Investors poured $1B into South Bronx property in 2015

Total is nearly seven times higher than 2013’s level

Clockwise: Triangle Plaza in Melrose; NYPD's 40th precinct; 2401 Third Avenue and 101 Lincoln Avenue in Mott Haven; and the La Central affordable development in Melrose. Bronx Borough President Ruben Diaz Jr. in center.
Clockwise: Triangle Plaza in Melrose; NYPD's 40th precinct; 2401 Third Avenue and 101 Lincoln Avenue in Mott Haven; and the La Central affordable development in Melrose. Bronx Borough President Ruben Diaz Jr. in center.

South Bronx real estate investment blew up in 2015.

Developers and investors spent $1.1 billion there, with a focus on neighborhoods such as Mott Haven and Melrose, according to a new report from Bronx Borough President Ruben Diaz Jr.

That represented a stunning climb from previous years. Investors committed just $180 million to the South Bronx in 2014, and $140 million in 2013, DNAinfo reported.

Bronx-wide, real estate investment rose to $2.4 billion, from $1.1 billion in 2014 and $900 million in 2013, the report claims.

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The South Bronx numbers were boosted by two marquee projects. The Chetrit Group and Keith Rubenstein’s Somerset Partners filed plans last year to build two 25-story apartment towers at 2401 Third Avenue and 101 Lincoln Avenue in Mott Haven. Together, the two will comprise over 1 million square feet of space.

The partners bought the sites in two separate deals for a combined $58 million early last year.

The other major project, the Hudson Companies’ La Central affordable housing development in Melrose, consists of 992 apartment units, a YMCA, a TV studio, a skate park and about 45,000 square feet of retail space. [DNAinfo]Ariel Stulberg