SoBRO: South Bronx Overall Economic Development Corporation

PRESS RELEASE
FOR IMMEDIATE RELEASE

April 4, 2011: Most of America’s housing stock is in the doldrums, but many experts are betting that real estate growth in New York City will point north to what was once an unlikely haven for property investments: the Bronx. This bullishness about the borough could barely be contained on March 30th as developers, lenders, builders, brokers and public officials filled the north wing reception hall of the Bronx Museum of the Arts to take part in the Second Bronx Real Estate Summit.

Hosted by the SoBRO in conjunction with Mastermind, Ltd. and The Kretchmer Companies, the Bronx Real Estate Summit is a regular convention of active Bronx real estate professionals who come to share their experiences and learn from other respected individuals in the field.

The theme of this Summit was “The Economy: Local Impacts, Lessons Learned, Leaps Forward.” Current Bronx Borough President Ruben Díaz, Jr. spoke about the significant strides being made in overall Bronx improvement and the economic opportunities still awaiting action. Adolfo Carrión, the former Bronx Borough President and current Regional Director for the U.S. Department of Housing and Urban Development (HUD), discussed the need to reinforce the relationship between public and private sectors as well as the potential of investing in the Bronx.

Optimism about the prospects of Bronx real estate is backed up by recent US Census data. In the first decade of the century, the Bronx welcomed 52,458 new residents into the area. The sharpest population increases were seen in the South Bronx neighborhoods of Morrisania (8,068 new residents) and Melrose South-Mott Haven North (6,019 new residents). The total market value of all residential properties in the Bronx is estimated at some $21.1 billion, and its 45-square mile area abuts Manhattan, the world’s most valuable piece of property.

The three other panelists at the Summit were no less upbeat about Bronx real estate. Carol J. Samol (Director, Bronx Borough Office, Department of City Planning), Carol Lamberg (Executive Director, Settlement Housing Fund, Inc.), and Radame Perez (Chief Operating Officer, Mastermind Ltd.), pointed to various successes in Bronx development. They discussed current as well as future needs and trends in commercial and residential building in the borough.

Katten Muchin Rosenman, LLP sponsored the Summit venue and All New York Title Agency, Inc. was the breakfast sponsor. SoBRO raised over $3,000 in donations from attendees, and all proceeds went to the museum.

The Bronx Real Estate Summit is modeled after the Brooklyn Real Estate Roundtable, which has hosted quarterly meetings of Brooklyn developers and professionals since 2007. After the tremendous success of the last two events in the Bronx, SoBRO is planning future Summits to showcase speakers who have led innovative revitalization efforts and can share information useful to development in the Bronx.

Mastermind, Ltd., the Summit's co-organizer, is one of the most active real estate development companies based in Bronx County. The organization has helped Bronx entrepreneurs and commercial tenants with real estate projects and has cultivated a large portfolio of affordable and moderate-income housing units. The Kretchmer Companies is an affordable housing firm founded in 2006 with more than 340 units in predevelopment in New York City for NYCHA and HPD. Founded in 1972, SoBRO has paved the way in economic development in the South Bronx, attracting more than $350 million in capital investments into the area. SoBRO has more than 900 units of affordable and special needs housing currently in various stages of development.
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