In a pro-gentrification piece written by The New York Times, it was announced by one of the developers of the three 25 story residential towers (of 6) planned for the South Bronx Harlem River waterfront, that 1 bedrooms would rent for a mind-blowing $3,750.
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Barely a year since we reported properties on either side of the Third Avenue Bridge approach were purchased for obscene and speculative amounts, three of the lots have had recent plans filed for three 25 story residential towers which, if approved, will bring what appears to be 1,661 market rate units to the area.
Let’s face it: We already knew that developers were going to set their eyes on The Bronx, often called “The Last Frontier” by real estate developers and moguls due to The South Bronx’s proximity to Manhattan and excellent transportation network but as speculative purchases are made on properties far more than their actual worth, is it over for those trying to make a quick buck on our back?
198 E 135th Street, which was owned by storage company CubeSmart, was sold on May 12, 2015 for $15,470,000 to Deegan 135 Realty LLC.
After a long battle with thousands of people voicing their pleas to save PS 31 aka The Castle On The Concourse, the city will be demolishing this beautiful landmark and treasured building filled with history.
A report by investment firm Ariel Property Advisors recently reported that The Bronx saw a record $2.4 billion in sales of residential properties. Now, in an interview with the firm’s president, Shimon Shkury, reveals to New York Real Estate Journal that Melrose led the borough in such sales with
Real Estate Weekly reported that The Bronx saw a record breaking increase in sales of multifamily properties reaching $2.4 billion in transactions in 2014 as per data published by Ariel Property Advisors’ Bronx 2014 Year-End Report. Meanwhile, developer Cherit Group is reportedly planning to construct six 25 story towers along the Port Morris waterfront of market rate apartments and condominiums.
Just around the corner (literally) from 2417 Third Avenue — the loft building that is under contract for $31 million, 101 Lincoln has just sold for $32 million. This property sits across from Bruckner Bar and Grill Mott Haven Bar and Grill and according to the Real Deal the developer can build up to an 800,000 foot building on the site.
Over $2 billion has poured into the Melrose neighborhood of the Bronx as well as adjacent areas in new construction — whether residential or new commercial — in less than 10 years easily out pacing the entire borough.
The bulk of the money has been centered in the many developments in Melrose such as La Terraza, Boricua College & North Rose Apartments, St Ann’s Terrace, Via Verde as well as the proposed 950 unit La Central Development which is currently estimated at $345 million.
A listing for a condo loft in the Mott Haven neighborhood of the South Bronx has broken a record with an asking price of $900,000.
Located at 305 East 140th Street at Bronx Bricks Condominiums, a converted building constructed in 1904, the 2,350 square foot apartment originally sold for $712,775 in 2007 at the peak of the market.
On November 8, 2013, New York City’s Department of Buildings issued an emergency demolition order for the landmarked ‘Castle on the Concourse’ aka PS 31. They cited it as a public safety issue and were concerned that it wouldn’t survive another Sandy-like weather event.
After a winter with record snowfalls and several buildings suffering major roof collapses due to the tremendous weight of all that snow, PS 31 still stands.
Morris Court, which began construction two years ago after demolishing almost an entire block (only one property owner did not sell), is nearing completion as the first development to take advantage of the Lower Concourse rezoning approved back in 2009.
The $69 million complex, when complete, will include 201 mixed low & middle income units for families with incomes ranging from approximately $28,595 to $90,700 per year. 25% of the units will be set aside for families that were formerly homeless.
Yesterday, on Thursday, March 27th, the Appellate Division of New York ruled in favor of FreshDirect and, “Bloomberg-era Industrial Development Agency decision to provide $80 million in subsidies to Fresh Direct to move its trucking operation to a South Bronx waterfront flood zone…without any requirement to assess or address the environmental impact of an additional 1,500 daily diesel truck trips on our asthma-plagued community.”
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