What Investors Look For In NYC Urban Real Estate Development
New York City. Perhaps no other city brings up so many things in a person’s mind as this city does. It has something for everyone. It’s hard to imagine a city that has been around as long as New York, and still, has room to grow. Not only is it true, but every day there is still some type of new building project going on. It could be duplexes, apartments, skyscrapers or retail space. Whatever it is, real estate developers continue to take a bite out of the big apple.
Why is New York City still considered to be a lucrative real estate market? The simple answer is that it has never really been affected by the real estate bubble found in other parts of the country. Even during the worst crisis of the past, this ship barely wobbled and kept moving on. In fact, the amount of profits made from various real estate companies such as Thor Equities (Joe Sitt), Toll Brothers, Kushner Properties and Trump, is huge. New York City has also seen its share of celebrities getting involved in development. A few examples are Tom Brady, Jimmy Buffet, and David Robinson. As with any city, New York has its share of zoning laws and building codes. It is imperative that a developer has a good understanding what those are before pouring concrete.
One of the things that make New York different from most other cities is transportation. The city relies mostly on public transportation. Therefore, when building here, it is important to keep that in mind. This is because people will want relative ease of access to subway or train stations. New York is divided into five areas known as boroughs. They are Manhattan, Queens, Brooklyn, The Bronx and Staten Island. Manhattan is the most densely populated of these and the most affluent. When most people think of New York City, with all its tall skyscrapers, they are thinking of Manhattan. Staten Island is the least populated of the five.
Manhattan has pretty much peaked in terms of growth, so now investors are looking at other areas. The two most popular areas to invest in real estate are The Bronx and Brooklyn. Brooklyn has already become gentrified, and the predictions are for The Bronx to be next. After these two, Queens is predicted be the third area to change. The bottom line is that, once permission is attained, there is practically nowhere in New York City, where it would be considered a bad investment to build. The city is just that sought after and solid.