The South Bronx, most notably the area that is known of the home of the New York Yankees and a reputation as an area for its violent past has in recent years become a favorite place to move for home buyers on a budget. Attracting people from areas like Brooklyn and Northern New Jersey, people from diverse background are coming to the South Bronx where a revival has been occurring after years of urban neglect.
The specific area of note is the Grand Concourse section of the Bronx. Couples who were looking to purchase homes in areas like Brooklyn have been intimidated by the soaring prices in places in like Bushwick.
Over the last eight years the median asking price, according to StreetEAsy, for property in the Concourse, rose 75% from $181,775 in to $317,93 in August 2018. The interest in moving to the Concourse area of the Bronx is part of a larger migration to the overall area which includes a significant boom in development.
It is not mystery to Halstead broker Deborah Miller, who is an expert in the Concourse vicinity, as to why residents are being drawn to the neighborhood. For starters, transit options are many including the B, D and 4 trains at 161st Street, at the doorstep of Yankee Stadium, the one stop from northern Manhattan itself. Also, many of the buildings are constructed in the attractive-looking Art Deco style near large parks.
In addition to Yankee Stadium are other attractions such as the Bronx Museum of the Arts, the Bronx County Courthouse, the New York Botanical Gardens and the Bronx Zoo.
According to Miller, “If you’re not married to being in Manhattan, then you can get for the same price, an apartment that’s double the size.”
East of the Grand Concourse, a 426,000-square-foot multi-use Bronx Commons project is being built which will included 305 subsidized apartments and a music venue approximately 14,000 square feet.
Another project due south are two new buildings going up at Gerard Avenue and East 146th Street that will have 400 units to the location. Another project being built is at Bronx Point that will add 1,000 more apartments will include a movie theater and a hip-hop museum. At the same time the 149th Street Post Office is getting a face lift.
If you walk further southeast, luxury developments are in super-hot demand due to an on fire rental market in Mott Haven. Similarly, the Bridgeline, a waterfront project with studio prices beginning at $1,694/month and the large 1.4 million-square-foot development that Brookfield is developing located at 2401 Third Avenue and 101 Lincoln Avenue that will contain 1.300 apartments when finished.
Residents moving to the general area are taking advantage of its cultural offerings including art shows, Botanical Garden lectures and classes at Fordham.
Broker Mable Ivory of Engel & Volkers, works almost exclusively in the South Bronx area. She has seen a shift from buyers coming from Manhattan, who were looking for more space across the Harlem River to “getting buyers from New Jersey . . .[and] who were priced out of Brooklyn.” Ivory described the phenomena as “a milestone.”
By: Andrew Schiff
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