The development and construction boom continues (frankly it hasn’t stopped since the rise of Melrose Commons which reached a crescendo in 2011 and picked up again last year) in The South Bronx and now yet another hotel is coming to the area along with a 12 story and a 13 story mixed-income “affordable housing” apartments.
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This morning on the Brian Lehrer show, Bronx Borough President Ruben Diaz Jr said that he thinks gentrification is wrong for our neighborhoods but when a caller by the name of Collin questioned him on what’s happening in our borough, Diaz became dismissive and rude. Here’s our list showing gentrification is real in The Bronx.
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.
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.
Today the people of The Bronx celebrated its newest park as a ribbon cutting ceremony was held for Bridge Park with NYC Parks Commissioner Mitchell J. Silver along with local politicians and school children.
The park offers beautiful vistas of the Harlem River and the many scenic bridges that cross over it into Manhattan including the soon-to-open Highbridge which will have a celebration on both sides of the bridge on July 25th of this year.
After six years of filings with NYC’s Department of Buildings and construction delays, 500 Exterior Street is rising with the 11 story hotel slated to be completed sometime in 2016 and Holiday Inn Express has leased the building according to owner Harshad Patel. The property sits across from the Special Harlem River Waterfront District where a proposed waterfront park would go along with 4,000 units of housing (2.8 million square feet of housing, 2.3 million square feet of commercial space, 1 million square feet of community space).
SoBro has just announced a visioning session to gather community input on what residents want to see on our waterfront along the Special Harlem River Waterfront. The meeting is scheduled for Tuesday, May 5th at Mott Haven Bar and Grill from 6:30PM – 8:30PM so mark your calendars and get ready to make your voices heard.
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.
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