Although the dollar amount of sales for investment properties and development sites in The Bronx for 2018 took an 8% dip, it still managed to remain above the $2 billion mark.

According to the Bronx 2018 Year-End Sales Report by Ariel Property Advisors, this is in part thanks to the Jerome Avenue Rezoning as well as opportunity zones throughout the borough.

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There are currently 5 buildings on the lot, all of which are slated to be demolished and along with them several businesses which currently occupy the site which was rezoned last under the Jerome Avenue Rezoning.

Unsurprisingly, 53% of the dollar volume occurred in the South Bronx with $1,086,774,822 recorded in sales transaction of such properties.

The single largest sale in The Bronx was the $165 million development site purchased by Brookfield Properties from Somerset and Chetrit Group who were the masterminds behind the failed attempt to re-brand Port Morris as The Piano District.

Brookfield’s $165 million purchase in Port Morris topped the list.

As far as neighborhoods go, Fordham was by far the hottest neighborhood with 54 properties

The top 5 neighborhoods by volume in The Bronx are:

  • Fordham
  • Mott Haven
  • Longwood
  • Norwood
  • Belmont

Breakdown by Bronx region is as follows:

  • 28% – Northwest Bronx: $579,662,584
  • 13% – Northeast Bronx: $251,510629
  • 53% – Southwest Bronx: $1,086,774,822
  • 6% Southeast Bronx: $129,776,061

Things across the Bronx River over in the East Bronx were relatively quiet with the Northeast and Southeast Bronx only accounting for 19% of sales volume representing only roughly $381 million of the $2.05 billion in transactions.

The report also points out that a positive outlook is on track for 2019 because of the Jerome Avenue Rezoning as mentioned before along with the 274 opportunity zones in the borough.

It also cites the pending sale of the Bronx General Post Office, which Welcome2TheBronx broke the story when it was up for sale again, in contract for $70 million as Young Woo is selling it to MHP and Banyan Street Capital.

The Bronx General Post Office was sold to developers Young Woo in 2014 for $19 million is being sold for $70 million to MHP and Banyan Street Capital. It is currently being converted into a mixed-use commercial project similar to Chelsea Market.

A recent article in Crain’s New York reported the buyers of the landmark post office expect to wrap up what’s left of the conversion soon after they close on the property and that they have, “tons of action with potential renters” with the property located at, “…highly sought-after location.”

All eyes continue to clearly focus and zero in on The Bronx as one of the last frontiers for developers.

Now if only we could get these landlords and developers to build and preserve truly affordable housing for our borough.

You can read the full report over at Ariel Property Advisors.

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