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Appetite for Affordable, Development Sites Drives Bronx Momentum
The Bronx saw a continued recovery out of the pandemic in 2021 that was evident across all asset classes, Ariel Property Advisors reported. Dollar volume rose 18% year-over-year to $2.07 billion, transaction volume was up 11% from 2020 and the number of properties rose 28%.
“With increases in affordable housing transactions and appetite for development sites, there is clear optimism for the continued success in the borough heading into 2022,” Ariel reported. Leading the way for both dollar volume and transaction volume was the South Bronx, with the area’s dollar volume representing 48% of the borough’s total.
“Looking ahead, we are expecting these positive trends to spill over into this year,” the report states. “Higher demand for industrial properties and rising rents will continue, along with investors hoping to transact on development sites and begin pre-development plans before the expiring 421a tax abatement.“
- ◦Sale/Acquisition

