More than 10,000 new units of residential housing were developed in the Bronx last year, according to a real estate development report released Monday by Bronx Borough President Vanessa L. Gibson.
The report, titled the 2023 Annual Development Report, noted a record $4.3 billion investment in new real estate projects last year—across 357 individual properties—including $1.5 billion in residential projects and $1.7 million in mixed-use developments.
The uptick in development occurred during a year when citywide vacancy rates plummeted to 1.41%, the lowest in over 50 years, according to the NYC Housing and Vacancy Survey.
Borough President Gibson said the report offers insight into the economic opportunities emerging in the Bronx.
“I am very excited about this report, as it showcases the ever-growing level of development and opportunity here in our borough,” said Gibson. “This scale of investment is a positive reflection of our continued efforts to revitalize the Bronx. By working together with our development leaders, Bronx businesses, community boards, non-profits, and elected officials, we achieved significant economic growth last year, boosting the local economy, creating jobs, and enhancing the quality of life for all Bronx residents.”
Bronx Community District 4, which includes the neighborhoods of Mt. Eden, Highbridge, West Concourse, East Concourse, and Concourse Village, saw the greatest number of new housing units, adding more than 2,600 residential units. Meanwhile, Community District 1, encompassing Mott Haven, Port Morris, and Melrose, ranked second with approximately 1,850 units.
The report also highlights the Penn Access Project, which will create four new accessible Metro-North stations across the Bronx in Hunts Point, Morris Park, Co-op City, and Parkchester/Van Nest. According to the MTA, this project will significantly reduce travel times between the Bronx and Manhattan.
