New York City is our nation’s largest city, with millions of people living within its borders. Many business owners like Joe Sitt have chosen this great metropolitan area for their company’s home base.
The heart of the city is one of the world’s top real estate markets, and that’s due to the high demand for urban real estate development, which is constantly expanding and gaining substantial revenue for investors. Each new structure has become part of the NYC skyline, as the architectural design is something special.
Here are what investors are looking for in NYC urban real estate development:
Supply and Demand
The top investors put their money in urban real estate development deals to support their other business ventures. However, not every project will become a success, but the keen real estate investors like Tishman Speyer hold off on the start of certain urban development projects until the demand is overwhelming.
Often, the wait allows for more real estate opportunities to develop, which has the potential to make a profit for all. Some of the more high-profiled urban real estate development projects have brought new housing to communities where tenants have suffered too long with crumbling, decaying buildings. Plus, the area can begin seeing new businesses arriving that kick start the neighborhood’s economy.
Build It and Dwellers Will Come
Having celebrities associated with an urban real estate development project can make that site an attractive property. Potential tenants love the thought of residing next to Madonna or Chris Rock and their families.
The Upper West Side in NYC has become an ideal location for urban real estate development projects. Sting and Beyonce own co-op apartments in the neighborhood as other celebrities have bought property in the surrounding Tribeca and the West Village communities.
Looks Could Kill
Deciding to invest in a New York City urban real estate development project is often determined by the location, size and shape of the property. The answers gained from research contribute to whether or not to invest in the project. Often, investors personally inspect the property before agreeing to any deal.
The current climate in the marketplace is taken into consideration as certain urban real estate development properties become more appealing because of their value. In some cases, the current owner may be in a financial bind, which forces investors like Robert Reffkin of Compass to make an immediate move and buy the property. Some are great bargains that need some sort of facelift before an investor can gain a profit.