The Bronx is one of the five boroughs of New York City.
It is in the northernmost area of the city and is separated from Manhattan, in the south and west, by the narrow Harlem River.
The Bronx is the only mainland borough which is directly connected to Manhattan by several bridges and railroad tunnels, and is also connected to Queens by the Throgs Neck, Bronx-Whitestone, and Robert F. Kennedy bridges.
Earlier the Bronx was considered as one of the most troubled and maligned parts of NYC, but since the 1990’s it has seen a gradual rejuvenation and is finally starting to flourish like never before. Affordable housing initiatives have attracted several new residents, and the region’s character blended with new inhabitants has made a fertile ground for social restoration as well. Though development is growing in the Bronx, still it has to travel a long path to reach the level of other boroughs. With the kind of investment it is getting in both tech and real estate, the borough will soon equal other boroughs and may even become the most popular one in the near future.
The Bronx today
The Bronx remains on top in terms of real estate investment and development in NYC. With each year, the number of chain stores, residential buildings, as well as the population is increasing in the Bronx. Last year, two very big residential projects were started in the borough to attract more residents, as well as for retail development.
People consider the Bronx as a safe haven to settle down because of affordable land price and rentals. People who are working in Queens or even in Manhattan, prefer to live in the Bronx, because of the price difference of the different areas.
Apart from the residential projects, Bronx also has several retail development projects. New shopping centers have been slated for the Hub, Kingsbridge and now Co-op city.
The South Bronx consisting of Mott Haven, Woodstock, and Melrose, has distinguished itself as one of the only parts of the NYC where the rental rates have grown. Long gone are the days when the borough was considered as a place of urban decay or poverty.
In the last few years, investments in the Bronx have increased rapidly with various commercial and retail projects, such as the redevelopment of the General Post Office in an open-air food market, which will totally change the borough’s southern tip. The area will also soon have several new affordable housing units as well as luxury residential buildings. Various famous architects are involved in the projects, such as BjarkeIngels, who has been contacted to design the new station house for the NYPD’s 40th precinct.
The Bronx is considered less risky than Brooklyn or Manhattan because it’s still developing and those who can’t afford a place upstate can easily get one here at cheaper a price. Several business owners who wanted to expand their business but have limited cash have chosen the Bronx to set up their business.
In fact, new entrepreneurs are choosing the Bronx over the other boroughs as they are getting an inexpensive place here and the market is booming with several opportunities. Residential projects have attracted so many people across NYC, as well as from other cities, and the need for jobs has also increased, which led to the increase of several new start-ups in the area.
NYC is considered as one of the best places to work in the country, and has the most number of tech employees when compared to any other location. But the cost of living here is quite high, which makes the Bronx the first choice for employees to settle down. They prefer to commute from the Bronx to their respective offices in Manhattan, Queens or in Brooklyn, rather than staying there.
The Bronx is becoming the destination for new multifamily properties and residences, as well as new bars, nightlife spots, restaurants and coffee shops. The best part is that it’s connected to the other major boroughs of the NYC, and so people can easily use public transport to reach their destination while staying in the Bronx, which reduces their travelling and living costs.
Since the place is still developing, there are many government agencies as well as other financial agencies which are helping entrepreneurs to avail of the funding they need for establishing their business in the Bronx.