By: Maha Alaoui
Across the Bronx, developers are buying one- and two-family homes, small buildings, and vacant lots, then replacing them with apartment buildings. For many owners, the land under the building is now worth more than the building itself.
Each month, I’ll share what’s trading, what’s being built, and how to tell whether your property is a development site.
By the Numbers
- $140: Top South Bronx price per buildable sq. ft.
- 90 days: New ELURP rezoning timeline
- 99 units: The 485-x sweet spot
- 835 units: In 5 recent Bronx filings
1. Is Your Property a Development Site?
Most development sites don’t look like one. They’re often a two-family house, a one-story store, a garage, or a parking lot. What makes them valuable is the gap between what’s built today and what the zoning allows. A quick way to check:
- Your zoning allows more than what’s there. A two-story house in a district that permits a six- or seven-story building has unused floor area a developer will pay for.
- Your lot is wide or deep enough to build on. Larger lots, corner lots, and lots that can combine with a neighbor’s draw the most interest.
- You’re near transit or a busy corridor. Buyers are most active near subway and Metro-North stations and along major avenues.
Narrow Lot? Sell With Your Neighbors
Many Bronx homes sit on narrow lots, often 20 or 25 feet wide. On its own, a narrow lot can be hard to build on efficiently, so fewer developers bid on it. Put two or three neighboring lots together, though, and you have a wider site that fits a full apartment building. A combined site is often worth more to a developer than the same lots sold one by one.
Selling together with your neighbors (an assemblage) means one buyer, one deal, and each owner gets paid for their share. It takes coordination, which is where I come in: I can bring the owners to the table, value each lot, and market the combined site to developers.
Maha’s Take: Developers price land by buildable sq. ft., not by the house. If your zoning allows much more than what’s built, your property may be worth more to a developer than to a homebuyer. I can show you both numbers.
2. Air Rights: Get Paid Without Selling
If your building doesn’t use its full zoning, the unused floor area (your air rights) can often be sold to a neighboring developer. You keep your building, and the developer adds your unused sq. ft. to their project next door.
This is especially common in the Bronx because of the 99-unit building. Under 485-x, projects of 99 units or fewer avoid the construction wage requirement that applies at 100 units, so developers are sizing buildings to exactly 99. Buying a neighbor’s air rights is often how they get there.
Maha’s Take: If you own a low-rise building next to a vacant lot or a teardown, your air rights could be the missing piece for that developer. I can tell you how many sq. ft. you have to sell and what buyers are paying for it.
3. Zoning Watch
Faster Rezonings Are Here (Citywide)
In early October, the City Planning Commission approved the rules for the new Expedited Land Use Review Procedure (ELURP). Rezonings on lots already zoned R6 or higher that add no more than 30% more residential floor area can now be approved in about 90 days, compared with roughly seven months under ULURP. The Bronx saw the city’s first-ever ELURP: an 84-unit affordable project at 351 Powers Ave in Mott Haven.
Bronx Owners Are Filing for Upzonings
- 1701 Boone Ave: Filed September 22, this application would rezone three lots (Block 3010, Lots 25, 26 and 29) from R6A and R6A/C2-4 to R8A and R8A/C2-4. R8A allows roughly twice the residential floor area of R6A. The main lot holds a two-story parking garage today.
- 4506 Park Ave: An application seeks to rezone M1-1 and R6A land to R7X and R7A districts for a 14-story and a 9-story mixed-use building.
- 580 E 168th St, Morrisania: An application seeks to rezone R6 land to R7A and R8A for a building with about 314 affordable units.
Maha’s Take: A 30% bump in buildable area used to be hard to justify when it meant a year of process. At 90 days, it can change the math on your site and what a buyer will pay for it.
Thinking about rezoning your property? I work with a land use attorney who handles rezoning applications in the Bronx. Together, we can tell you whether your lot is a good candidate, what a rezoning could add in buildable sq. ft., and how that changes what your property is worth. Email or call me to start the conversation.
4. What’s Being Built Near You
Five recent Bronx filings, from a 12-unit building in Belmont to a 506-unit tower by the University Heights Metro-North. Two are going up where a one- or two-story building stands today.
- 330 W Fordham Rd: 506 units
- 3565 3rd Ave: 286 units
- 524 Wales Ave: 16 units
- 740 E 175th St: 15 units
- 2314 Cambreleng Ave: 12 units
Maha’s Take: Look at 740 E 175th St: a two-story house in Crotona is becoming a 15-unit building. If you own a home on a lot like that, a developer may already be looking at it. I can tell you what yours could support.
5. Land Sales: What Bronx Sites Are Trading For
South Bronx development sites have been trading at a premium, between $115 and $125 per buildable sq. ft. The outlier: 261 Walton Ave (181,000 buildable sq. ft.) set a record at $140 per buildable sq. ft. in a sale to a charter school.
- 122 Bruckner Blvd (Mott Haven, closed Jun 2026): 173,195 buildable sq. ft., $21.7M, $125 / buildable sq. ft.
- 261 Walton Ave (Mott Haven, closed Feb 2026): 181,000 buildable sq. ft., $25.5M, $140 / buildable sq. ft.
- 477 Willis Ave (Mott Haven, closed Sept 2025): 24,270 buildable sq. ft., $2.8M, $115 / buildable sq. ft.
Source: Commercial Observer and Connect CRE. Price per buildable sq. ft. based on reported buildable area. Transactions not brokered by Landair.
Maha’s Take: Mott Haven is setting the pace, with two sites trading at $115 and $125 per buildable sq. ft. over the past year. If you own property nearby, buyers are paying for what your lot can become.
What’s Your Site Worth?
With more buyers competing for Bronx land, now is a good time to know where your property stands. I’ll put together a free, confidential analysis of your site, including:
- Your current buildable sq. ft., plus what a rezoning could add
- Which 485-x track your site supports
- Any unused air rights you could sell
- What buyers are paying for comparable sites today
No obligation, and no pressure to sell. Get my free site analysis →
Maha Alaoui
Senior Associate
Maha Alaoui is a Senior Associate at Landair Advisors, specializing in development sites across the Brooklyn and Bronx markets. With a strong foundation in economics, international affairs, and data science, Maha brings a strategic, analytical approach to advising clients on complex development opportunities.
Since joining Landair Advisors, she has focused on supporting property owners, developers, and investors with a transparent, detail-oriented, and relationship-driven mindset. Her diverse professional background in project management, sales, research, and data analysis enables her to evaluate projects from both financial and operational perspectives, helping clients make informed decisions in an evolving real estate landscape.
Prior to entering commercial real estate, Maha served as a project manager overseeing a major office expansion initiative, an experience that sparked her interest in real estate development and shaped her long-term career path in the industry. Originally from Morocco and fluent in English, French, and Arabic, Maha brings a global perspective to her work and is deeply passionate about cultural exchange. Outside of real estate, she enjoys painting, traveling, and connecting with new people.
Cell: (516) 713-7161 | Office: (646) 559-4700 | malaoui@landairnyc.com
Landair Advisors | 221 W 37th Street, New York, NY 10018 | (646) 559-4700
