largest project is a 32 unit residential building at 1353 Castle Hill Avenue that is being developed by Onsite Property Management and designed by Gino Longo Architects.

The complex is a ground up construction that is currently a vacant lot. The new development is on the Southeast side of the Parkchester Condominium planned community.