Last year, the Bronx saw an impressive growth in new homes, with over 10,000 new housing units added. This surge was detailed in the 2023 Annual Development Report, shared by Bronx Borough President Vanessa L. Gibson. This report not only highlights the expansion but also points out the economic benefits for the area.

Big Investment in Bronx Real Estate

In 2023, real estate projects in the Bronx reached a record-high investment of $4.3 billion. This included 357 separate projects, with $1.5 billion going into residential buildings and an additional $1.7 million spent on mixed-use buildings, which combine housing with commercial spaces like shops and offices.

Housing Shortage Across New York City

The increase in Bronx development came at a time when New York City was facing an all-time low in available rental units. Citywide, the vacancy rate dropped to 1.41%, the lowest it’s been in over 50 years, showing a strong demand for housing across the city, especially in the Bronx.

President Gibson’s Optimism for Economic Growth

President Gibson emphasized that this new construction is a sign of economic opportunity. “I’m excited about this report because it shows how development in the Bronx is growing,” said Gibson. She also pointed out that the investments are the result of strong teamwork among local businesses, community groups, and government officials. This growth brings more jobs, improves the local economy, and enhances the quality of life for Bronx residents.

Major Growth in Housing by District

Some Bronx neighborhoods saw especially large gains in housing. Community District 4, covering Mt. Eden, Highbridge, West Concourse, East Concourse, and Concourse Village, added more than 2,600 new units, making it the top district for new homes. Close behind was Community District 1, which includes Mott Haven, Port Morris, and Melrose, with approximately 1,850 new units.

New Transit Stations to Ease Commutes

The report also highlights the Penn Access Project, which will bring four new Metro-North train stations to the Bronx in areas like Hunts Point, Morris Park, Co-op City, and Parkchester/Van Nest. According to the MTA, these new stations will make it quicker and easier for Bronx residents to travel to Manhattan, further supporting the Bronx’s growth and connectivity.

With these new housing projects and improved transit, the Bronx is set to continue its growth, bringing more options and opportunities to local communities.