Back HomeWhat to Look for When Investing in New York Real Estate
To be ahead of the curve in New York Real Estate, the buyer must invest in a neighborhood prior to the gentrification and the development of the area.
One of the first places to look is to follow where the developers and the property managers are going. Michelle Higgins of the New York Times writes “buyers who seek the next “it” neighborhood, rough edges and all, would do well to take their cues from developers” (1). The downside to all of this is the developers not having sufficient funds to complete the project, or making a poor decision in a neighborhood that will not develop for a while (or ever).
That being said, Higgins follows up with “a better bet … may be a neighborhood with access to public transportation and real estate values that are rising but still lower than in surrounding areas” (1). Residents who are looking into reasonably priced investments or rents are still looking to keep the “convenience” of their old neighborhoods. Proximity to convenience plays a huge factor when renters look to sign a lease. They desire to be close to transportation, grocery stores, and recreation, even schools.
Photo Via New York Times
Some of the neighborhoods that have recently seen growth include East Harlem, The Rockaways, and Sunset Park West. Lauren Cangiano says she can “see East Harlem as one of the few remaining areas in New York City where you can secure a good deal” (1). New luxury apartments have started to develop and new bars and shops have opened up, while still rooted in the “El Barrio” heritage. Another neighborhood worth looking into is The Rockaways. “Katie Long traded a cramped Park Slope rental… for a $480,000 three-bedroom two-bath condominium a block from the ocean. ‘It’s like night and day… We are living like kings” (1).
Sunset Park West is also drawing crowds in to art shows, the Brooklyn Flea, warehouse events, and the new Brooklyn Nets training facility. With more crowds, comes more publicity. With more publicity, comes more interest. And with more interest, comes more investment (2). David Kramer of the Hudson Company jokingly stated, “if it’s a neighborhood that you’ve barely heard of, that’s a good sign” (1). Amy Plitt of Curbed NY writes, “WTF is Sunset Park West? It’s unlikely that the name will stick (2).” Good indicators that the neighborhood is still in the early stages of gentrification and “the rise.”
Written By Kylie Keller
(1) New York Times
(2) Curbed NY
