New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Uptown/Bronx  + Opportunity Zones  | 

Rezoning, Opportunity Zones Spur Bronx Development Site Sales

The Bronx’s investment sales market held steady in 2018, with multifamily properties a primary driver, Ariel Property Advisors said in its newly-released report on the borough. Development sites experienced a sharp uptick in transaction and dollar volume, driven partly by the rezoning of Jerome Avenue and optimism surrounding Opportunity Zones.

In 2018, the Bronx saw 312 transactions consisting of 511 properties, totaling approximately $2.05 billion in gross consideration. Compared with 2017, dollar volume dropped 8%, transaction volume edged 1% higher and property volume rose 12%.

The price per buildable square foot for a development site averaged $72 in 2018, versus $63 in 2017. “The Jerome Avenue rezoning has been a major boon for the borough, and the Bronx’s development market is on the cusp of reaping even more benefits due to the Opportunity Zone program,” said Ariel’s Jason Gold. The borough is home to 274 of these zones.

Pictured: Jerome Avenue

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

Download the reportConnect With Ariel's Gold

About Paul Bubny

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 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).

  • ◦Development
  • ◦Sale/Acquisition
New call-to-action