Real estate investors have poured $2 billion into the Bronx, according to Real Estate Weekly. At a panel discussion at the Manhattan North Association of Realtor’s 13th annual Trade Show, Shimon Shkury, president of Ariel Property Advisors, said $1.15 billion was spent on investment property in the Bronx while investments were expected to end the year at $2 billion.
Bronx’s infrastructure, job growth and pro-business local officials are attracting real estate investors. The borough was seen as relatively cheap, but prices are going up, and investors want to jump before the price tags do. Shkury added that if four Metro North stations are approved, the eastern section of Bronx will be open to jobs and development. Zoning changes are also helping the borough.
Panel member Robert Frost said, “We’re bullish on the Bronx because we want to invest in places where we can make money, and part of what we like about the Bronx is we feel we can. There is a large amount of infrastructure here that doesn’t exist in other places. The subways are already here, the parks are already here, and there are institutions in the Bronx that help support it, like the Montefiore Medical Center, the Albert Einstein College of Medicine, the Zoo, Fordham and the Botanical Garden.”