Rents at the Clocktower building in Port Morris, on the corner of Lincoln Avenue and Bruckner Boulevard are fast on the rise. Â A new listing for a 1 bedroom is asking for a whopping $1,775/month for the privilege of living in this loft building which was one of the first in the area to convert to residential.
Another listing for a 2 bedroom loft in the same building is asking for $2,500.
Seven years ago, when I was first looking in the area, rents for a 1 bedroom began in the $900’s and have since then almost doubled.
The building, along with the surrounding area has shown tremendous growth and transformation. Â Recently, the Clocktower had its huge rooftop upgraded with new pagodas and furniture as well as some green astroturf giving it a nice, cozy feeling with great views of the Bronx, Manhattan, The Harlem River.
Downstairs you have Charlies Bar and Kitchen, a block away there’s Bruckner Bar & Grill, Ceetay and a host of many, many more local restaurants.
What do you think about these rents? Â Clearly, with rents that are almost double what you would pay for in the surrounding area, these rising rents and new amenities are budding signs of gentrification in the neighborhood.
Check out some more pictures from the listing on craigslist:
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[…] Money Magazine, publication under Time Magazine just published an article on the top 15 least affordable counties for millenials to rent or purchase and the Bronx tops the list for renters and places purchases at number 4 on the list. Â This shouldn’t come as a surprise as we just reported days ago that a listing in the South Bronx neighborhood of Port Morris in the Clocktower building is asking $1,775 for a 1 bedroom loft and $2,500 for a 2 bedroom loft. […]
[…] Money Magazine, a publication under Time Magazine, just published an article on the top 15 least affordable counties for millennials to rent or purchase and the Bronx tops the list for renters and places purchases at number 4 on the list. Â This shouldn’t come as a surprise as we just reported days ago that a listing in the South Bronx neighborhood of Port Morris in the Clocktower building is asking $1,775 for a 1 bedroom loft and $2,500 for a 2 bedroom loft. […]
[…] Weissman has not come up with concrete numbers for what the rents but they will be in line for what the immediate area is commanding. According to LiveLovely.com Port Morris has the 2nd highest rents in The Bronx averaging at about $2,100/month.  This shouldn’t come as a surprise as we announced a few months ago that the lofts at the Clocktower — just one block away — were renting 1 bedroom lofts for $1,775 and 2 bedroom lofts for $2,500. […]
[…] Weissman has not come up with concrete numbers for what the rents but they will be in line for what the immediate area is commanding. According to LiveLovely.com Port Morris has the 2nd highest rents in The Bronx averaging at about $2,100/month.  This shouldn’t come as a surprise as we announced a few months ago that the lofts at the Clocktower — just one block away — were renting 1 bedroom lofts for $1,775 and 2 bedroom lofts for $2,500. […]
[…] into a residential building several years ago, and as the neighborhood has gentrified, prices have nearly doubled. You can still make out the Estey name in a fading ghost sign at one end of the […]
[…] Rents are already spiraling upwards at market rate buildings and even some affordable housing in the area so what is going to happen to existing residents? Will gentrification push them out? Can we work with the powers that be to make sure we get truly affordable housing and solve our homeless crisis in the process before we begin to catering to others that aren’t even living in The Bronx yet? […]