Mott Haven and Port Morris Real Estate in The South Bronx:
People have been talking a lot recently about Mott Haven and Port Morris in the South Bronx (affectionately referred to by some as “SoBro”, or an attempt at rebranding it “The Piano District”). The Real Deal (NYC’s top RE publication) published this cover story saying what I affectionately refer to as “The Party Line”:
“The Bronx is booming, burning and turning depending on your perspective of the borough, which saw an influx of $1.2 billion worth of real estate investment in 2014.”
Full article here: http://therealdeal.com/issues_articles/the-bronx-feeding-frenzy/
And Here is a google maps link to the areas in question: http://bit.ly/1RRBsGF
The Quick Deal:
Thinking about putting money into RE in SoBro? Don’t do it unless you are comfortable with a longer-term perspective (10 years?, 15?,). Mott Haven has a few decently cool restaurants and shops but it shows no real signs of life except the cars passing by on their way to Manhattan over the Willis Ave bridge on Bruckner Blvd. The SoBro hype is developer/industry driven and not an organic movement of artistic types or students looking for a cool, inexpensive place to live. But for what its worth, there is some really great street art there…
The “Real” Deal:
“As many as 8,500 units could be developed along the Harlem River waterfront by 2040, representing more than $3 billion worth of investment, according to a forthcoming study by SoBRO, a nonprofit that’s working to spur development in the South Bronx.”
If this time frame works for you then by all means, invest in SoBro. For folks with a shorter time frame and if you don’t believe that institutional real estate developers necessarily make for cool neighborhoods, here’s on-the-ground observation from someone who saw firsthand the transformation of the LES, Alphabet City, Williamsburg, Bushwick and back in the day, Chelsea:
Mott Haven:
As you get out of the 3rd Ave/138th St stop on 6 train it is comforting to notice how close you are to Manhattan (1 stop) until you realize that what you are close to is East Harlem and the Upper East Side. If you walk north out of the subway, you will quickly find yourself standing underneath a mobile NYPD security tower set up at the triangle of Third Ave, Alexander Ave and 143rd St. So instead, head South from the subway down to Bruckner Blvd.
Brucnker Blvd is what would probably be called the epicenter of the “cool” part of this tiny neighborhood. There are a couple of decently nice places including the Mott Haven Bar and Grill with good burgers and seared tuna salads and this neighborhood lasts 3 blocks until you get to the McDonalds. But one of the things that the Real Deal article neglects to research or mention is that places like the Mott Haven Bar and Grill (formerly the Bruckner Bar and Grill) has been operating for more than a decade– they just changed the name in 2014 due to a former owner’s lawsuit. This is to say that the neighborhood is not seeing rapid changes, its been in a similar state for a long time and its still just not that big or interesting.
On a sunny saturday afternoon, there was no hustle or bustle. There were virtually no people on the sidewalks, in fact the only other person walking around the neighborhood was an older preppy looking guy who was obviously out of place and more than likely evaluating the neighborhood for the same reasons we were (taking pictures of the same buildings and murals, etc). We traded a knowing nod as we passed by each other for the 2nd and 3rd times..
There is one little art gallery, with not particularly striking art, about a total of 3 restaurants and a couple of random stores, a coming soon coffee shop and something that had to do with design that was also coming soon. One of the fancy new loft rental buildings on Bruckner Blvd has has a parole office in the ground floor replete with barred windows and a gated, fenced parking lot.
There were no hipsters, no students, really nothing but cars passing by and some cool street art. If you walk one block north or south of Bruckner Blvd you see things like the below picture. On the upper right hand corner of the below pic is Bruckner Blvd– the “cool” area that industry is talking about:
Port Morris:
Farther east along the water, Port Morris is zoned for heavy industrial use with heavy noise and pollution. There is a power plant, scary enigmatic junkyards with guard dogs, and lots of warehouses, The Bronx Brewery, www.thebronxbrewery.com, is right in the center of Port Morris with nothing interesting whatsoever nearby it unless you count what looked like a (mob) meeting complete with a Maybach and a Maserati outside of a decrepit warehouse– hey, no one ever said the Bronx couldn’t be exciting!
Port Morris Waterfront:
Some cute townhouses in Port Morris slightly away from the waterfront:
Flooding:
Also, part of Mott Haven and most of Port Morris is in NYC Flood Zone 1,2, and 3. (There are 6 zones of flood evacuation 1 being the most likely to be flooded). Check out this map of the area that was flooded by Sandy and the official NYC Flood Zone Map and don’t forget to wear your rubber gaiters so you don’t get electrocuted next hurricane season when the electric plant or whatever it is, floods.
NYC Flood Zone Map: http://maps.nyc.gov/hurricane/
Interactive Sandy flood map: http://project.wnyc.org/flooding-sandy-new/#15.00/40.8071/-73.9163
Crime:
I can’t really comment on crime (as per NY State regulations). Here are some links to crime maps though:
http://maps.nyc.gov/crime/
http://www.neighborhoodscout.com/ny/bronx/crime/
More Mott Haven/Port Morris Pros:
-easy 4/5 and 6 train Access
-cheap compared to the other boroughs
-easy car access to Manhattan and points north and east by highway.
-high cap rates compared to Manhattan or Brooklyn
More Mott Haven/Port Morris Cons:
-MacDonalds is one of the main dining options in the neighborhood.
-Lots of non-local traffic down Bruckner Blvd
-doesn’t feel lively in Mott Haven along the water or Port Morris.
Bottom Line:
Are Mott Haven and Port Morris “transitional neighborhoods”? Mott Haven, yes but SLOWLY. Port Morris, no but maybe the dudes with the nice cars meeting in the scary warehouse will sell you a building with an offer you can’t refuse.
According to Trulia, the Bronx has seen 4.1% gains in the past year:
http://www.trulia.com/real_estate/Bronx-New_York/market-trends/
In truth there are a lot more details worth discussing for anyone interested in the area, like a nice little enclave of newer build houses that run along the south end of St. Mary’s Park at E 143rd st and some beautiful old brownstones falling into disrepair in the same general area. But there are strong caveats for everything. Hope this gives you a better picture of SoBro.. A few more photos and great street art below.
