Farband Housing, a two-building complex fronting Barnes and Matthews avenues, has been in the neighborhood since 1928, but today, the self-managed co-op faces challenges. In 2015, the Bronx Times reported that the co-op was $300,000 in debt and that the understaffed, provisional co-op board was in disarray. As of November 2024, the co-op only accepts cash offers, a sign that buyers may have difficulty securing loans from lenders. Requiring all-cash offers significantly limits the buyer pool and means that units tend to stay on the market longer than average. Michael Brown, an agent at Keller Williams Realty, has experienced this with his current listing, which has an asking price of $219,000: “A three-bedroom should fly off the market at this price point. If buyers didn’t have to pay in cash, it would have sold the day it went live.” Brown also adds that the co-op’s management dictates pricing categories regardless of the unit’s condition. “Three-bedrooms have to be priced over $200,000,” he says. “They do this because they don’t want a low sale to have a negative impact on the value of the other units.” Still, some sellers are attempting to avoid the rule. In the Matthews Avenue building, one listing is asking $140,000 (the co-op’s minimum price for a one-bedroom), but comes with a massive $80,000 concession at closing.
Common areas include an Art Deco lobby, a simple courtyard and a laundry room
Although the co-op has shaky financial standing, the building itself is known for its unique blend of architectural styles. “From the outside, you feel like you're walking into an old English Tudor with brick and stonework,” Brown says. “So when you walk into the lobby and see these Art Deco details, it’s gorgeous, but it’s definitely a surprise. You’ve got marble staircases, round penny tile floors, nice woodwork and tray ceilings. I’d say they do more maintaining of the existing structure than updating. It’s very classic.” Save the buildings’ Art Deco lobbies, the only shared spaces are the basement-level laundry rooms and a shared courtyard. The outdoor space has benches and plots where residents can garden, but otherwise, there’s not much in the way of landscaping or entertainment space.
One to three-bedroom units come in various conditions
The complex has over 250 units ranging from one to three bedrooms. Between large concessions and changing management policies, it’s difficult to nail down pricing in the complex. In 2024, a one-bedroom was listed for $140,000 with an $80,000 concession, a two-bedroom for $185,000, and a three-bedroom for $219,000. At these prices and for an all-cash offer, buyers will find a few commonalities despite mixed conditions and finishes. “Compared to a lot of co-ops in the Bronx, the bedrooms are very big,” Brown says. “The kitchens are also nicely sized for a prewar building. You don’t have those tight galley kitchens. Instead, most have pretty spacious eat-in kitchens with a little dining alcove.”
Residents can remain local for basic needs and recreation
Considering this is a neighborhood where people tend to lay down roots, it’s not surprising that locals find it rather convenient. “Between this area and Co-op City to the east, people tend to stay put,” Brown says. “You can get everything you need right in this area. Allerton Avenue is a major shopping and business hub for the community.” Just over a block from the co-op, the commercial corridor is lined with global takeout restaurants, service shops, bodegas and grocers like Key Food Supermarket. North of the co-op, Burke Avenue has a smaller selection of eateries. “Heading west, people can walk a few blocks down the road to a really cool park along the Bronx River.” Called Shoelace Park for its long and narrow shape, the green space has athletic fields, long trails, a skate park and more. The New York Botanical Garden and Bronx Zoo are also nearby. Although both require tickets, NYC residents can buy a reduced-fare ticket for the zoo or visit the garden for free on Wednesdays.
Buses and subways are within walking distance
Residents can reach stations for the 2 and 5 trains in roughly 10 minutes by foot. Numerous bus lines are available closer to the co-op along Bronxwood Avenue, Boston Road and Allerton Avenue. Those with cars can quickly access Boston Road (which is lined with dealerships, gas stations and auto shops) or the Bronx River Parkway.
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Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
4/ 10
Very Bikeable
Bike Score®
80/ 100
Walker's Paradise
Walk Score®
91/ 100
Rider's Paradise
Transit Score®
91/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Zimmerman Playground
9 min walk
Basketball
Picnic Area
Pickleball
Magenta Playground
11 min walk
Basketball
Playground
Allerton Playground
2 min drive
Basketball
Playground
Ben Abrams Playground
2 min drive
Trails
Playground
Angelo Campanaro Playground
3 min drive
Basketball
Soccer
Pickleball
Reservoir Oval Park
3 min drive
Williamsbridge Oval Park
3 min drive
Williamsbridge Reservoir Oval
3 min drive
Bronx Park
5 min drive
Schools
Source:
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