At the beginning of each year, Welcome2TheBronx combs through The Bronx’s sales data to see if anything of interest pops up and we noticed one thing: Condos are shattering sales records in the South Bronx.
Back in April of last year, a penthouse unit at the newly opened Joinery Condominium in Mott haven, located at 225 East 138th Street ,sold for $911,334 and prior to that, another penthouse unit in the same building sold for $926,608.
Both units sold for above asking price and yet there’s nothing extremely remarkable about either unit other than generous outdoor private roof top terrace space.
The Joinery was the first new construction condominium development in the South Bronx since Melrose Commons in the 1990s (Bronx Bricks at 305 East 140th Street is a condo conversion and not new construction).
When they began marketing their units in 2017, they declared that they were, “Making The Bronx Great Again” and after we ran that exclusive story, they immediately took that tone-deaf slogan down.
Before this particular development began selling units in the $800k and $900k range, the highest selling condos were over at Bronx Bricks with loft units selling in the $700k range.
As development continues at record speed across the South Bronx and the waterfront is built up with luxury housing, prices will probably continue to rise as folks are priced out of Manhattan and Brooklyn begin to price out and push out our long time residents as gentrification continues to take a stronger and stronger foothold.
We already know the average local resident cannot afford any of these units.
Besides investing in “affordable” housing that are only rentals, the city should make a real effort in providing affordable co-ops and condos so that local residents can actually purchase property where they have lived for decades.
Where there roots and that of their families stretch back over half a century for many.