The New York real estate business may seem harsh and highly competitive in a cut throat manner, but in fact, the real-estate business, especially in New York City is an industry with certain protocols in place. Mainly the tradition which differs from the rest of the country, doesn’t have a Multiple Listing Service through which brokers share the opportunity to sell varied properties. Therefore, for there to be an equal amount of chance for all realtors in the Manhattan area, real estate brokers are required to share all listings within 72 hours of getting them which is enforced by the Real Estate Board of New York. However, there can be some issues that rise from this regulation, for it is easy for a broker to by-pass.
A real estate agent can disregard in telling other sellers that a buyer from another agency might be interested or let a short amount of time go by before returning a rival broker’s request to show a property in hopes that before they find out about it, its already been sold. Luckily, New York City is consistently a stable real estate market worldwide. New York’s commercial real estate industry has a reputation for being a global empire to be reckoned with.
In 2016, infrastructure ventures threw New York’s growth more in new commercial properties, according to a new study by an industry group. The New York Building Congress estimated that construction which began in 2017 will roughly amount in approximately $38 billion in value, rising $6 billion from 2016. Tevfik Arif These speculated figures denote the costs estimated on projects that started but not the amount in what was paid in the calendar year. Nearly $19 billion were estimated as monies from public works such as roads, bridges, train stations, sewers and drains as well as facility projects such as hospitals, schools and airports.
Likewise, there is the estimation of the public-private renovation of the LaGuardia Airport which is estimated to be around $8 billion to be included in the above value. Additionally, there is an ongoing $232 million rebuilding and restoration of the Unionport Bridge located on the Bruckner Expressway in the Bronx, and the half-billion-dollar cleaning dredge project of the Gowanus Canal by the Environmental Protection Agency, which is consider a Superfund location in Brooklyn.
The only issue that investors may face is that often, especially as markets are really rising is that they may forget that what goes up can go down. They get caught up in the excitement of the current real estate boom, so they get comfortable with the real estate market being so strong for so long. But that is not realistic. Economies do and will fluctuate but the bright side is they eventually do correct themselves. Tevfik Arif Doyen
If companies consistently create jobs in New York and have growth, they will eventually need to purchase new properties. The surrounding companies have a huge impact on the local commercial real estate industry. If you are interested in investing a New York commercial property, simply glance at the construction equipment on the streets of New York, research the growths in population and professions over that time and the entry of new companies coming to the area.
Rahul Raheja is a highly passionate writer,digital marketer and outreaching expert who loves creating an imaginary world with his writings. business development consultant, strategist, blogger, traveler, motivational writer & speaker.Stay tuned with him at: FB/imraheja