The Bronx is slowly but surely becoming a hotspot for real estate developers and investors who are realizing the borough's untapped potential. Here are five reasons the Bronx is no longer burning...but is, in a different sense, on fire.
1. It's a celebrity hotspot
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Celebrities tell us what’s cool and what isn’t. Local bars have welcomed Adrien Brody, Hailey Baldwin and Australian filmmaker Baz Luhrmann (producing the Bronx-based Netflix series The Get Down); Clint Eastwood and Joe Pesci can often be found strolling down Arthur Avenue; and former Disney star Laura Marano loves to visit her family in the Bronx, especially at her uncle’s restaurant, Enzo’s.
Just last month, rapper Swizz Beatz hosted a star-studded, three-evening No Commission Art fair in Mott Haven intended to give artists 100% of the proceeds from all art pieces sold. Such an event’s impact is twofold, adding to the Bronx’s growing reputation as a key new magnet for artists to blossom and a hotspot to be seen.
2. It's easily accessible by subway
With the L train shutting down in 2019 for 18 months, relocating to the Bronx may be the perfect solution for many residents who would otherwise have no other means of transportation. All waterfront properties are a roughly 10-minute, reliable subway ride from Midtown Manhattan and only 10 minutes from Grand Central. Furthermore, the Bronx’s position as the northernmost borough ensures residents have easy access to upstate New York.
3. Rent is affordable—even on the waterfront
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"Waterfront" (or anywhere near a river!) screams “expensive.” Yet in the Bronx, it doesn’t have to—particularly compared to Brooklyn and Queens. With rent as low as $40/SF north of the Harlem River, NYC inhabitants searching for prime locations near Manhattan in thriving communities can do so on a budget. Likewise,CRE development firms and businesses such as HAKS have begun scouting potential stakes and projects in the South Bronx.
4. Developers are reshaping Mott Haven history for modern use
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Developers are aiming for such historic locales as Mott Haven. The community is steeped in America's past, having long been home to two brownstone neighborhoods and one predominantly residential neighborhood.
The Chetrit Group and Somerset Partners are looking to transform the South Bronx's waterfront neighborhoods into a hub for mixed-use, 100% market-rate units, set amidst experiences of art and architecture.
“The expansive cultural base of the Bronx is a great opportunity for people looking to relocate near Manhattan,” says Griffin Hoffmann of Somerset Partners. "There are some great old buildings there that have already been repurposed and renovated."
5. The food scene is exploding
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Chefs and restaurateurs are looking to the South Bronx as the next polestar for food-based NYC real estate. It’s understandable; finding reasonably priced spaces in Brooklyn and Manhattan is notoriously difficult. Douglas Rodriguez is opening two Nuevo Latino restaurants in the neighborhood, while Somerset Partners is looking to open Bruckner Market, a food hall. Even Robert De Niro is setting up shop here, working with Italian chef Massimo Bottura and the Italian Consulate to bring a dining hall concept eatery to the Bronx next year.
To learn more about Bisnow partner HAKS, click here.
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