search

The Real Deal Logo

Trending

Fortress initiates $548M foreclosure on Cohen Brothers portfolioFortress initiates $548M foreclosure on Cohen Brothers portfolioHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsShort-term rental-friendly projects now represent half of South Florida’s new condo pipelineShort-term rental-friendly projects now represent half of South Florida’s new condo pipelineThe Daily Dirt: One winner, two losers in rental projects’ tax breakThe Daily Dirt: One winner, two losers in rental projects’ tax break
Commercial
New York

Mott Haven’s resi market is on the rise 

Rent spiking in the Bronx neighborhood on the back of new dev boom

Brookfield's Bruce Flatt, 101 Lincoln Avenue in Mott Haven (Google Maps, Getty, Brookfield)
Brookfield's Bruce Flatt, 101 Lincoln Avenue in Mott Haven (Google Maps, Getty, Brookfield)

For years, the Bronx’s Mott Haven neighborhood has been a hotbed of residential development. The result of that has been the borough’s most expensive rental market.

Rent in Mott Haven — historically one of the poorest neighborhoods in all of New York City — is beginning to resemble rates seen in other boroughs as luxury developers move in, the Wall Street Journal reported. Easy access to Manhattan and the ability to live on the waterfront have spurred its popularity.

The median rent in Mott Haven jumped 31 percent from May 2019 to May 2023, according to StreetEasy, to clock in at $2,950. While that’s well below the median rents of Manhattan and Brooklyn, it still makes it the most expensive neighborhood in the Bronx.

Recent mayoral administrations pushed hard to rezone Mott Haven, emphasizing not only residential developments, but parks and riverfront walks as well. Developers quickly came rushing in, combining to plan for the addition of thousands of units in the neighborhood.

Some of the developments are enticing renters with the same amenities and views they could get in Manhattan, but at a lower cost. Brookfield Properties’ 1,379-unit Bankside project has a fitness center, basketball court, roof deck and coworking lounge. The first phase of the project is already 85 percent leased after opening six months ago.

Sign Up for the undefined Newsletter

Douglas Elliman's Hal Gavzie (Douglas Elliman)
Douglas Elliman’s Hal Gavzie (Douglas Elliman)

The seven-tower, $950 million project includes 30 percent of units designated for affordable housing, a feature of new developments that relates to locals’ concerns over rising rents, prices and gentrification.

Other Bronx neighborhoods are also seeing increased interest, especially those with nearby transit access. While not to the level of Mott Haven, Bronx neighborhoods like University Heights, Pelham Parkway, Concourse and Fordham have seen sharp rent growth this year.

The competitive pricing in the city’s northernmost borough could be up for debate as media prices elsewhere in the city begin to stabilize. Manhattan’s rents cooled slightly in June after three months of setting records, although they may heat up again during the summer season.

“These average rents, I’m not sure they’re sustainable yet,” Douglas Elliman executive Hal Gavzie told the Journal.

— Holden Walter-Warner

Read more

Tags
Mott HavenMultifamily MarketRental MarketThe Bronx