A co-op apartment at Executive Towers on the Grand Concourse has shattered a record on the famed boulevard as it cracked the half million mark and sold for $510,000 back in April after only being on the market for a little over a month.
The large 3 bedroom, 2 bathroom unit with a balcony was originally listed for $595,000 by Halstead and closed at almost 15% below asking but it wasn’t the first apartment to list above $500k.
Back in October, we wrote about a 2 bedroom apartment in the same building that was listed at a ridiculously unsupported price of $575,000 which was soon taken off the market. Maybe our reporting on the utter greed had something to do with it?
But at $510k, this apartment isn’t the highest selling in the general Grand Concourse area.
A 1,450 square foot 3 bedroom unit at 675 Walton Avenue sold for $553,000―39% above asking price of $399,000 last September, confirming the rumors of bidding wars going on in the general area.
With these two sales, the benchmark has been set for 3 bedroom units along and around the Grand Concourse below E 167th Street within the 78 building Grand Concourse Historic District which was designated back in 2011.
The $500k mark was once exclusively the domain of Riverdale up in the Northwest Bronx for cooperative apartments but now the South Bronx is beginning to chip away at its
And of course, what would this post be without mentioning the obvious gentrification issues.
With these prices, more and more Bronxites can no longer afford to buy an apartment in the general area and in the ultimate act of irony after decades of decay and neglect, the Grand Concourse is once again returning to its former roots of excluding certain demographics, this time not policies based on race but of economics.
For decades, people of color were denied the opportunity to rent an apartment on the Concourse and it was something that even went on during the 70s with my parents being told there were no vacancies when all signs said there were.
Will the future of the Grand Concourse be as diverse as it is now or will it succumb to the disease that is gentrification that has overtaken NYC?