New York City’s apartment market has been hit hard by the coronavirus pandemic, but the Bronx has appeared to have fared much better than other parts of the city. Now, the borough’s underlying fundamentals that helped the market make it through this protracted health and economic crisis could bolster it for years to come, Bronx boosters believe.
“ There are still ongoing challenges, said Keith Gordon, the managing partner at NCV Capital Partners.”
His company owns more than 500 units in the Mount Hope section of the Bronx, all of which are affordable. The firm is also planning an 82-unit affordable housing project in a former theater in the borough, for which he is currently seeking construction financing.
“ Rent collections have been in the mid 80% range through the pandemic, he said, while noting the state’s moratorium on evictions being extended until the end of August will impact the ability to collect some outstanding rents.”