Spotlight on the South Bronx for Real Estate Development

For over 27 years, experienced real estate developer Charles J. Diven Jr. has managed new construction and rehabilitation projects for clients in the New York City boroughs of Manhattan and the Bronx. In his role as principal of LPG Associates Inc., Charles J. Diven Jr. was instrumental in the successful construction of multifamily affordable housing developments in residential areas of the Bronx.

Areas of the South Bronx that line the East River waterfront were rezoned in 2009 to encourage residential development. Today, the South Bronx is attracting developers of below-market-rate housing, who aim to provide more affordable accommodation options for the influx of tech workers entering New York City. 

The Bronx is appealing to developers, renters, and buyers alike due to the relatively low cost of land and the low price per square foot of existing properties. A large portion of the new construction is clustered in areas that are occupied by warehouses and defunct industrial plants, which limits the displacement of current residents. Some officials also believe that shifting the area from predominantly industrial to residential uses will improve its air quality.