There was a great article yesterday in the NYTimes about the unfinished projects coming back to market, finally getting built, etc – all across New York City.
I have a great deal of respect for real estate developers.
There is so much risk involved, not only in terms of a specific property.
The entire economy could turn, given the timelines of projects- to break ground in one market, and finish a project in a worse market, or a terrible market, is only one of the many risks.
Financing challenges in today’s market, tax incentives.
It takes a bold person to be a developer, and a savvy one to stay successful through many markets.
What's on the horizon
Now that we’re on the other side in many ways from the downturn in the NYC housing market, lots of projects are set to hit the market next year.
It should be a very exciting 2013 to chat about real estate new development.
In the meantime, since the summer has been a tiny bit slower in new New Development to market- naturally- it’s not really part of the sales cycle- I’ll add a couple of things:
Midtown Rezoning will ultimately change the complexion of the East Side:
A quick article here talks about height changes, etc
Also – there is a great development coming up at 240 Manhattan Avenue, which will have 2 park exposures (110th and Manhattan Avenue), which will be 22 stories. Very exciting- and I’d be delighted to tell you more about it.
I will take this opportunity as well to tell you that I think that if you’re thinking about investing in New Development, I’ve come to the view that Harlem is so poised for a turnaround, very soon.
Almost all the new development has sold out, and there simply is massive demand which is well-deserved.
Please take a ride, run, walk, stroll, drive through Harlem, especially Central and West Harlem, and you’ll be impressed.