MARKET REPORT Q2 2016: http://d3pnggih0ny40e.cloudfront.net/wp-content/uploads/2016/06/Bronx-Report-Final.pdf
The Bronx is surging.
The borough, which lost one in five residents during the 1970s when it was afflicted by high crime and arson fires, has not only recouped its population loss but also appears to have surpassed its historic peak, according to new census projections.
An influx of immigrants helped boost the borough’s population to 1.455 million as of July 1, 2015, according to the United States Census Bureau. At the annual rate the Bronx has been growing since 2010, about 1 percent, the highest of any county in the state, that would place the current total ahead of the high of 1.472 million in 1970, demographers agree.
And Queens, already a polyglot mix of residents from every corner of the globe, is growing ever more diverse. Nearly half, or about 48 percent, of the population of Queens is foreign-born, ranking the borough second only to Miami-Dade in Florida (with nearly 53 percent) among larger American counties in the share of residents from abroad. One-fourth of Queens residents come from Asia.
The latest figures from the bureau’s American Community Survey and other estimates also confirm that New York City’s total population has exceeded 8.5 million, the highest it has ever been.
In the Bronx, a housing boom has contributed to the population comeback.
A recent report by the New York Building Congress found that the Bronx accounted for nearly 32 percent of building permits issued by mid-2016, compared with an annual average of 11 percent between 2011 and 2015. The Bronx led all five of the city’s boroughs in the number of homes and apartments authorized for construction, with 1,926.
Over 50,000 more people are employed in the Bronx this year than five years ago, according to the Bureau of Labor Statistics.
Do you guys think this will lead to a mini skyscraper boom in the Bronx? Similar, if not somewhat smaller scale to what we are seeing in LIC and DoBro?
I’d expect 20-25 floor towers. The demand is there, but I don’t think its going to be the luxury towers that we see in DoBro or LIC. One thing is that the developments that are planned have a lot of units. I’d imagine with the parcels being the size that they are there, we will see bulky towers. Big chunk being affordable housing.
edit: same article that Chris posted.
Mott Haven is experiencing a high-rise boom. A lot of the 20+ story developments seem to pop up there.
This is great news for NY Real Estate
From the WSJ
The leakage of China’s capital is unrelenting, even if it’s no longer at the top of investors’ minds. Events beyond Beijing’s control could make matters worse.
Chinese banks’ foreign-exchange data shows that capital continued to leave the economy in August—the 24th straight month of outflows, according to Goldman Sachs’ gauge. And while at first glance the pace slowed from July, Standard Chartered said that when changes in foreign-exchange reserves are netted off against trade and investment flows, August turns out to have been the worst month since January.
Sliced in different ways, China’s outflows this year are north of $400 billion, which is reflected both in a $190 billion decline in the country’s foreign-exchange reserves and a weaker yuan, down about 3% this year against the dollar and more than 6% against a basket of currencies.
That said, investors have gotten somewhat more comfortable about the yuan’s path. Attempts to get cash out or pay off offshore debt have grown less frenzied, with turnover in China’s onshore market for selling U.S. dollars at its lowest since February, according to the latest data.
Yet with an undercurrent of outflows continuing, the sentiment that the yuan is following a weakening path down remains. What could shake the relative calm is the Federal Reserve. While it isn’t expected to raise rates this month, odds it will do so by December are now reckoned at close to 50%. Higher U.S. rates and a stronger dollar are powerful attractive forces for Chinese capital.
China’s outflow problem hasn’t gone away, and doesn’t look as though it will any time soon.
The Displacement Alert Project Map: http://map.dapmapnyc.org/app/#close (Click me)
Dap.Map is a building-by-building, web-based interactive map for NYC designed to show where residential tenants may be facing significant displacement pressures and where affordable apartments are most threatened. ANHD created Dap.Map to provide community groups, local residents, elected officials, policymakers, and the public direct and real time access to vital information on our city’s rapidly changing residential environment.
The Map currently includes 4 Indictors listed on the right side of the map. Each indicator is color-coded by the buildings by risk-level. Quickly jump to a specific Council District or Community District in the box on the right or enter a specific address with the search bottom on the bottom left.
LOOOOOOOL at all those random 1,300’+ towers in middle of nowhere cities. The global economy is coming down seemingly everywhere outside the USA and pipedream fever seems to have reached the same fever pitch I remember from 2007 or so when it seemed like Dubai would shortly rival Coruscant.
Luckily NYC is probably going to be relatively stable re: overall supertall construction as it becomes feasible for the upper mid-market. We are already seeing that at 340 Flatbush Ext., 99 Hudson, CityView in LIC, and Extell/JDS’ new towers on the LES (it is all relative – but compared to 57th Street, all aforementioned are certainly mid-market and definitely even compared to towers of similar size from even 10-20 yrs ago like Trump World).
This means that NYC’s overall share of global supertalls is probably going to increase pretty dramatically at least over the next decade. I think construction is going to cease entirely in much of the Middle East and possibly parts of Asia temporarily. And Hyderabad etc are jokes.
Didn’t know where to post this, but I do hope no one was injured in the NJ train crash earlier today, tragic news. Stay safe guys!
The future looks even worse in terms of height for New York City and the U.S. in genera,l compared to other international cities. In the current list we’re 4th in the future 100 tallest we’re no where near the top ten. But I do agree with what @YIMBY said, we will continue to grow just not so much in international height at least for now.
they recently did this with the Tappan Zee Bridge - minus the lightshow. the PA is not involved, of course.
This sounds nice… lets see what happens.
There’s a real estate summit in JC on 10/13/16.
Might be worth to attend.
Here is the schedule. Can be expanded to see details and the discourse of discussion that will occur.
October 13th, 2016 – The Jersey City Summit for Real Estate Investment 2016 will be hosted with our Venue Partner Spear Street Capital @ 70 Hudson Street, Jersey City, NJ 07302. 70 Hudson Street boasts spectacular views of the Manhattan skyline and with it’s sister at 90 Hudson Street is a Class A trophy office property.
The gathering will take place on the 10th floor of 70 Hudson Street. There will be limited on-site complimentary parking.
technological and environmental advancement in urban suburbia
Westchester County’s four largest cities have partnered with the Westchester County Association to develop smart high-technology growth initiatives, it was announced during a Thursday press conference.
Mayors from Mount Vernon, New Rochelle, White Plains and Yonkers said they have agreed to sign a “Smart City ComPACT” and, as a first step, work with the WCA to bring to gigabit broadband to every household, business, healthcare facility and educational institution within three to five years
This is the first such compact between cities in the nation, the WCA said in a news statement.
[quote]The New York State Energy Research and Development Authority (NYSERDA),
New York State Department of Transportation (NYSDOT) and three
Westchester mayors launched the first Green Cities Commuter Challenge to
see which city can reduce greenhouse gas emissions the most over the
next two years. By leading by example by directly promoting a reduction
of driving by city employees to and from work, the cities are helping
the state meet its goal to reduce greenhouse gas emissions 40 percent by
Lieutenant Governor Kathy Hochul announced the start of the first year
of the competition during Climate Week on National Car-Free Day in
Yonkers. She was joined by the mayors of New Rochelle, White Plains and
Yonkers as well as city employees who will be participating in the
I am amazed with how fast the info comes in here, I can’t contribute, but thanks so much for the constant flow of information. Great community, keep it up!