The Bronx, which has long fought its image of a borough besotted by arson, poverty and urban decay, is now a hot commodity among the same investors and developers who overlooked it for years.
In 2014, it saw an influx of $1.2 billion worth of real estate investment, a 26 percent jump from the prior year, according to data from Bronx Borough President Ruben Diaz Jr.’s office.
Commercial and retail projects are underway, but it’s residential projects that developers are most heavily invested in: $788 million of the $1.2 billion went to residential. And this year, the borough is on track to see a record 8,000 new residential units hit the market.
Developers who’ve have already gotten a foothold see the Bronx as the last bastion for development. Those who haven’t done so already are eager to join in, as are institutional investors and other big-money players.
The South Bronx, with its waterfront along the Harlem River that reminds some of Williamsburg or Red Hook, is the focus of much of this investment. As many as 8,500 units could be developed along the Harlem River waterfront by 2040, representing more than $3 billion worth of investment, according to a the nonprofit SoBRO.
The Real Deal visited the South Bronx to get a look at what’s happening now and what potential the neighborhood holds.
Video created by Uldis Dirnens and Elizabeth Kim.