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Developers Make Beeline To Build Market-Rate Rentals in the South Bronx

Responding to New Yorkers looking for affordable apartments that still have amenities

Developers are making a beeline for the South Bronx to build mid-range rental apartments due to an increasing demand, the Wall Street Journal reports.

As New Yorkers continue to look for newer apartment buildings that are still on the affordable side, developers are trying to entice them to neighborhoods like Mott Haven in the South Bronx, according to the WSJ.

One such developer is Treetop Development LLC. The group has decided to focus on building rentals instead of condos as the former market is a safer bet, one of its principals told the WSJ. Treetop currently owns properties at 121-129 East 144th Street, 440 Exterior Street, and a third property nearby that allows for 100,000 square feet of development.

At the first two properties, Treetop plans to build taller buildings with some affordable units through one of the city's affordable housing incentives. The market-rate rentals will range from $1,700 to just over $2,000 for a 700-square foot apartment.

Similarly developer JCAL Development Group LLC will charge $2,200 for a one-bedroom, and $2,900 for a two-bedroom for their rental building currently under construction at 136 Alexander Avenue.

Mott Haven has seen tremendous real estate activity of late what with another planned residential building bringing nearly 300 apartments to the neighborhood, and the construction of a Hampton Inn close by. This doesn't even take into account Somerset Partners and Chetrit Group's plans for six, 25-story residential towers in the neighborhood.