NEW YORK, NY – July 31, 2026 – The Bronx investment sales market saw over $1.03 billion in dollar volume across 131 transactions in the first half of 2026, slight declines of 5% and 7%, respectively, compared to 1H 2025, according to Ariel Property Advisors’ Bronx 2026 Mid-Year Commercial Real Estate Trends report.

"While total deal count for development sites slowed in the first half, the underlying metrics prove the Bronx remains a high-conviction development market,” said Senior Director Jason Gold. “Land values are rising, and transformational projects, from the new casino/hotel/event space at Ferry Point to a significant residential assemblage in Belmont, are drawing both large-scale capital and long-term community builders to the borough."

Director Daniel Mahfar continued, “In the multifamily market, the discount on regulated buildings is greater in the Bronx than anywhere else in New York City, creating historic pricing lows for rent-stabilized inventory. That said, in the first half of the year, we also saw institutional capital investing in a prime free-market asset in Riverdale, indicating signs of a two-tier multifamily sector in the borough.”

Multifamily Highlights

      • Multifamily dollar volume fell 36% year-over-year to $351.7 million, while transactions rose 10% to 66. The decline in dollar volume was concentrated in the 10+-unit segment, down 38% to $313.2 million, where the borough’s heavily rent-stabilized inventory sits.
      • The Bronx now carries the deepest regulatory discount in the city. The price-per-unit for Bronx multifamily fell to roughly $98,000 ($69,000 for 75%+ RS), the lowest in the eight-year series and down from $172,000 in 2019. Price-per-square-foot slipped to about $98 and the gross rent multiplier compressed to 5.42. The capitalization rate climbed to a series-high 8.55%, up from 8.24% a year ago and more than 300 basis points above its 2019 level.
      • In contrast to the distress in the rent stabilized sector, the most significant transaction was Fetner Properties and PGIM’s acquisition of Arbor, a 127-unit free market rental in Riverdale, from Columbia University, for roughly $64 million, or above $500,000/unit.

Development Highlights

      • Development dollar volume in the Bronx rose 14% year-over-year to $336.8 million but the transaction count fell 37% to 26. Pricing rose to $109/BSF, up from $106/BSF in 2025.
      • The gain in dollar volume came almost entirely from Bally’s $156.6 million purchase of 16 acres of city-owned land at Ferry Point, the anchor site for a planned 500,000-square-foot casino, 500-room hotel, and 2,000-seat event center after the firm secured one of the downstate gaming licenses.
      • Other projects included Zeta Charter Schools’ $29.6 million acquisition of a 181,000 BSF Mott Haven site for a 1,000-student campus, a deal brokered by Ariel Property Advisors, and Durgaj Properties and Balfin Group’s assemblage of a four-parcel Belmont site for $22.5 million with plans for nearly 370 residential units.

Ariel Property Advisors’ Bronx 2026 Mid-Year Commercial Real Estate Trends report is available here.