Once-blighted South Bronx enclave now heralded as an example of affordable housing done right

New York /
Nov.November 09, 2009 04:01 PM

President Jimmy Carter once called Charlotte Street in the South Bronx “the worst slum in America,” and residents during the 1970s wouldn’t have argued. But the street, once the site of daily fires set by junkies and landlords in search of insurance payments, has been transformed into a suburban refuge. In the 1980s, 92 deeply discounted homes — subsidized with money from the city — were built and sold off to Bronx buyers, and few have been willing to part with them since. The homes were sold for between $50,000 and $59,000 to buyers who were carefully selected and subjected to credit checks and homeownership counseling. They cost roughly $100,000 to build. Only one has gone into foreclosure since the most recent real estate crash, and property values have skyrocketed. The one home currently for sale on Charlotte Street (the owners of which are retiring to Florida) is listed for $459,000, CNN reported.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
A photo illustration of Peter Fine and 1959 Jerome Avenue (Getty, Google Maps)
Peter Fine to build 333 units in the Bronx
Peter Fine to build 333 units in the Bronx
 494 Manhattan Avenue in Greenpoint (Google Maps, Getty)
Stakes in Brooklyn apartments sell for $37M, leading midsize i-sales
Stakes in Brooklyn apartments sell for $37M, leading midsize i-sales
A photo illustration of Mayor of New York City Eric Adams (Getty)
Adams’ first rezoning plan centers on 46-block stretch of the Bronx
Adams’ first rezoning plan centers on 46-block stretch of the Bronx
A photo illustration of Mayor of New York City Eric Adams (Getty)
Eric Adams proposes 6K new units near Bronx commuter stations
Eric Adams proposes 6K new units near Bronx commuter stations
Edge Properties' Jeffrey Olson and 1948-1998 Bruckner Boulevard (Google Maps, Edge Properties)
Target coming to Urban Edge’s Buckner Commons
Target coming to Urban Edge’s Buckner Commons
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...