Developers Are Investing Heavily in Bronx Real Estate

BRONX- Borough President Ruben Diaz Jr. released his “Bronx Annual Development Report,” highlighting the most successful year in total development funding The Bronx has seen since the borough president took office in 2009.

In 2018 the borough saw $3.48 billion in total investment. The total number is an increase of 25.6 percent over 2017, when the borough saw roughly $2.7 billion in total development investment.

In addition, 8,885 total housing units were developed in The Bronx in 2019, the most of any year since 2009. This includes 4,225 units built with government subsidies.

“We continue to attract tremendous interest from all sectors, and we are making that growth work for all Bronx residents,” said Bronx Borough President Ruben Diaz Jr. “In 2018 not only did we attract the most development dollars of any year since I first took office we also built the most subsidized housing units of any year in the past decade, helping to keep Bronx families in their communities and providing new housing opportunities at the lowest income levels. As we continue the positive redevelopment of The Bronx we are making sure that our efforts work for everyone.”

The full report can be read at https://on.nyc.gov/2HfUffG.

The “Bronx Annual Development Report” also illustrates the year-to-year investment and construction The Bronx has played host to since 2009, when Borough President Diaz first took office.

The borough has seen more than $18.9 billion in total development, as well as more than 96.7 million square feet of total development construction since 2009. Also, a total of 45,332 residential units have also been constructed in The Bronx since 2009, with more than half of those units—23,110—having been developed with government subsidies.

Borough President Diaz will discuss this report at greater length at this evening’s 1010 WINS Neighborhood Spotlight Series. That event will take place at Manhattan College’s Smith Auditorium, 4513 Manhattan College Parkway, The Bronx. The event opens at 5:30 p.m., and the program begins at 6:30 p.m.




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