South Bronx condominium condominiums have reached $1 million for the first time.
The 2008 South Bronx’s first condo loft conversion, Bronx Bricks at 305 E 140th Street, houses the two units.
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Last March, Unit 5A, a 1,981-square-foot three-bedroom loft, sold for $1,135,000. The unit was purchased for $789,144 in 2008 when the building was converted to condominiums from a paint shop.
On November 10th, unit 5B, a 2,045-square-foot 3-bedroom condo, sold for $1,190,000. It cost $712,775.
Since 2019, when a new condo development opened on E 138th Street just two blocks from Bronx Bricks, South Bronx condo sales prices have been progressively edging toward $1 million.
The Joinery’s two penthouse residences sold for $911,334 and $926,608 that year.
The Joinery was the first South Bronx condo building since Melrose Commons in the 1990s (as mentioned before, Bronx Bricks at 305 East 140th Street is a condo conversion and not new construction).
While these record sales prices are soaring, thousands of luxury rental units are being built only a few streets south along the Harlem River Waterfront in Port Morris, where two-bedroom units like Bankside rent for well over $4,000 a month.
Read more:Â Video Shows New Jersey State Police Finding and Saving a Missing Man.
Despite decades of poverty, the South Bronx real estate market is breaking records.
The local median household income is ,158.
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These sales and developments in one of the city and state’s poorest districts perpetuate a tale of two cities in the same neighborhood.
Residents have fewer and fewer options to stay in their longtime areas as real estate offerings change rapidly.
Will these real estate market patterns continue to push long-term residents away as life progressively returns to pre-pandemic levels?
Unfortunately, many old-timers don’t have time to wait.
