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Kingsbridge Poised to be City's Hottest Neighborhood in 2017, Report Says

By Eddie Small | December 21, 2016 4:01pm
 Kingsbridge will be the hottest New York City neighborhood in 2017, according to StreetEasy.
Kingsbridge will be the hottest New York City neighborhood in 2017, according to StreetEasy.
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StreetEasy

New Yorkers on the prowl for the city's next hot neighborhood should look to the northwest Bronx.

Kingsbridge is poised to become the most popular part of the city in 2017 thanks to factors including its strong shopping district, relative affordability and easy access to the subway, according to the real estate firm StreetEasy.

"As people are priced out of Manhattan, Kingsbridge in The Bronx is a great option with proximity to the 1 train and several major roadways," said StreetEasy economist Krishna Rao. "Located just under Riverdale, an area that’s received a lot of recent interest, it makes sense that people are turning their attention to its previously under-the-radar neighbor."

Rao also noted that the neighborhood is fairly close to Manhattan College, Yankee Stadium and numerous parks, further adding to its appeal.

Kingsbridge topped StreetEasy's list of what the company predicts will be the 10 hottest neighborhoods for 2017, which was otherwise dominated by parts of Brooklyn and Queens.

The only Manhattan neighborhood on the list was Yorkville, while Staten Island neighborhoods were not included in the analysis.

"Kingsbridge has great transportation options and proximity to Manhattan, as well as numerous Bronx cultural and recreational sites," City Councilman Andrew Cohen, who represents the neighborhood, said in a statement. "It’s fantastic for the area to receive this recognition from StreetEasy.”

Kingsbridge had the lowest median asking rent for 2016 out of all 10 neighborhoods at $1,750 and the second lowest median asking price at $447,000, just slightly higher than the $438,000 median price in Bayside.

The neighborhood is also a relatively safe section of The Bronx, as it had seen the overall lowest amount of the seven major crimes out of every precinct in the borough as of Dec. 11, according to NYPD statistics.

Overall, Rao characterized StreetEasy's list of popular 2017 neighborhoods as being about trade-offs, such as dealing with a longer commute in exchange for finding a single-family home.

The firm expects resale prices to decline by 1.4 percent in 2017 throughout The Bronx, the only borough where they expect these prices to go down.

It currently takes less than two years in The Bronx for the costs of buying to be less than the costs of renting, according to StreetEasy.

Daniel Padernacht, chair of Bronx Community Board 8, which covers Kingsbridge, said he was not surprised that the neighborhood topped StreetEasy's list of hottest places in New York City for 2017, describing it as "a great area which has gone unnoticed for some time."

He cited the neighborhood's recent additions of a shopping mall and a BJ's as appealing factors for prospective new residents, and while he said the attention is flattering, he hopes it does not end up making the neighborhood a significantly more expensive place to live.

"The rents in Kingsbridge are far below that in Manhattan and many parts of Brooklyn," he said. "I wouldn’t want to see Kingsbridge having the same rents as those two areas."