What’s All The Hype About Kingsbridge In The Bronx?
StreetEasy predicted that Kingsbridge in the Bronx will be the hottest NYC real estate market in 2017.
You’ll be pleased to know that the real estate experts don’t just spin a bottle on a map of New York to make these predictions. There’s all sorts of data and science and scratching of chins and furrowing of brows that goes into it. Stats, such as analyzing changes in population growth, the asking rent and sale prices for a given area, all pontificated upon and fed into a wondrous formula before the bottle is spun.
“Kingsbridge has long been overshadowed by Riverdale in the Bronx, but with new city funding allocated to expand an already robust shopping district and initiate neighborhood clean-up, this is an area that’s primed for growth,” Krishna Rao, a StreetEasy economist, said in a statement accompanying the report.
There has been a hive of development activity recently. The Kingsbridge Armory has been the subject of intense debate between the city and developer’s over turning the distinctive red brick building in to an ice center. The Kingsbridge National Ice Center or KNIC, will feature nine ice rinks, a 5,000-seat arena, dedicated space for community activities, and a free after-school program with tutoring and skating lessons.
It’s hard to believe that Kingsbridge is actually under one square mile in size. It is earmarked by hulking apartment buildings and steep steps from one street to another to get to them.
In 2015, Metropolitan Realty Associates (MRA) completed the construction of Riverdale Crossing—a two-building, 165,000-square foot outdoor shopping mall in the nearby tony Riverdale section of the Bronx. Still, Kingsbridge remains resoundingly affordable by NYC standards.
“The outer boroughs, especially the Bronx, have been under-retailed for years,” MRA President Joe Farkas said at the time of completion. “Riverdale Crossing brings much-needed quality, selection and shopping convenience not only to the Riverdale/Kingsbridge neighborhood, but the Bronx as a whole. We’ve injected new life into a property that was forced to shutter its doors and has been idle since 2009. It has been an honor to revitalize a site that means so much to the community.”
New York Yimby shows a flurry of filings for new building applications, including 40-unit apartment building at 235 West Kingsbridge Road between Heath Avenue and Kingsbridge Terrace and a block west of the Major Deegan Expressway. The developer is Paul Durgaj’s Ducaj Construction Corporation, based in Scarsdale. Pelham, N.Y.-based Fred Geremia Architects and Planners will handle the design.
Across the street from the Armory, plans were filed for a massive 137-unit, 13-story building by Alan Bell of B&B Urban. The developer told Norwood News that 30 percent of the apartments would be reserved for formerly homeless tenants. Another 55 percent would go to low-income households who make less than 60 percent of the Area Median Income, which is $51,780 for a family of four. The remaining apartments would rent to middle-income families, or those who earn no more than 90 percent AMI ($71,760 for a four-person family).
Expect more Kingsbridge development news in the new year.
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