As a Lower East Side Resident, and real estate broker, I have observed the shift in the architectural landscape. What once used to be the Matzo Factory, is now a new condominium development. Adorning the corners of the high foot traffic Clinton Street – an array of new boutique shops selling art, good food, and love in a cup of gourmet hot chocolate. It makes sense that developers hedged on the steady growth of the LES. A romantic landscape , with vibrant flavor and history, where a developer could build and make a profit, while not surpassing the average 2k a foot psqf, in surrounding neighborhoods. As a resident, and broker, I do feel that it is positive that our community continues to dynamically move forward, while still keeping aspects of the history that has made the LES what it is. Among the fancy new boutique shops, one can still find the little mom and pop spaces, art, music, galleries, Orchard Street. The architectural design does not take away from the skyline; featuring small walk-ups, and charming buildings. From a buyer’s standpoint, this would be the place to invest at the moment, while prices are relatively low, and the product new, in a wonderful location. GO LES!!!!
Small walk up building located on Delancey Street – for sale
Location:Lower East Side
Building Sq. Ft.: approx 9,000 sqf
Price per Sq. Ft.:961
Price $ Between 9 and 10 million.
I often imagine future urban landscapes as dynamic cybernetic living organisms. Intelligent spaces will be able to combine aspects of our lives to create an all encompassing, creative, and healthy community. Every square foot will be smart and usable. Imagine. The air space as we know it, will be utilized for additional building, given that people will probably enjoy extended lives through bioengineering. Architectural shapes, design, and materials will also have to adorn the sky creatively in order to facilitate movement and community between buildings. On average, it appears that currently most people can live up to 90 to 95 years old, and that can translate to working beyond retirement years. Property management software is already impacting building occupancy, financial reporting, and to some degree, it is freeing property managers to focus more on the macro qualitative aspects that software and intra link digital systems can’t do. Coworking and coliving will begin to mirror in experience. “Proptech” will continue to lead an aggressive, and progressive shift in business models and services provided. Institutional commercial and residential real estate owners who acknowledge the inevitable shift, area already investing in tech that will give them an edge over their competitors, while also spearheading a new global market. Understanding that if they don’t forge ahead and take a risk in investing in the given emerging landscapes, that someone else will, thereby also diluting or disrupting their marketshare. Coworking and Coliving are just the roots of a mobile, digital ecosystem addressing needs in segments that include, but are not limited to: property management, security, health, natural energy, global warming, and space use. I wonder how this creative cohesion and integration of new tech and space will affect privacy. Already, while we navigate the digital spaces, most of us are leaving trails of data points that others collect and repackage in the form of algorithms. Will people yearn to disconnect from what might be inherent, and constant surveillance? Or will the advantages be great enough that people will accept constant integration into the “machine.” What will this mean for small business owners who will be disrupted because they can’t afford to invest or curate technology that will put them into the forefront of their competitors?
It is evident that the residential and commercial landscape is rapidly changing here in the LES (Lower East Side, NYC). It is my second day dining at Taco Mix – and I am delighted to report that the food is delicious. I foresee that in the next 10 years, this small strip, which appears currently under contract, will build its air rights and develop into a mini mall; mixed use condominium, or both? The puzzle could align given the recent burst in tech start-ups in New York. The “opportunity zone” on South Delancey Street and Broome Street, featuring brand new offices, and a collection of brand new residential sales and rentals will be able to host the continuation of this burgeoning cultural shift. Perhaps Andreessen Horowitz, a private American venture capital firm, or Fifth Wall, will open offices here in the LES? Only time will tell who the prospective tenants will be, but they can always e-mail me for feedback ha ha email@example.com
The empowered real estate professional of the future will be supported by artificial intelligence derived from contextual local data to guide the process and provide insights. Like any other major shift in the world, it will take time to derive meaningful algorithms. In the process, there will be a refinement in ethics given that software and hardware solutions are inherently subjective with a given goal in mind, and it is often just about making money, (not all, some) and not aiming to solve a problem. To some degree, that cycle will correct itself as people will eventually decipher between such competing voices; hopefully machine learning will produce super intelligence that is self motivating toward “mindfulness.” Just as we hope that real estate brokerages and developers that make a career out of “opportunity zones” act beyond speech and actually purport positive change by giving back to the same community.
Constituents use artificial intelligence keywords to differentiate and gain market share, because technically, and literally, there are current laws governing how a real estate brokerage should be structured. This actually limits what can be done by a robot vs a licensed real estate agent depending on location. While the purported tech rhetoric has to some degree dislocated smaller brokerages and brokers, there are players that realized that in order to compete aggressively it is imperative that they go beyond speech and actually use relevant data to feed the machine and obtain aiding answers in pricing and pairing of customer and real asset. Thus, traditional closed systems that own compilations of such relevant data sets, can now crunch that data to churn it into gold, thereby enhancing the real estate agent in their brokerage into a “super agent.” This process or paradigm shift will create a division between brokerages who cannot afford to buy market intelligence or data, and scientists and engineers to build smart systems. Technocratization also created a market- place for non traditional real estate brokerage services for different classes (single family, condos, ect). Moreover, there are companies offering to streamline most of the transactional process for a fraction of the traditional cost. While I do not imagine that there is a unicorn that can streamline the buying or selling process for every asset, there are some fair artificial intelligence solutions that can be helpful, depending on the user’s goal. Human time and effort is still needed to guide the algorithms, label the data, collect data, and understand the linguistic environments where such “innovation” takes place.
Conclusively, I would not make my bet on having artificial intelligence dramatically replace a system and process that is local, and to some degree analog, operating through a specific legal framework changed overnight. The process of creating meaning in our society and cultures takes time, that includes the understanding of new technologies by many, the cost of such shift, and the adoption of it. The questions that we are left to ponder are related to: what is the value that is created? Who loses? people without access? Does it solve a real problem? Is it long term? Is it viable? And it will eventually become the norm? Within what framework?
As we continue to adjust from analog to digital, it seems relevant that other systems would eventually have to adjust. Commercial and residential spaces might feature air filtering systems, social community through design and space availability, and completely wired with the latest capabilities for wireless communications. Additionally, there will be more of a “green” component in most spaces with plants, and flowers, and beautiful pure scents. A future of “smart” and “green” buildings and communities. My colleague introduced me to his solution below, and I rarely promote things, but, I think that what Thomas is offering is relevant. Now back to the birds chirping in New York City.
Available for sale, an office building located in Milan, Italy (area: Vigentino, south of Milano) currently listed at $6,200,000. “Mirror Towers” was built in 1985 and renovated in 2004 featuring 15 floors. Current use is office, but it could be converted to residential use. Parking accommodates 47 cars. Subject property located near high traffic zones. Please inquire for additional details. Info@manhattanlifere.com
The Lower East Side, New York, NY is a wonderful place to live in. Currently, there are a variety of new real estate developments adding to the eclectic local landscape. I recently visited a rental development near the Williamsburg Bridge, on Delancey Street. The 3 bedroom, 2 bath property featured above average high ceilings, large windows – allowing for radiant light and breathtaking views of the surrounding architectural and environmental instruments. Overall, the layout is proportionate in terms of halls, foyer, bathrooms, and bedrooms. The kitchen is open and upgraded. Equally important, is the building’s staff, who are knowledgable, attentive and hospitable. The price(s) range between $7,200 to $8,000 per month/3 bed/2. Continue reading