sign in sign up
<<
Home , City Island Bridge, North Bronx, Pelham Parkway

SECTION TWO October 2018 REAL ESTATE IN-DEPTH BRONX SUPPLEMENT A Conversation with Bronx Borough President Ruben Diaz, Jr. is Setting Records for Business, Job Growth By John Jordan For those old enough to remember, “The Bronx has seen incredible trans- totals since 1951. This fall, the group will start discusions the images of the Bronx in the 1970s formative development over the past “So, we feel a huge surge and a re- with the Hunts Point, Parkchester/Van and 1980s that evoked abject poverty, nine years. Comptroller DiNapoli’s report naissance and we are working on major Nest, Morris Park and Co-op City com- not only highlights our successes but infrastructure projects, such as the four munities to put plans into place, including outlines our continuing challenges, as Metro-North stations (Co-op City, Morris possible zone changes and infrastruc- well,” said Bronx Borough President Ru- Park/Van Nest, Parkchester and Hunts ture and quality of life investments, to ben Diaz, Jr. Point) and the Bruckner-Sheridan in- address the needs and priorities of each Real Estate In-Depth caught up re- terchange,” he said. Diaz credited Gov. neighborhood and take advantage of the cently with the Borough President to Cuomo for his steadfast support and economic development, job growth and discuss the opportunities and challenges investment in the borough, including housing opportunities the new stations in the Bronx. the $1.8-billion Bruckner-Sheridan inter- will bring. “There’s no secret that in the 1970s, change project and for the new Metro- Some of the other key data points ‘80s and early ‘90s we had a hiccup in North station initiative that Diaz said from the State Comptroller’s report on the Bronx as it related to progress and could be a game changer for sections of the Bronx included: economic development and today we the Bronx. The Bronx was the only borough in are just not the same Bronx as we were Earlier this month, chief elected of- that did not lose jobs dur- back then,” Borough President Diaz said. ficials in the Bronx, including Diaz, sent ing the Great Recession. Since 2007, it “Today what we see is that with all of our a letter to Anthony R. Coscia, chairman has gained an estimated 40,900 private imperfections, in the past nine years the of the Board of Amtrak, demanding that sector jobs (an increase of 21%), reaching Bronx has seen over $15 billion in private the rail company cease its actions that a record of 239,900 jobs in 2017. Health investment here, we have cut unemploy- they charge are holding up progress on care, leisure and hospitality, retail trade ment by more than half from 14% to 5% the proposed Metro-North and social assistance accounted for and 115,000 more Bronxites are working expansion. more than three-quarters of the gains. Bronx Borough President today since I took office.” “Universal support exists for this criti- Job growth was fastest in the Morris Ruben Diaz, Jr. In 2017, the Bronx saw $2.7 billion cal project among Bronx communities Heights area, where employment grew in investment, a total of approximately and elected leadership. Despite this by 41%. Growth was also strong in the neglect, and rampant crime are hard to 16.3 million in square footage added, reality, Amtrak stands in the way by re- Hunts Point area, which was responsible erase. While it took decades to over- including 7,379 units of residential hous- fusing to negotiate a reasonable MOU for nearly one-quarter of the private sec- come, those days are long gone and ing—3,081 units of unsubsidized housing with the MTA that would allow work to tor job gains in the borough since 2007. new images are now coming to view of built by private developers and 4,299 commence,” the letter stated. “It is long The area includes the Hunts Point Food diverse and vibrant neighborhoods and units of subsidized housing. overdue for Amtrak to get on board.” Distribution Center, one of the largest significant investment from both the pub- The breakdown by category for 2017 Diaz noted, “The East Bronx Metro- food distribution centers in the world. lic and private sectors in the borough’s included $2.3 billion of residential invest- North expansion is universally popular, The unemployment rate averaged infrastructure and housing stock. ment; $171 million in commercial invest- and has tremendous potential to connect 12% from 2009 through 2013, but it While one can expect Bronx politi- ment and $238 million in institutional our borough to economic centers to the dropped to 6.2% by 2017, the lowest level cal leaders to tout the borough’s strong investment in the Bronx. north in Westchester and since 1990.Recent data shows the unem- points, a recent report by New York State For the period of 2009-2017, the while also creating a new option to mid- ployment rate fell to a new record low of Comptroller Thomas P. DiNapoli proved Bronx has seen a total of approximately town. Amtrak is being entirely unreason- 4.7% in May 2018. what many Bronxites already know, the $15.5 billion in total investment, involv- able. Amtrak is using its ownership of the Despite the progress, the unemploy- economic revival in The Bronx is well ing nearly 85 million square feet of tracks to hold up MTA for more money, ment rate was higher than the citywide underway. space, including the development of but it is really commuters across the re- rate of 4.5% in 2017 and the seventh “The Bronx has made great progress 36,437 housing units. The market share gion who are being held hostage.” highest of the state’s 62 counties. Youth and has come a long way,” DiNapoli said breakdown for that nine-year period was The city has recently launched the unemployment was 21.5% in 2016 (the when he released his “Economic Snap- 15,280 unsubsidized housing units (42%) Bronx Metro-North Working Group, latest available data), nearly five percent- shot” report in July of the Bronx economy and 21,157 subsidized units (58%). Resi- which will engage local residents and age points higher than the citywide rate. from 2007 to 2017. “It has set employ- dential development far outpaced other businesses to optimize the planned new The Bronx’s population grew 26% ment records for 10 consecutive years.” sectors during that time at $9.9 billion, commuter rail service. The group is led between 1980 and 2017, reaching almost The report also chronicled some of commercial and institutional investment by Borough President Diaz, New York 1.5 million people, and it was the fastest- the challenge the Bronx continues to each came in at $2.8 billion. City Department of Transportation Com- growing county in New York State since face—specifically too many residents re- Borough President Diaz noted that missioner Polly Trottenberg, New York 2010. The borough’s population growth maining in poverty, high unemployment during that period the Bronx has invest- City Economic Development Corpora- was driven by an increase in the number among the borough’s youth and a short- ed $350 million in its park system and in tion President James Patchett and City of foreign-born residents. age of affordable housing. 2017 the Bronx posted its lowest crime Planning Director Marisa Lago. Living and Working in The Bronx Editor’s Note: When Real the Bronx. One of the reasons why this Bronxite non-verbal protest to the one Estate In-Depth began plan- is occurring is the borough’s transporta- toll entering the Bronx. ning its first special section tion network. Behind Yankee Stadium In the Bronx we have three golf on The Bronx, the official is the Major Deegan Expressway, the D courses, , which has newspaper of the Hudson and No. 4 trains travel north and south a golf course and an ice-skating rink, a Gateway Association of Re- while the 6 trains head south to Man- beautiful dog park and walking trails. altors turned to perhaps the hattan and northeast to Pelham Bay. Trump Golf Links in , borough’s chief cheerleader On the west side of the Bronx is Mount which recently opened a great restau- Irene Guanill to provide a Eden where property values are steadily rant and hall for events. Split Rock Golf market report on its emerg- increasing. Course by Shore Road is considered ing neighborhoods. The North Bronx borders Westches- part of Pelham Bay and also features a ter County and if you take the West Side venue for entertaining and functions. By Irene Guanill Highway to the Bronx you will have to Be it Riverdale, Country Club or Clas- North, South, East and pay a toll. It seems so inappropriate that son Point you seek, you will have the West and all the neighbor- we Bronxites have to pay a toll to get best water views you could dream of. hoods in between make up back into our borough from . The property values have been stable what is the Bronx. The South Most Bronxites exit at the last Manhat- in neighborhoods such as Riverdale Bronx has become an exten- tan exit on the West Side Highway and Country Club for decades, whereas sion of Manhattan where and drive up to avoid the Classon Point just installed a new ferry a two- family home is now Manhattan/Bronx toll, as a matter of option for transportation to Manhattan priced in the low $800,000s. principle. Or you can exit at 177th Street and real estate is on the rise. In River- Manhattan busted out of and visit in Manhattan dale you will want to take a tour of Spuy- its seams and now has ex- before coming up to Van Cortlandt Park ten Duyvil Shorefront Park. It is a smaller panded to the . via Broadway, the 225th Street bridge botanical garden with incredible views Anywhere along the 6-train Irene Guanill is FREE and brings you right into the of the Hudson. Many days I have gone route on the east side and Broadway shopping district. All other there for walks and it is the perfect place the D/4 train route on the HUB shopping district and the storied from Manhattan to the Bronx to just smell the flowers. west side is a hot commodity. The South Yankee Stadium. are free so you can understand our Bronx has coffee shops, thrift stores, the Gentrification has definitely arrived in Continued on page 4 2 | BRONX SUPPLEMENT Real Estate In-Depth | October 2018 The Bronx: NYC’s ‘Last Frontier’ for Investment The Bronx is booming! Real Estate to a large population are drawn to the in the Bronx? schools, a well-located, well-priced In-Depth talked with local real estate Bronx. Jet.com signed a deal for a new S J-M: In general, retail developers building will see positive demand. De- experts Sarah Jones-Maturo, president, 200,000-square-foot warehouse at aim to maximize the borough’s water- spite its extensive transportation infra- RM Friedland and Kathy Za- 1055 Bronx River Ave. in Soundview and front land. This surge in activity and structure, the Bronx has yet to attract mechansky, president, KZA the Hunts Point Pro- optimism about the future have boosted the attention of corporations for back- Realty Group, who recently duce Market is as busy retail activity; average announced a new alliance, as ever. In addition, the rental rates continued to find out why investment flower market and the to climb for the third has been picking up in the relocated Fulton Fish straight quarter. We’re borough. Market have added an not seeing this kind Real Estate In-Depth: extra jolt. of bullish market in What main factors contribute T h e b o r o u g h ' s other parts of the Tri- to the borough's commercial proximity to major State area. property boom? highways and public Mixed-use, includ- SJ-M: Economics and transportation, along ing multifamily, is the proximity to Manhattan are with the new Sound- current darling of the the key drivers. From a de- view Ferry and the commercial invest- addition of four Metro veloper and investor per- ment sales market. An aerial view of the future $100-million York Studio’s produc- spective, the Bronx is consid- North stations, will Even in a higher inter- tion complex in the Soundview section of the Bronx. ered to be the last frontier in make the commute to est rate environment, New York City. People have Manhattan easier and investors are anticipating future poten- office alternatives, like in and been substantially priced out Sarah Jones-Maturo spur development. tial or “value-add” management. In most Jersey City. Investment sales activity in of Manhattan, Brooklyn and Real Estate In- rental surveys, the Bronx is still showing the office sector is limited, with typical . Depth: How and why are year-over-year growth leases ranging from the low $20s to Real Estate In-Depth: What recent public/private partnerships in many submarkets, high $30s for a Class A building. and current projects showcase the ad- important for commercial particularly in Mott Real Estate In-Depth: How long can vantages of the Bronx? real estate projects in the Haven, Port Morris the Bronx maintain this tremendous rate KZ: Major developments are tak- Bronx? and High Bridge, un- of growth? ing place in almost every corner of the KZ: Public-private part- like prime Manhattan, S J-M: Much of it hinges on the over- borough, with mixed-use residential nerships are instrumental Brooklyn and Queens all economy of the New York City mar- leading the way. This includes the South to ensure that affordable spots, so there is a lot ket. If the fundamentals remain strong in Bronx. La Central, a 992-unit mixed- and special needs housing of upside potential. the other boroughs, urban developers income, mixed-use project that will revi- projects succeed. Afford- Industrial demand is and investors will continue to look to talize The Hub, and in Mott Haven, new able housing projects like high, but supply contin- the Bronx. mixed-use developments are home to La Central and Tremont Re- ues to diminish; many Real Estate In-Depth: What chal- hip restaurants and pubs, including Lit naissance will attract further properties are being lenges do you see in the future for eco- Bar, the borough’s first bookstore and community investment. demolished to make nomic development in the borough? wine bar, and Beatstro, a hip-hop restau- Public benefit projects, way for grander mixed- KZ: Now that the Bronx is being seen rant on Alexander Avenue. like the Fresh Direct facil- use developments. as the “last affordable borough,” some A TV production hotbed. York Stu- ity in Port Morris, received Right now, the avail- of the benefits that brought that forward $127 million in subsidies, dios is developing a $100-million facility Kathy Zamechansky ability rate is below 10% movement, like low land prices, reason- on a 10-acre site in Soundview, joining allowing the company to and most inventory able rents and more areas available for nearby Kaufman Studios and the new build a distribution center, consists of low-ceiling development, are changing. Growth de- $40-million Silvercup Studios in Port convert its truck fleet to green energy B and C product. From an investment pends on keeping land costs down and Morris. and create more than 1,000 new jobs. perspective, industrial buildings can sell attracting new retailers. As the borough As more people shop online, re- Real Estate In-Depth: Can you give for more than $300-a-square-foot. evolves and new projects emerge, the tailers and investors looking for “last us an overview by category of retail, In the office market, driven by non- future is bright. mile” distribution centers with access mixed-use, industrial and office space profits, medical tenants and charter

WHATEVER MOVES YOU RAND REALTY BRINGS YOU HOME

3928 EAST TREMONT AVE, BRONX, NY 10465 347.202.4965 RANDREALTY.COM

©2018 Independently Owned and Operated by the Rand Family. October 2018 | Real Estate In-Depth BRONX SUPPLEMENT | 3 At Home in City Island By Mary T. Prenon Anyone who has ever ventured Commerce. across the City Island Bridge in the City Island’s other claim to fame is its Bronx knows that a quaint little seaside old Victorian mansions. The landmark community awaits on the other side. A Samuel Pell Mansion was actually the world of seafood restaurants, marinas setting for the 1969 film “Arsenic and and boutiques line the 1.5 mile-long is- Old Lace.” Scenes from other movies land located at the western end of Long like “Long Day’s Journey into Night” Island Sound. with Katherine Hepburn and “Solitary City Island was once inhabited by Man,” with Michael Douglas and Susan the Siwanoy band of Lenape Indians, Sarandon were also filmed on City but was settled in 1654 by Europeans Island. Comedian Jerry Seinfeld even had no qualms about relocating “When Group is the local community theater he asked me how I’d feel about living on that produces shows year-round. an island, I immediately thought about City Island has been named the ‘Nan- the Caribbean,” she recalled. “I didn’t tucket of the Bronx’ by Curbed New even know an island existed here! Who York, or by locals as “Martha’s Vineyard knew?!” with a Bronx Accent.” According to When she came to City Island, she another local tradition, anyone actu- fell in love with it right away. “It has a ally born on the island is known as a small town feel, and you can walk ev- "clamdigger". A City Island resident not erywhere. It’s unique, but still part of

as part of the estate of English noble- made an appearance there with his Net- man . More than a century flix series, “Comedians in Cars Getting later, in 1761, the island was purchased Coffee.” by Benjamin Palmer of New York. At the Most of its retail businesses are locat- time, it was known as Minefer’s Island. ed along City Island Avenue, the main Inhabited by only a few homes and street running the length of the island. In farms, the island’s population was bare- the summer, Klein noted that the popu- ly more than 1,000. However, Palmer’s lation can swell to 45,000 people on vision was to develop the island into busy weekends. “We get visitors from everywhere—New York City and the a port. He was also responsible for New York City and easily accessible to suburbs to as far away as Australia,” he born on the island is known as a "mus- changing the name to City Island. But everything.” Many islanders commute to said. “City Island is known as the place selsucker." the Revolutionary War took its toll on Manhattan via the Pelham Bay subway where ships were built, including every- Despite possibly being deemed a Palmer’s and his investors’ capital, so station, or others drive to the Pelham thing from PT boats and mine sweepers “musselsucker,” Triano said she’s found his plans never developed. In fact, it Metro-North station. her perfect place. “Being able to live on City Island has its own post office, the water in New York City is so great, firehouse, and library and New York and I’ve met so many wonderful friends City’s 45th Precinct in the Bronx serves here,” she added. the island. The City Island Theater A.S.A.P. MORTGAGE CORP. MORTGAGE DREAM TEAM took almost 60 years before the island during World War II, to America’s Cup started to thrive when oystermen and sailing yachts.” shipbuilders arrived. The City Island Chamber of Com- By 1887, the southern end of the is- merce has some 75 members and land—Belden Point—housed an amuse- stores are open year round. Klein owns ment park. The site was named for the Kaleidoscope Gallery that offers developer William Belden. In the early unique collections of artwork and jew- 20th century, Belden Point was a favor- elry. “It’s a great place to live and you ite recreation spot for wealthy business- learn when to travel and when not to. men such as Vincent Astor, J.P. Morgan You don’t go out on a summer Friday and William Randolph Hearst. evening and expect to get back any Fast forward to 1960, City Island be- time soon,” he quipped. came the last community in New York Anette Triano, a real estate salesper- City to get dial telephone service. Until son with McClellan Sotheby’s Interna- then, eight operators in a private home tional Realty in Pelham, knows that all IRENE AMATO VLORA SHALA on Schofield Street connected all calls. too well. Triano has lived on City Island NMLS #4214 NMLS#84523 Today, City Island is famous for its for the past three years and is a consul- Cell 914-438-6149 Cell 914-843-2532 seafood restaurants and boasts more tant on a new luxury waterfront condo than 30 eateries, including popular project coming to the island. She also spots like the Sea Shore, Sammy’s Fish lists and sells a mix of older and updated WORKING FOR YOU Box, The Lobster Box, City Island Lob- homes. “No two houses are identical on ster House, Johnny’s Reef, The Black City Island,” she said. “There’s a lot of Whale, and The Snug an Irish pub con- charm in these homes.” NOT THE LENDER nected to the City Island Diner. The majority of her clientele are The island is also home to three from Westchester and Long Island. • FHA • VA • INTEREST ONLY • FIRST TIMEBUYERS yacht clubs, as well as a kayak club. “Some people are looking to downsize • JUMBO LOANS • INVESTOR Private boats offer fishing trips or sight- and some are young families,” she ex- seeing tours around , plained. “Taxes are low and the average and smaller boats are also available home is in the $450,000 to $650,000 for rent by the day. In addition, the range.” 1-866-THINK-ASAP City Island Nautical Museum features Triano herself is a transplant from maritime artifacts and antiques. “It’s the the Poconos in Pennsylvania, where only nautical historic community in New she also enjoyed a real estate career. A.S.A.P. Mortage Corp. is a registered Mortgage Broker - NYS Department of York City,” explained Paul Klein, vice When her husband had an opportunity Financial Services. All loans arranged through 3rd party providers. Company NMLS# 4368, ASAP MORTGAGE CORP 2062 East Main street Cortland NY 10567 EQUAL HOUSING president of the City Island Chamber of to develop properties in New York, she OPPORTUNITY 4 | BRONX SUPPLEMENT Real Estate In-Depth | October 2018 Living and Working in The Bronx Continued from page 1

Bordering Country Club is Throggs enjoy the best food, shows and animals with Bronx entertainment and explora- festivals of clam chowder competitions, Neck and Pelham Bay. These neigh- the Bronx has to offer at , tion. Summer fun and much to do right in the summer the bass competitions borhoods are in the Northeast Bronx Botanical Gardens and the . here in the Bronx! and twice a year the local theatre offers by City Island, which most people can Arthur Avenue has many restaurants On Pelham this time of year a play or musical. If you want to go fish- reference as the Landmark neighbor- and bakeries to choose from. For that at 1605 Pelham Parkway, we have what ing, schedule your trip on the Riptide hood for the best seafood in the Bronx. matter every neighborhood in the is known to all locals as the Christmas III for all your fishing fun. Many local Both Riverdale in the and Bronx has great food, just ask any lo- House. Yes, the Christmas House is a blocks have private access to the water Country Club in the East Bronx have cal Realtor for the best place to eat in brick two-family home on the corner of with a private beach for those that live stable real estate sales and offer resi- the neighborhood. I find Realtors keep Pelham Parkway where families from on the block. In the summer you will see dential feels that anyone would enjoy. their eyes on our neighborhoods and near and far line up to view all the magic many locals out on their boats. Orchard If it is Riverdale you seek, definitely food is one of the perks. One will never one family can provide. I have been Beach hosts an annual fireworks show look at the Kingsbridge, Woodlawn and accomplish the full exploration of the visiting their home since I was a kid and the weekday prior to July 4th. the Norwood sections as additional Bronx in a day and the highlights are many years later I took my kids and still I do hope you take the time to visit options. They are all hops, skips and many, so a move to the Bronx could be today they offer a special show right the Bronx and if you choose to live here jumps if you are traveling to Manhattan, a great decision. here in the Bronx. It is especially enjoy- I know you will love it here. Every neigh- Westchester or New Jersey. Woodlawn Pelham Bay is home to the largest able being it is here in the Bronx and we borhood has beautiful parks, many Cemetery offers tours, it is a national park in New York City, do not have to travel for hours in traffic different choices of entertainment and historic landmark. Visit https://www. is 2,772 acres which is approximately to Manhattan. Beautiful life-size orna- foods with so much appreciation for the thewoodlawncemetery.org/events/ three times larger than Manhattan’s ments and decorations displayed with arts and nature. After all, we have the to schedule your next twilight tour of . Pelham Bay Park is com- beautiful lights and moving figures. best zoo in all of New York City and the the cemetery. Kingsbridge/Riverdale pletely renovated with a new dog Shore Haven is the most Southern largest park! The Bronx neighborhoods has access to the 1/9 train and most park, Explorers Park for children with point of the Bronx, but it is not consid- can offer a fast city life or a small com- neighborhoods offer an express bus to disabilities, bike and walking trails, ten- ered the South Bronx. This neighbor- munity filled with good days and many Manhattan. nis courts, football and baseball fields hood is called Classon Point. You have local community activities. How you live , Pelham Parkway and a beach with 13 miles of shoreline a beautiful water views of Manhattan here is your choice. Get involved in the and Allerton neighborhoods are more available with a boardwalk and lots of and with the new ferry you can park community you live in or not, it is your in the center of the Bronx and offer outdoor entertainment. your car within four blocks and hop on decision and how you get involved will short cuts from east to west on any has salsa lessons and Zumba on the the ferry to Manhattan. make the difference of the experience day. Morris Park and Pelham Gardens weekends in the summer. You can en- Classon Point has seen a boost in you have while living here. are both considered double com- joy the beach, the basketball courts, a sales now that the ferry is fully opera- Join the community in activities, mute areas. You will pass the Botani- beautiful nature walk at Hunter Trails, tional. Classon Point is a double com- meetings and events. Join the Friends cal Gardens, the Bronx Zoo and if you and offers views of other parks where mute area; you need to take a bus/car of Pelhambaypark.org. Go to a movie in are heading to to shop you can enjoy a canoe ride, a car show to the train or now the ferry is a great a park. Every neighborhood has a civic for clothing, jewelry or furniture you and delicious food. Please do not miss travel alternative. With the ferry being association to join. When you find the should stop by Arthur Avenue for a out on a horse ride from Pelham Bay 30 minutes to Wall Street and shorter to neighborhood of your choice join the meal. A beautiful view of Fordham Uni- Stables, by horse on the trails of Pelham 42nd Street and a stop on 90th Street, civic association and make new friends. versity will be yet another highlight of Bay and Orchard Beach, it is sure to be we have greater travel opportunities Irene Guanill is the Broker/Owner your travels. Many high schools use the an experience. You can also schedule within the area in less time. In the neigh- of Meet the Sellers Realty LLC of 3451 sports facilities for competitions. Morris a bird watching tour with a park ranger. borhood you will find a beautiful gated East Tremont Ave. in the Bronx and has Park has quaint homes that are moder- Many people visit the Bronx and all are community of condominiums priced to earned the designations ABR, CBR, ately priced as well as parks and foods in awe of all the beauty it has to offer. sell. The complex features many ameni- CIPS, CRS, GRI, RSPS, PSA and is a can- of many different cultures . Westchester The New York City Parks Department ties and is called Shore Haven. didate for CCIM. She is also a NAR Me- Square is very welcoming and if you will also, by appointment, rent you a ca- City Island is off to the side of Or- diator, Notary, HUD Broker and serves are interested in starting a business we noe to use for the day. The Bronx Parks chard Beach and the mile-long neigh- on the Board of Directors of the Hudson have a location for you. are filled with so much to do during the borhood is diverse and village like. Gateway Association of Realtors. In the center of the Bronx, you can summer. Your weekends would be filled In the fall you should enjoy the street

PAID ADVERTISMENT - New York Real Estate Experts