New York Times' Alison Gregor has filed a piece singing the praises of Port Morris as one of the last great industrial areas left in New York City.Like much of the BoogieDown, the biggest perk for the many businesses who have relocated to Port Morris from other NYC hoods is the easy access to vehicular and mass transportation.
At a time when most of the country's/city's real estate market is in the shitter, the Port Morris market is described in Gregor's piece by a CB Richard Ellis senior vice president as: “a very tight market — it’s a tight market for lease, and it’s an even tighter market for sale." [NY Times]
The article goes on to say that while the office vacancy rate in Manhattan is expected to hit double digits soon, Port Morris currently has a vacancy rate of just 2%.
This serves as a nice follow-up to our previous post about the South Bronx Overall Economic Development Corporation... They are mentioned throughout this Times' piece because they have been instrumental in the area's transformation from the symbol of urban blight to a place where businesses can flourish.
Check out the full piece here.
~ErLu
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