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.“
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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