Tag: Real Estate

Mapping the Crucial Developments That Will Reshape the Bronx – Development Watch – Curbed NY

Welcome2TheBronx teamed up with Curbed to help identify several major projects in The Bronx that are considered to be game changers in our borough.

For decades, the Bronx has been ignored in the larger conversation of a changing New York City. But as big developers like Chetrit Group and Greystone turn their eyes north, and Borough President Ruben Diaz Jr. announces his lofty desires for creating a Brooklyn Bridge Park-style public space along the Harlem River, it seems like momentum is starting to build around the fledgling borough. “The South Bronx has experienced an unprecedented amount of capital flowing in the past years over some major developments,” Ed García Conde of Welcome2theBronx tells Curbed.

Bronx BP Proposes Development Over Several Rail Yards

About 3 years ago, Welcome2TheBronx wrote about the possibility of having the Metro North rail yards in Melrose at 149th Street decked over much like the Hudson Rail Yards and have it developed into office space and affordable housing. Today, Bronx Borough President Ruben Diaz, Jr made a similar proposal along with two other Bronx locations stating that since Queens didn’t want it to happen at the Sunnyside yards, The Bronx would be happy to take those monies.

The other 2 locations identified are the 4 train rail yards by Lehman College in Bedford Park just west of the Grand Concourse and the 1 train rail yards just west of Broadway between Riverdale and Kingsbridge.

After Over 3 Years Since Designation, Grand Concourse Historic District Signage is Finally Being Installed

In October of 2011, after almost two years from being calendared for consideration, of community meetings, historical studies, and testimonies from residents, homeowners and landlords alike, the New York City Landmarks Commission created the Grand Concourse Historic District stretching from 153rd Street and the Grand Concourse, all the way up to 167th Street.

Now, over 3 years later since that designation, the terracotta colored street signs with white lettering which mark a historic district, are finally being installed with signs at 161st Street and Grand Concourse and west on 161st and Walton.

City Islanders, Friends Pack The Alehouse to Celebrate Curbed Neighborhood Cup Victory

From the size of the crowd at the City Island Alehouse Saturday, Feb.7th, you’d think that they were giving away free food.

Oops! …they were.

Despite the snow, ice and frigid temperatures, City Islanders and their friends came by the hundreds to eat, drink and rock and roll, all in celebration of City Island winning the 2014 Curbed Cup Neighborhood of the Year award, sponsored by Curbed, a prominent online magazine serving the real estate industry.

Community Rallies In Anticipation of (Cromwell) Jerome Rezoning

When the Cromwell-Jerome Study Area Jerome Avenue Study Area (City Planning has since changed the name) was announced last year, it stirred a lot of controversy as residents saw it an attempt to rebrand existing neighborhoods of the West Bronx and pave the way for gentrification via rezoning — a tool often used by the previous administration often without regard to community residents who lived in the areas. The study area grew from 57 blocks to a massive 73 blocks.

Now, as the Jerome Avenue Study Area was announced by Mayor Bill de Blasio as one of the 6 areas slated for rezonings, community groups and even local elected officials are getting residents together to discuss the future and fate of their neighborhoods at a meeting scheduled for March 5th — after all, these are the very people who will be impacted by any zoning changes the city eventually will implement to increase density.

The Bronx Saw Record $2.4 Billion In Sales of Residential Properties in 2014; 6 Residential Towers Planned for Port Morris Waterfront

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.

Vacant Eyesore In Melrose on 161st St to Finally Give Rise to New Residential Building

2015 will give rise to new developments in Melrose, finally filling in the last remaining vacant lots as construction projects move forward. 3160 Park Avenue, which is bounded by 161st Street, Courtlandt Avenue and 160th Street, will go from a community eyesore in the heart of the Bronx’s Civic Center to an 11 story mixed-use 185,000 square foot residential building (including 21,400 square feet of ground floor commercial/retail space).

The Bronx Is Least Affordable Rental Market In The Country But Not Because Of High Rents

Last week, we received notice that our borough was the least affordable rental market in the country. Many jumped the bandwagon with sensationalist headlines declaring The Bronx as the least affordable rental market in the nation without actually delving into how this came to be.

It’s definitely not because our “rent is too damn high,” but due to the fact that many of our residents barely earn enough to survive.

Developer Purchases 18-Buildings in The Bronx for $85.5 Million; Plans $70.5 Million In Upgrades & Keep Units Affordable

The Wall Street Journal reports that developer, Arker Cos, just purchased 18 buildings, mostly in Morrisania section of The Bronx, and plans on $70.5 million in upgrading the units with new kitchens, bathrooms and other undisclosed improvements — all while keeping them affordable. All the units are currently subsidized by section-8. Such a move is virtually unheard of in The Bronx and probably throughout the city where a developer comes in and will make major improvements after purchasing such a portfolio and let alone keeping the rents the same.