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HomenewsReal Estate Records Were Broken With the Sale of Two South Bronx...

Real Estate Records Were Broken With the Sale of Two South Bronx Condominiums, Each Priced at Over $1.1 Million.

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.

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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.

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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.

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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.

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