Back HomeGrowth and Expansion
There is no denying that New York City is a popular place to live. With that popularity and growth, comes congestions. Both developers and city planners are once again aiming to make Manhattan an even more accessible and enjoyable place to live.
For example, the Metropolitan Transportation Authority has taken charge of expanding the accessibility to different parts of Manhattan and Brooklyn, which leads to an increase in value for condos, apartments, and townhouses in those neighborhoods. Due to the most recents real estate developments on the West Side, commonly known as Hudson Yards, the MTA took the liberty of expanding the 7 train line through that area so that passengers and travelers now have access to destinations like the Jacob Javits Convention Center, the new extension of the Highline Park, new residential buildings, and the mall expected to go up in a few years (which even includes major department stores like Neiman Marcus). In addition, the Subway train lines have expanded on the Upper East Side of Manhattan, which have attracted many developers and investors alike to purchase property in that neighborhood. With increase in demand, comes an increase in price. So overall, we can bet that in due time, prices for these properties will continue to rise, as new amenities and neighborhood. Therefore, it is a great time to invest because the value of the properties and the value of the neighborhood will increase.
Recently, there has been a transition of power and planning for the Metrpolitain Transportation Authority. Emma Fitzsimmons of the New York Times writes that the MTA is bringing in new talent with a key real estate background to oversee the new projcects for the MTA .”Mr. Lieber will oversee several high-profile projects, including building the next phase of the Second Avenue subway, to 125th Street in Manhattan, and a new train terminal under Grand Central Terminal for the Long Island Rail Road” (1). This will give a rise in popularity to East Harlem, a neighborhood where only the 4,5 & 6 trains are serving. It will also link access to the Harlem Line Metro North Station at 125th as well as several bus lines. In addition, thousands of commuters from Long Island and the Metro North will now have access to more trains through the renovation and expansion of Grand Central Station. Passengers from Long Island will have an easier and shorter commute time getting access to the East Side.
“Govenor Andrew Cuomo reports that “Bringing Janno Lieber on board is a perfect example of leveraging private-sector talent and experience to accomplish our bold and ambitious agenda to continue transforming the M.T.A.” (1). In addition, having someone with a real estate background and experience will be vital to knowing the layout and structure of the neighborhoods. Since Lieber has served in the real state industry for so long, he will likely be able to determine the positive impact of these projects, and what value it will bring to the real estate’s surrounding areas.
Lois Weiss of the New York Post writes the following: “The shrinking inventory of trophy product is mismatched against a queue of global institutional investors who still view New York real estate as the best risk-adjusted, safe-haven investment option,” he says (2). Despite the volatility in other current markets and industries, real estate (in New York), seems to always be a steady investment in demand. With new developments being built and neighborhoods becoming more modernized and accessible, there will surely be a pool of investors to follow. This is a great time to buy and invest, before the increased prices after the MTA completes its plan to expand. Clearly, the New York City real estate market is here to stay and will continue to remain strong.
(1) New York Times
(2) New York Post
