I, Isaac Toussie, would like to offer some thoughts and basic information on the New York real estate market in particular.
New York real estate means New York City real estate. By whichever indices employed, no housing situation in the whole state is as important as that of its namesake city. New York City officially numbers some eight or nine million souls, but educated guesses put the real figure at up to another two million more due to the population of illegal immigrants. Though financial troubles has hit today’s New York City housing market just like all other sectors of the local economy, it is still profitable to be a New York City landlord, while New York City tenants struggle, as ever, with high rents and small spaces.
Think New York condominiums and immediately think Manhattan – unless you’re an informed local who knows that the high-end residential real estate market has migrated into the so-called Outer Boroughs, Queens and Brooklyn in particular, though even the Bronx has been receiving hundreds of millions in developer attention of late. Luxury condos are still being built in this depressed economy, transforming once-gritty industrial neighborhoods like Greenpoint, Williamsburg, and Red Hook into the latest textbook examples of planned gentrification. Unlike previous cases in Chelsea, SoHo, and Greenwich Village, however, these latest developments are not colonies of yuppies, but hipsters – their children.
Nowhere in New York is the real estate market as dynamic as in New York, New York. Not by a long shot. Even in this economy, work continues apace on new construction in residential and commercial real estate. Once-grim and hard-scrabble industrial neighborhoods are in the process of becoming the latest textbook examples of gentrification, giving new meaning to names like Long Island City or even Mott Haven, in the Bronx. The city is in the process of doing what it can short of declaring eminent domain – which it will do if necessary – to acquire property on the shores of Flushing Bay so as to develop the Flushing-Corona corridor with new construction for commercial and residential use.
The content of this article has been posted strictly for informational and human interest purposes only, not for advisory purposes, and should not be relied upon in any way by any person or institution. The reader should not rely on the validity of any of the information contained herein. The reader is urged to consult a variety of professionals when making business or any other significant decision, including accountants, lawyers, investment advisors, insurance companies and the like. Again, this article has been posted merely for human interest and informational purposes, not for advisory purposes.