
The Mott Haven neighborhood in the South Bronx is witnessing significant changes in its affordable housing landscape, with two notable transactions taking center stage. Firstly, the mixed-use affordable housing complex known as Morris Court has been sold for approximately $46 million. The new owner, real estate firm RJ Block, took over the property along with a roughly $41.5 million loan from the city. The company plans to maintain the affordability of the 201 units at least until the current housing deal expires in about five years, if not longer, according to Crain's New York.
In a parallel advancement for the area, a new affordable housing development named Betances Family Apartments has opened, offering 101 units dedicated to a mix of low-income New Yorkers. The development includes 70 homes for extremely low-, low- and moderate-income families, as well as 30 apartments set aside for those who have previously experienced homelessness, and 18 units earmarked for NYCHA residents. The facility boasts amenities such as a green roof terrace and an outdoor children's playroom, with Mayor Eric Adams celebrating the opening as a milestone for both the Bronx and the city's housing situation. “The only way to solve our generational housing and affordability crises is to simply build more, and the Bronx is setting the example,” Adams was quoted in BX Times.
As Mott Haven becomes increasingly popular among developers and residents alike, the area is transforming into a hub of affordable housing amidst a broader citywide initiative to tackle homelessness and housing scarcity. Rosewood Realty Group represented RJ Block in the transaction of Morris Court, while Lemle & Wolff and Alembic Community Development played significant roles in bringing the Betances Family Apartments to fruition, illustrating the collaborative effort between public and private sectors to address New York City's housing needs.
Beyond providing shelter, these developments are also enhancing the local economy and urban landscape. Commercial units, including a Dollar Tree as mentioned by Crain's New York, are part of the plan, contributing to the vibrancy of the neighborhood. The Betances Family Apartments' ground floor alone will offer around 10,000 square feet of commercial space, further boosting the commercial district's activity. Mayor Adams and other city officials are advocating for continued progress, which is expected to positively impact the South Bronx's housing accessibility and economic vitality.