NYC’s Northernmost Borough Moves into the Spotlight

During an uncertain real estate market, New York City’s northernmost borough has thrived. At a time when residential investment sales citywide have slowed as buyers and landlords take to the sidelines due to expensive financing, the wide range of local, state, and federally subsidized housing in the Bronx, such as properties with Section 8, have retained better attraction among investors than the unsubsidized rent-regulated housing more typical across the city. Although the pace of development site sales in the Bronx slowed following the expiration of the 421-a tax abatement program, after trading well in the first half of 2022, the borough continues to remain “a hotbed of development activity, thanks to a crop of rezonings completed back when Michael Bloomberg was mayor.”