“Real estate speculators ponied up $2.39 billion for properties in the Bronx in 2014, a 39% increase from the previous year and a 55% bump from 2012, according to data from commercial real estate firm Ariel Property Advisors. Deals in the South Bronx, comprising neighborhoods such as Mott Haven, Morrisania, Melrose, Port Morris and Hunts Point, accounted for half that figure.
Multifamily sales are up a whopping 67% since a year ago and sales of development sites are up by 85%.
These are the kinds of numbers seen 10 years ago in neighborhoods such as the Lower East Side, which is now a boom town for wealthy foreigners and rich kids from the Midwest”
Well you already know what this entails. You dont? Well let these concerned quotes inform you.
“We’re seeing properties being bought up all over our neighborhoods and rents are already going up,” said Michael Kamber, director of the Bronx Documentary Center and a resident of Melrose. “I’ve seen this picture before — I got priced out of the Lower East Side and out of Dumbo — and it doesn’t end well for anyone except the wealthy.”
“I’m very skeptical that this is actually going to benefit the people of the South Bronx,” Kamber said. “It’s going to benefit real estate investors for the most part. Developers are going to make a lot of money, prices are going to go up and the people that are here — some of whom are still among the poorest in the country — are going to be faced with rapidly increasing rents.”
“Developers aren’t coming in here to build better schools, improve health care or start mentoring programs. They’re coming to make money,”
With Brooklyn Manhattan and Queens already priced out for renters and realtors alike, it was only human nature for eyes to be set on the bronx. Sigh, I guess this is the fate. In some twisted form of financial Darwinism kind of way. In 10 years if you are not making six figures you are probably not going to be able to live comfortable in this city. Shoot lets look at what the prices are hitting for in some areas in the bronx right now.
349 E. 138th St.
2,400 a month
FOR the BRONX!@?. Dawg I barely make 1000 a month with this job. Sigh, sorry momma looks like I may have to be moving back in with you 🙁