The Real Deal New York

The Bronx sees dramatic increase in real estate transactions

Total sales in 2014 rose 39 percent to $2.39 billion
February 02, 2015 09:05AM

Real estate in the Bronx is heating up. The borough saw a dramatic increase in investments in office as well as apartment buildings in 2014, according to the Wall Street Journal.

Sales in the borough rose 39 percent to $2.39 billion, compared to the year before, the newspaper reported. Roughly 70 percent of all the properties sold in the borough were multi-family buildings.

“We saw the appetite of investors to invest in larger assets,” Shimon Shkury, president of Ariel Property Advisors, told the newspaper.

For example, Related Companies and the New York City Pension Funds bought a 35-building portfolio for $260 million. Development in the borough also picked up last year. Sites for valued at $129.7 million — and increase of 88 percent compared to the year before — were sold in 2014. [WSJ, 2nd] — Claire Moses