The Bronx Sees Record $3.5 Billion in Development Last Year; Almost Half in South Bronx

Billions of dollars in development continues to pour into The Bronx as 2018 marked a record setting $3.48 billion as a construction frenzy takes hold of our borough.

A new report issued by Bronx Borough President Ruben Diaz Jr’s office showed that the lion’s share of development was in the housing sector with 8,885 units of housing built last year alone and almost half of which, 4,225 to be exact, were built using government subsidies.

All this says is that the type of housing coming into our borough is more mixed when it comes to incomes as market-rate and luxury housing continues to be constructed in the South Bronx.

Community Board 4 saw the most investment in 2018 with $300 million Bronx Point, the 1,000+ unit development that will be home to the Universal Hip Hop Museum pushing the total $564,587,753 for the district.

At $54,327,683 for CB 10 and $39,712,708 for CB 11 these two East Bronx community boards saw the lowest amounts of investment in the borough which isn’t surprising given the fact that developers have been focusing on the Southwest Bronx for the most part.

Between 2009 and 2018 almost $19 billion in development has been invested in The Bronx and almost half of that, $8.05 billion was in the Southwest Bronx community boards 1, 2, 3, and 4.

In terms of units of housing, the South Bronx community boards 1-4 lead the pack accounting for 4,228 apartments out of the total 8,885 for 2018.

CB 10 and CB 11 saw only 187 of housing constructed during the same period and with 77 units, CB 10 had the least amount of housing constructed in 2018.

To see the full report, head over to the BP’s page here.