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The Bronx Sees $2.05 Billion in Real Estate Investment Sales Last Year With Over Half in The South Bronx

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Although the dollar amount of sales for investment properties and development sites in The Bronx for 2018 took an 8% dip, it still managed to remain above the $2 billion mark.

According to the Bronx 2018 Year-End Sales Report by Ariel Property Advisors, this is in part thanks to the Jerome Avenue Rezoning as well as opportunity zones throughout the borough.

There are currently 5 buildings on the lot, all of which are slated to be demolished and along with them several businesses which currently occupy the site which was rezoned last under the Jerome Avenue Rezoning.

Unsurprisingly, 53% of the dollar volume occurred in the South Bronx with $1,086,774,822 recorded in sales transaction of such properties.

The single largest sale in The Bronx was the $165 million development site purchased by Brookfield Properties from Somerset and Chetrit Group who were the masterminds behind the failed attempt to re-brand Port Morris as The Piano District.

Brookfield’s $165 million purchase in Port Morris topped the list.

As far as neighborhoods go, Fordham was by far the hottest neighborhood with 54 properties

The top 5 neighborhoods by volume in The Bronx are:

  • Fordham
  • Mott Haven
  • Longwood
  • Norwood
  • Belmont

Breakdown by Bronx region is as follows:

  • 28% – Northwest Bronx: $579,662,584
  • 13% – Northeast Bronx: $251,510629
  • 53% – Southwest Bronx: $1,086,774,822
  • 6% Southeast Bronx: $129,776,061

Things across the Bronx River over in the East Bronx were relatively quiet with the Northeast and Southeast Bronx only accounting for 19% of sales volume representing only roughly $381 million of the $2.05 billion in transactions.

The report also points out that a positive outlook is on track for 2019 because of the Jerome Avenue Rezoning as mentioned before along with the 274 opportunity zones in the borough.

It also cites the pending sale of the Bronx General Post Office, which Welcome2TheBronx broke the story when it was up for sale again, in contract for $70 million as Young Woo is selling it to MHP and Banyan Street Capital.

The Bronx General Post Office was sold to developers Young Woo in 2014 for $19 million is being sold for $70 million to MHP and Banyan Street Capital. It is currently being converted into a mixed-use commercial project similar to Chelsea Market.

A recent article in Crain’s New York reported the buyers of the landmark post office expect to wrap up what’s left of the conversion soon after they close on the property and that they have, “tons of action with potential renters” with the property located at, “…highly sought-after location.”

All eyes continue to clearly focus and zero in on The Bronx as one of the last frontiers for developers.

Now if only we could get these landlords and developers to build and preserve truly affordable housing for our borough.

You can read the full report over at Ariel Property Advisors.

WATCH: Universal Hip Hop Museum to Break Ground in The Bronx By End of Year

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After years of discussion and hype, it seems that the Universal Hip Hop Museum will finally break ground this year in The Bronx bringing with it the country’s first museum dedicated to the genre that was born in our borough.

According to an interview at PIX11 News, the UHHM is scheduled to break ground at Bronx Point by the end of the year some time in December.

Via Universal Hip Hop Museum’s Facebook page

PIX11 is also reporting that funders have secured $20 million but there is still much more needed to make sure the project becomes a reality.

As you may recall, Bronx Point, will be a massive two building, 1,045 unit affordable housing along the Harlem River waterfront at 149th Street on land that was stolen from the community which was supposed to be part of Mill Pond Park’s extension.

Bronx Point will rise at the foot of the 145th Street Bridge at 149th Street sandwiched between the Major Deegan Expressway and the Harlem River.

We say stolen because that’s exactly what the city did and lied to the community that the land was never dedicated as parks but Welcome2TheBronx uncovered evidence on NYC Park’s website that said otherwise.

That being said, the development will still have an extension of Mill Pond Park but rather than the entire parcel as originally planned, it will only be a little more than half the land.

Anywho, check out the video below and let us know what you think.

Connecticut Business Leader: Split Amazon Headquarters Between The Bronx and Stamford

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As soon as The Washington Post reported that several unnamed Amazon executives said the company was reconsidering making Long Island City in Queens their second headquarters due to backlash from activists and politicians crying foul at this sweetheart deal, cities across the country began salivating at the fact that they could potentially take advantage of this development to lure the promise of 25,000 white collar jobs.

One such idea was a two state solution that would split Amazon HQ2 between The Bronx and Stamford, Connecticut suggested by Joe McGee, Vice-President of the Business Council of Fairfield County in Southwest Connecticut.

CT Post reports:

Lamont isn’t the only one mobilizing. In Stamford, Joe McGee, vice president of the Business Council of Fairfield County, worked the phones Friday — and took calls from people with the same idea — to formulate what could be a very innovative, 13th-hour bid.

“The Bronx and Fairfield County. Who would ever put that marriage together? They want to grow, and we’re all on the New Haven rail line,” McGee said. “Let’s be crazy and talk about a two-state solution.”

And crazy talk it is as Amazon already rejected our borough as well as Stamford so why would they consider them together?

Sure we’re about to be connected even more so to Connecticut than ever with four new Metro North stations to be constructed in the East Bronx but it’s abundantly clear that The Bronx doesn’t have the space they’re looking for.

But all that is besides the point. These are hi-tech jobs paying roughly $150,000 a year which maybe just a tiny fraction would go to local employees who QUALIFY (this is the key word here, folks).

Why would we in our right minds want to wish that upon The Bronx which would only destroy our borough via gentrification like we’ve never imagined would happen here despite it already gaining a foothold.

So to McGee we say thanks for thinking of us but no thanks.

We’ve seen what horrendous neighbors Amazon has been on their home city of Seattle and how they made affordable housing an even bigger crisis.

The Bronx already has the highest rates of evictions in NYC and we don’t want to contribute to that even more so.

Wishful thinking but nope. Ain’t gonna happen.

What You Should Know: Councilman Ruben Diaz Sr Shouldn’t Apologize—He Needs to Resign

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Last week, the hate-filled, homophobic, misogynistic Councilman Ruben Diaz Sr was quoted with yet another homophobic remark where he said that most the New York City Council is ‘controlled by the homosexual community’ and then went on to say that the council speaker Corey Johnson is a homosexual married to another man.

Now, Diaz Sr says he won’t apologize and that he’s the victim.

But why are lawmakers acting surprised that Diaz, yet again, made a homophobic remark? Why are we pretending that this is something shocking or new with the cowboy reverend?

This is the same individual that invited Senator Ted Cruz to The Bronx (which was almost immediately canceled after community and student uproar)so again, why are we also shocked?

The time for apologies have come and long gone. We are living in 2019 where we have no time or space for hate within out communities, let alone our so-called elected officials.

We already, as an LGBTQ community, have enough to deal with due to the current occupant at 1600 Pennsylvania Avenue in Washington DC who’s doing his best to erode the rights of the LGBTQ community along with everyone else who isn’t a straight, heterosexual white male.

Hate crimes continue to rise against LGBTQ identifying individuals, why do we need a leader in our own borough preaching hate?

We will NOT accept this abuse in our own backyard.

Simply put, Ruben Diaz Sr needs to resign.

And while his son, Bronx Borough President Ruben Diaz Jr has called out his father’s deplorable comments, we can’t completely applaud that.

Where was Diaz Jr when his father has continuously attacked the LGBTQ community and women’s rights?

Now that Diaz Jr. will probably be running for mayor, he decided to speak up because it might hurt his campaign but we see you too, Jr. You had years to consistently denounce your father’s actions but you didn’t.

As for NYC Speaker Corey Johnson, you reap what you sow. As you may remember, Johnson (who’s demanding an apology from Diaz Sr) visited Diaz in the hospital as if they were buddies in 2016.

The visit raised plenty of eyebrows leading everyone to assume it was to discuss Corey Johnson’s eventual bid to run for Speaker and whether or not he could count on Diaz Sr.s vote and quite possibly sway the rest of The Bronx’s councilmembers to line up and vote accordingly.

Once Johnson became Speaker, he rewarded a known LGBTQ homophobic reverend and misogynist against women’s reproductive rights with his own committee to chair.

So to Speaker Corey Johnson we also say, porfa please…cry me a river.

Diaz Sr doesn’t even speak for the majority of his district as if you remember less than 50% actually voted for him with the majority voting for someone else. He just happened to get the most votes but clearly has no mandate in our district or city nor does he have a right to represent us in our beautifully diverse borough.

Our Bronx elected officials will cry foul at his remarks but many attached to the teat of the Bronx Democratic machine are responsible for his continued election into office.

You are all complicit in his behaviors because you’ll cry out in public one day but the next day you’re out campaigning alongside him.

The Bronx deserves better. Much better.

Apply For 2-Bedroom Apts as low as $718 in Morrisania, The Bronx

Time is running out to apply for 32 brand new affordable housing units in Morrisania.

The new building, located at 545 E 166th Street at Third Avenue, is constructed using the Low Income Housing Tax Credit (LIHTC) Program and offers actually affordable rents.

Rendering of 545 E 166th Street

The trick is, of course, being able to qualify to snag these units and you have to make anywhere from 40% to 80% of the Area Median Income, which we all know is fake because it doesn’t really reflect the actual immediate area.

Check out the guidelines below or here for full details.

To apply, head over to NYC Housing Connect and good luck! You must apply no later than March 6, 2019. (do NOT contact us as we are not in any way affiliated with these or any units you find on Welcome2TheBronx. We simply report on them.)

Watch How the Whitestone Movie Theater Will be Transformed Into a Modern, Futuristic Warehouse

The old Whitestone Movie Theater in The Bronx is no more as its remains are being demolished and carted away.

In its place will be the first-of-its-kind multilevel warehouse in New York City spanning 700,000 square feet on two levels which will allow for faster deliveries across the region.

Renderings via 2505 Bruckner’s website.

Scheduled for completion in 2020 (we’re probably realistically looking at 2021 considering construction hasn’t even started yet) whichever company takes over the warehouse will be able to reach over 9.4 million people living within a 15 mile radius of the facility.

Now while this might all seem great with potential “jobs” coming in we would be irresponsible not to mention that our roads are about to get even more congested with polluting trucks ruining our already delicate air quality which makes The Bronx one of the worst places to live if you’re an asthmatic.


Renderings via 2505 Bruckner’s website.

In fact, we already have one of the highest rates of asthma in the nation thanks, in part, to our highways and trucks.

Anyway, take a look at the video below and let us know what you think:

2505 Bruckner Blvd from Neoscape, Inc. on Vimeo.


Renderings via 2505 Bruckner’s website.

Meet the 29-Year-Old Bronx Dominican Immigrant That’s Teaching Financial Tech Start-ups How Real People Deal With Money

The Bronx is a borough of immigrants in a nation of immigrants that shape our country for the better each and every day.

One such individual is Wendy De La Rosa, who graduated from Cardinal Spellman High School in our borough (my alma mater and of course, US Supreme Court Justice Sonia Sotomayor’s as well) and is currently pursuing her PhD at at Stanford.

De La Rosa cofounded a nonprofit called Common Cents Lab, an organization that works towards helping low and moderate income individuals get a better financial footing in life.

But instead of relying on Artificial Intelligence and algorithms which she says is one of the reason some start-ups have failed, it’s all about psychology and behavioral science behind our relationship with money that drives her.

An article in Forbes writes of De La Rosa and says:

A self-described hustler, De La Rosa says her life has always been centered around money—or the lack thereof. At age 9, she immigrated to the U.S. from the Dominican Republic with her mother, settling into her grandmother’s small two-bedroom apartment in the Bronx along with ten other relatives. De La Rosa picked up English quickly (through school and the Cartoon Network) but had to retreat to the apartment’s one bathroom for needed quiet to finish her homework. And finish she did. She was valedictorian of her public elementary and middle schools and of Cardinal Spellman High School in the Bronx—the alma mater of Supreme Court Justice Sonia Sotomayor.

Meanwhile, De La Rosa’s mom, a psychologist in her home country, took what work she could find—as a hotel maid. “It was very hard to see your educated mom clean rooms. She sacrificed a lot because of me,” De La Rosa says. “I think that’s where I started to fall in love with financial decision-making, because when you are living in a certain circumstance where every dollar really matters, it becomes a topic of conversation.”

“I think I just see my family in every single experiment that I run. I lived through that. I know exactly what it means to be living paycheck to paycheck.”

Head over to Forbes and read the full article in this amazing Bronxite.

WATCH: A Bronx Precinct Once Known as ‘Most Dangerous Square Mile in America’ Experiences Historic Drop in Crime

Time Magazine once called the 46th Precinct in The Bronx, which covers Fordham, University Heights, Mount Hope, and Mount Morris, “The Most Dangerous Square Mile in America”.

Now, decades later, the area has experienced a dramatic turnaround with crime dropping to historic lows.

This isn’t to say that the 4-6 doesn’t have it’s share of problems and that everything is perfect, that’s far from the truth, but it has come a long way from 1990 when there were 82 murders in this one precinct alone.

In 2018 only 9 murders were recorded. (Side note: That’s still 9 too many and it sounds jaded when we say ONLY but when you take it all into context, it really is something to celebrate that crime has dropped that low. But can we get it to zero please?).

Overall, crime across all major categories have dropped 80.6% between 1990 and 2018.

WABC takes us on journey documenting these changes in the video below:

End of an Era: St Nicholas of Tolentine & St Joseph Schools in The Bronx to Close This Year

Each year, The Bronx continues to lose Catholic churches as the Archdiocese of New York continues to consolidate and close parishes to save money and sell of the land to developers.

This year its a bit more painful to the community as two Bronx Catholic schools along with 5 others across the Archdiocese of New York will shut their doors forever.

St Nicholas of Tolentine has been serving the community since 1907.

St Nicholas of Tolentine Elementary School which has been serving the Fordham community for 112 years since 1907 and St Joseph’s School in Tremont which has been opened since 1877 for 142 years will close after the school year ends this coming June.

According to the Archdiocese, these continued closings are to strengthen those that remain open. Those that are being shut down are not financially viable and Cardinal Timothy Dolan went as far as saying that if enrollment were 10% more at these schools they wouldn’t be shutting down.

Cardinal Dolan said in a statement released earlier today, “While we sincerely regret ever having to close any schools, the goal is to strengthen the remaining institutions and preserve Catholic education in New York for years to come.”

It’s truly sad that these schools continue to close especially in lower income neighborhoods where they have been beacons of hope for parents, many immigrants, wishing to send their children to get a better education than they would get in local public schools.

Did you attend these schools? We’d love to hear from you in the comments below.

Crisis in The Bronx as Residents Being Evicted At Higher Rate Than Any Borough in NYC

We all know there’s a housing crisis in The Bronx. 6,858 evictions occurred in our borough last year displacing tens of thousands of residents.

We hear the horror stories of families being constantly dragged to housing court as they face evictions oftentimes via unscrupulous landlords who are trying to simply move in higher paying tenants.

All that and other factors have placed The Bronx with yet another dismal statistic: The highest rates of eviction in the city with twice the rate of Brooklyn evictions which came in second according to a new interactive map published by the New York City Council Speaker Corey Johnson and Acting Public Advocte’s office.

Via New York City Council

The Bronx is currently experiencing a humanitarian crisis if we can’t keep our residents housed safely without fear of eviction or harassment from greedy landlords who care more about a quick buck than the health and sanity of their residents.

This also doesn’t come as a surprise that our borough has such a high rate, 1 eviction per 79 units since The Bronx has one of the most rent burdened neighborhoods in the city.

This data just simply further illustrates the utter failure that is the affordable housing program, or perhaps things could be far worse without it.

Either way we are failing tens of thousands of people by not providing adequate and truly affordable housing for our residents.

Neighborhoods hardest hit sorted by community boards are as follows:

  • CB 5 – Fordham, Morris Heights, University Heights, Mount Hope, – 1,801 evictions
  • CB 4 – Mount Eden, Highbridge, Concourse – 1,753 evictions (tied with CB 7)
  • CB 7 – Bedford Park, Fordham, Kingsbridge Heights, University Heights – 1,753 evictions
  • CB 12 – Edenwald, Wakefield, Woodlawn, Eastchester, Olinville, Baychester – 1,553 evictions
  • CB 9 – Parkchester, Castle Hill, Soundview – 1,491 evictions
  • CB 6 – East Tremont, Bathgate, Belmont, West Farms – 1,317 evictions
  • CB 3 – Melrose, Morrisania, Clarement, Concourse Village – 1,175 evictions
  • CB 1 – Melrose, Mott Haven, Port Morris – 870 evictions
  • CB 11 – Morris Park, Allerton, Pelham Parkway, Indian Village, Van Nest, Pelham Gardens – 860 evictions
  • CB 2 – Hunts Point, Longwood – 671 evictions
  • CB 8 – Riverdale, Spuyten Duyvil, Kingsbridge – 623 evictions
  • CB 10 – Co-op City, Throggs Neck, City Island, Country Club, Pelham Bay – 440 evicitons

However, when looking at actual rates of eviction, community board 6 in The Bronx leads the borough followed by CB5, CB3, CB2, and CB7 in the top 5.

The good news is that eviction rates are continuing to drop which could be the result of New York City’s Right to Counsel Law which began back in 2017 and provides free attorneys to qualifying tenants in 15 zip codes across the city which were deemed highest at-risk for eviction.

The program is supposed to be rolled out by 2022 across the entire city.

Curbed reports;

“The substantial reduction in residential evictions by marshals is a testament to the critical difference that providing counsel makes in protecting tenants from evictions from their homes and neighborhoods,” Department of Social Services Commissioner Steven Banks said in a statement. “As we implement this important first-in-the nation initiative, we will continue leveling the playing field for tenants in need across the five boroughs.”

Organizers say many eviction cases are abuses of power by landlords who drag tenants to court to seize their lucrative apartments. Rent-regulated renters especially are prone to harassment by construction, which can create hazards that make units dangerous to inhabit.

In the year to date, the city says it has amped up its funding to more than $104 million for tenant access to legal assistance—that’s from $6 million in 2013. Overall, the city has seen a record 37 percent drop in residential evictions since 2013, according to the mayor’s office. But there is still much work to be done, said Johnson.

“The Council took a big step forward in this battle with the Universal Access Law in 2017, but this map shows how much more work we have left to do to help tenants here in the city and on the state level,” Johnson said.

Let’s hope eviction rates continue to drop but we must address our failing affordable housing program and create truly affordable opportunities if we want real results.

Watch: City Within a City as Co-op City Turns 50

Tucked away in the Northeast Bronx is the world’s largest cooperative housing development not just in the country but in the world.

Once these wetlands was home to Freedomland, one of several amusement parks that dotted our borough which eventually gave way in the 1960s to create this 35 building, 15,372 residential unit utopia of sorts.

Occupying 320 acres and just under 1 square mile, Co-op City is also the country’s largest residential development: It is, literally, a city within a city.

Late last year, Co-op City celebrated its 50th anniversary and CityLab took a close look at how it has been a mostly successful affordable housing development what made it work and what could be better.

Watch the video below:

Apply For a 3 Bedroom as Low as $862/mo in New Parkchester Development

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Westchester Mews, a new affordable housing development that actually has affordable units for local residents is now accepting applications for 174 of its units spread across two buildings.

Located at 2035 Newbold Avenue and 2044 Westchester Avenue, the 10 story development has studio units as low as $462 a month for qualifying residents making 40% of the area median income ranging from $18,172 to $29,240.

Three bedroom units for individuals making 40% of the AMI are renting at an incredibly low $821 month for residents making $31,406 to $48,400.

Anyone who’s searched for an apartment in The Bronx knows that $462 for a studio and $821 for a three bedroom is unheard of so if you qualify, make sure you apply.

As usual, 50% of units are set aside for residents of community board 9, 5% for municipal employees, 5% with mobility issues, and 2% for vision/hearing impaired.

You have until April 1, 2019 so head over to NYC Housing Connect to apply and check out further details here.