Riverdale In The Bronx Is Becoming One Of NYC’s Hottest Neighborhoods
With cheap prices and short commute times, Riverdale is one of the buzziest neighborhoods for 2017.
Mention the Bronx, and the imagery that usually comes to mind isn’t always pleasant. Graffiti-strewn metal shutters, hulking tenement buildings, and the perpetual wail of police sirens dulled only by the steady hum of traffic. Despite gentrification, much of the old neighborhood still remains. On the one hand that may be a positive thing—salsa music blasting from barber shops, BBQ’s in the park—but on the other, drugs and gang violence may signal why some Bronx residents dream of the suburbs.
As it happens, they might not even have to leave the Bronx for a taste of suburban tranquility. Other New Yorkers, too, may be shocked to discover that escaping the high cost of city living may mean a move to the Bronx. Riverdale, to be precise.
“It’s really one of the most beautiful places in New York City,” Dan Padernacht, chairman of Bronx Community Board 8 told the Wall Street Journal. “Riverdale is a hidden gem. It’s a good mix of city and suburbs.”
Now the rest of the real estate world is catching on. In a first, brokerage Douglas Elliman, which has two offices in Riverdale, compiled a quarterly sales market report for the area. Prices, compared to the rest of the Tri-State region, are strikingly affordable. The Riverdale market—which includes Fieldston, Hudson Hill, North Riverdale and Spuyten Duyvil—had a median sales price of $280,500 for the fourth quarter of 2016. That price includes a 7.5 percent increase from the same time the previous year.
Unlike much of the rest of the borough, Riverdale’s housing stock is diverse—co-ops, condos, single family homes, and rentals. Quiet, leafy streets and wide roads make owning a car very doable. House prices are around a third of what similar homes would cost further south in Brooklyn or Queens.
As Joan Kuzniar, a real-estate agent with Robert E. Hill Inc. and 24-year Riverdale resident told the Wall St. Journal, “One-bedroom rentals start at $1,600 and go up to say $2,100 for an apartment in a doorman building.” Studios start at $1,200 and go up to $1,900.
“The market has bounced back over the last couple of years,” the agent says, “We’re seeing a lot of people who are curious about Riverdale and are learning about Riverdale for the first time.”
The Bronx’s population is around 50,000 and mostly consists of transplants from other areas. Riverdale, undoubtedly, has a lot going for it. Three major shopping areas, prestigious private schools and a botanical garden, as well as river views trails and Van Cortland Park, one of the City’s largest, AND a relatively short commute by public transportation to the city. It’s not surprising that it’s turning into one of NYC’s hot neighborhoods. The only surprise is what took it so long.
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