Hi Michael,
I’m an investor in the Bronx, actually it was where my RE investment career began first, and not to mention I grew up in the Bronx.
I love the fact you are looking to invest in property and help the redevelopment of areas in the Bronx that are being knocked down. It’s a great start to clean up certain areas.
But, I don’t quite understand what you are asking in terms of zoning. R6 and R7-1 are very similar besides for minor height factors, lot sizes and quality housing options.
I don’t see how investing in one rather then the other would make a difference in terms of value. I could understand if you were comparing strictly residential to mixed use zoning but value in this case is difficult to determine. It basically comes down to what you are seeking to build. Are you looking for a knock down and build an apartment building, what height and lot size , or looking to buy the land and flip, or a buy knock down and hold? So many factors to determine.
The difference between these two zoning regulations differ mainly due to the the height of the structure and its lot size, Parking spots allocated per area, and quality. I would only assume the bigger the better profit. But that still doesn’t mean the best profit, so many other factors come the value of a property based on zoning regulations. For example, location, Demographics, *Market value*, Prices of lot/property/land, etc.
I believe the only reason zoning and value would even be a thought to consider when buying property or land is if again, you want mixed use such as store fronts with apartments vs. single/multi family.
R6 and R7-1 zoning differ mainly in R6 Height Factor Regulations, R6 districts recommend small apartment buildings on small zoning lots and, on larger lots, tall, narrow buildings that are set back from the street. Also a vast range from small homes, row houses to large scaled buildings. R7-1 deals with lower buildings with higher lot coverage and more parking space.
Please excuse me if I did misunderstand your question on value and zoning. In my opinion R6 vs R7-1 value is totally irrelevant and extremely hard to decipher when looking to purchase and build property. Again, other major factors take precedence such as, market value, location, demographics, rental income, rental neighborhood?, etc.
For example, it’s like building a 13 story building in country club. It would never happen unless its over looking the water which is already established, there’s not much of a market for you to have tenants and renters to live there, it’s an upscale neighbor rare for apartment building to be built, prices are highest in the Bronx right next to Riverdale and the demographics. The zoning rules in this scenario would be irrelevant in terms of value.
What areas in the Bronx are you looking to invest in?
