Herrick’s Real Estate Trolley Tour of the Bronx
Trolley tour: 851 Grand Concourse, Bronx
Dinner: with Bronx Borough President Ruben Diaz at Pasquales Rigoletto
Many of our real estate clients have begun to turn their eyes north - to the Bronx. Investors pumped $2.39 billion into Bronx properties in 2014. That's a 39% increase from the previous year and a 55% bump from 2012. Two key segments are also up considerably - multifamily sales are up 67% since last year and sales of development sites are up by 85%. In total, more than $11 billion in private equity has been invested in the borough in the last few years.
Herrick's real estate team hosted a trolley tour of the Bronx with officials from Borough President Ruben Diaz, Jr.'s office, and the Bronx Overall Economic Development Corp. The tour included local development sites, discussion about the investment market and first-hand looks at what is driving the growth. The tour ended with a fantastic dinner at Pasquales Rigoletto on Arthur Avenue and a Q&A with Borough President Diaz - one of the main architects of the borough's turnaround.