NEW YORK CITY—When an area of the city doesn't have subway access and is still managing to grow, you know something is happening there.
Such is the case in the Belmont section of the Bronx, a neighborhood bolstered by some world famous attractions where student housing for Fordham University is growing more modern and upscale, according to a new report by Ariel Property Advisors that has been obtained EXCLUSIVELY by GlobeSt.com.
The Bronx Zoo, the Botanical Gardens and the famous strip of Italian-American restaurants and stores on Arthur Ave.—once known as Little Italy—all are in the area while the thriving Fordham Road retail corridor there drives major foot traffic. The Zoo reportedly hosts as many visitors annually as the Empire State Building.
“Belmont is a stand-alone strong, and growing, neighborhood in the Bronx,” Ariel VP Scot Hirschfield tells GlobeSt.com.
On the commercial real estate front, Belmont has been busy, with much of the activity geared toward creating modern, highly amenitized student housing properties that likely will command increased rents over the area's older student housing stock, says Hirschfield.
This past April, 2473-2479 Arthur Ave. was sold to Vintage Group. The mixed-use assemblage includes four walk-up buildings with nine apartments, two stores and two ground floor office spaces, according to ERP Property Advisors' website. The property also includes substantial air rights,” notes Hirschfield, and he believes the new owner likely will build something similar to Artu Viale, an existing luxury student housing project.
That property at 2409 Arthur Ave., was purchased in 2014 by AB Capstone and is expected to be completed this summer. It sits on the busy corner of 187th Street and Arthur Avenue and will include a number of amenities, including a gym and recreation room, a 4,000-square-foot outdoor terrace and specialized vending machines stocked with fresh food.
Additional noteworthy sales were completed in the area last year and in 2014, Hirschfield reports. Two buildings changed hands on East Fordham Road, one for $1,000 per square foot and another for $1,200 per square foot, while the big multifamily portfolio sale known as the “Bronx 1000,” for its 1,000 residential units, completed in March, 2016, included buildings in Belmont.
“The lack of subway access there isn't a problem, it helps to retain the community's distinctive quality,” declares Hirschfield. “This shows the strength of the cultural institutions there; they have an impact on demand and real estate.”
In addition, he states, “Belmont residents can be in Midtown in 15 minutes from the Fordham Rd. Metro-North station, so that nullifies any issue.”
Adds Michael Tortorici, Ariel EVP, “The transit situation in Belmont is somewhat comparible to Greenpoint, Brooklyn. Buses are plentiful and people find their way to a subway.”
The area even has played a role in the Presidential election's primary season, Tortorici says. “Republican candidate John Kasich went there and ate on Arthur Ave. Belmont has put itself on the map as a place to visit in New York City.”
Such is the case in the Belmont section of the Bronx, a neighborhood bolstered by some world famous attractions where student housing for Fordham University is growing more modern and upscale, according to a new report by Ariel Property Advisors that has been obtained EXCLUSIVELY by GlobeSt.com.
The Bronx Zoo, the Botanical Gardens and the famous strip of Italian-American restaurants and stores on Arthur Ave.—once known as Little Italy—all are in the area while the thriving Fordham Road retail corridor there drives major foot traffic. The Zoo reportedly hosts as many visitors annually as
“Belmont is a stand-alone strong, and growing, neighborhood in the Bronx,” Ariel VP Scot Hirschfield tells GlobeSt.com.
On the commercial real estate front, Belmont has been busy, with much of the activity geared toward creating modern, highly amenitized student housing properties that likely will command increased rents over the area's older student housing stock, says Hirschfield.
This past April, 2473-2479 Arthur Ave. was sold to Vintage Group. The mixed-use assemblage includes four walk-up buildings with nine apartments, two stores and two ground floor office spaces, according to ERP Property Advisors' website. The property also includes substantial air rights,” notes Hirschfield, and he believes the new owner likely will build something similar to Artu Viale, an existing luxury student housing project.
That property at 2409 Arthur Ave., was purchased in 2014 by AB Capstone and is expected to be completed this summer. It sits on the busy corner of 187th Street and Arthur Avenue and will include a number of amenities, including a gym and recreation room, a 4,000-square-foot outdoor terrace and specialized vending machines stocked with fresh food.
Additional noteworthy sales were completed in the area last year and in 2014, Hirschfield reports. Two buildings changed hands on East Fordham Road, one for $1,000 per square foot and another for $1,200 per square foot, while the big multifamily portfolio sale known as the “Bronx 1000,” for its 1,000 residential units, completed in March, 2016, included buildings in Belmont.
“The lack of subway access there isn't a problem, it helps to retain the community's distinctive quality,” declares Hirschfield. “This shows the strength of the cultural institutions there; they have an impact on demand and real estate.”
In addition, he states, “Belmont residents can be in Midtown in 15 minutes from the Fordham Rd. Metro-North station, so that nullifies any issue.”
Adds Michael Tortorici, Ariel EVP, “The transit situation in Belmont is somewhat comparible to Greenpoint, Brooklyn. Buses are plentiful and people find their way to a subway.”
The area even has played a role in the Presidential election's primary season, Tortorici says. “Republican candidate John Kasich went there and ate on Arthur Ave. Belmont has put itself on the map as a place to visit in
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