New York City has the third largest economy in the US and ranks as the 15th or 16th largest economy in the world. It has five boroughs – the Bronx, Manhattan, Queens, Staten Island, and Brooklyn; and each one of them plays a role in the GDP of the NYC.
We all are aware of the businesses in Manhattan and Brooklyn, but we hardly know about the businesses in the Bronx borough. Earlier, the place was not very popular but with the changes in time, it has become one of the popular areas where people want to establish their business, as well as possibly even settling down. The Hub is the largest place to provide employment and other amenities to the borough.
Amongst all the five boroughs of NYC, the least expensive and the fastest developing borough is none other than the Bronx. You will get larger spaces at reduced prices for both renting and buying purposes. Since the borough is under development, the opportunities there are many, and you can easily get a relatively inexpensive workforce to help in your business.
The Bronx has struggled a lot to gain as much appeal as its sister boroughs have in the recent years. The borough has several ongoing and upcoming projects, which will aid the economy of Bronx. This is the main reason why many people are moving here.
In 1910, it was initially built to keep the National Guard’s Eight Coastal Artillery Regiment, but now the Kingsbridge Armory serves as the platform for various exhibits, boxing matches, film sets and was also used as a place to conduct temporary meetings between the US authorities after World War II.
Earlier the city was set to transform the place into a shopping center, but now plans have changed and it will be converted into the largest indoor ice facility in the world. The Kingsbridge National Ice Center or KNIC will include nine ice arenas, a 5,000-seat arena, a dedicated space for community activities, and a free after-school program with mentoring and skating lessons.
In a city of various rivers, it is easy to understand why everyone is willing to invest in a waterfront park. These sites feature public spaces as well as recreational facilities, high-end housing developments, and also empower the amenities in nearby neighborhoods. The expansion of these waterfronts has demonstrated an enormous impetus in financial development, and now the Bronx will have a piece of this pie.
The project will grant direct access to and from Penn Station. The proposed route would separate from the New Haven line and stop at Co-operation City, Morris Park, Parkchester and Hunts Point. It will not only provide Bronxites with access to Manhattan but also to Connecticut and vice versa.
The completion of these stations will encourage new business catering to commuters.
Earlier the Bronx was lacking the kind of retail variety which other boroughs are offering. But now it has a projected building which is 1.4 million square feet of retail space, with which the Bronx will become a retail oasis. This sudden growth in the retail sector will boost the Bronx Terminal Market and open various opportunities for entrepreneurs.
The Bronx is a developing borough, therefore, that offers a lot of amenities and opportunities, which you won’t get anywhere else. The future here is so bright that people are moving to the borough from all other boroughs as well as other cities.