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 firstname.lastname@example.org
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
Everything seems brighter in New York City today; the sun is bursting over the fabulous skyscrapers populating the radiant and inviting blue sky. Aside from the warm climate, the sales market is leading with a healthy uptick in movement and pricing. While there are factors that can contribute to the shift in pricing each quarter, in 2014 there seems to be a trend – inventory is low and prices are in the upswing. There are factors that contribute the market conditions, and there is an underlying cycle to the degree that eventually prices will reach a stasis. Subsequently, there is still technically a window of “opportunity” for real estate players. Cash is king, and that is true for buyers who do not need financing. What may be “too expensive” for some, can be an opportunity for others in our global economic landscape. Additionally, in Manhattan, the complexity of zoning and air rights, price for the land, as well as historic landmark allocation in some areas will continue to generate demand for land where development can occur. There is a nice segment of new construction, but in the high-end market, because the incentives to build “affordable” housing have diminished. Companies spend millions trying to crunch numbers and data to hedge identify the exact time, space and mobility of an asset– not even for a solid rock of gold do we know the trajectory, or do we?. The NYC real estate market is fascinating, dynamic, and the exact future of its peak or lack there of, somewhat evasive, but while in the moment – just a slice of the macro dynamics here in NYC.
We are all busy it seems. New York City is a very fast-paced city. Recently, I have noticed, that people are constantly so distracted, they do not listen, they do not take time to respond properly. We are heading towards a speech style that is going to sound more like text. That is, short chopped up sentences that leaves us confused as to the intended meaning of the message. Imagine what would it be like if people paused in the first contact of interaction to say: “hello, how are you today?” pause, and then go on. It is something to think about…..
A few years ago listings sold, sure, but there was room for negotiation, and pricing somewhat at a pace reflecting the mood of the economy. This year, if an apartment looks priced under market value, be aware, as this can be basically is a tool to create a bidding war. Cash is king in accepted offers. Should that be fair? As a buyers agent, no, that does not seem fair. I always advise my clients/customers to be aware of the rates psf in the given location, this way they refrain from using emotional logic and overpay. If another prospective purchaser wants to do that – then let them pay, you move on to a fair deal. There is no such thing as a “deal” really – particularly in coveted locations and prestigious buildings. What there is, however, is a “fair deal.” It is important to buy an apartment that has future resale value. Don’t take for granted things like view, light, floor level, how big the bedroom is. Just a thought.
Manhattan is expensive; be prepared to spend. Just don’t empty out your accounts – unless your accounts are bottomless and you really just don’t care.
It looks like some real estate investment is occurring in Colombia. Sam Zell, owner of a Chicago International Investment company, was one of the real estate leaders who took this important step. Colombia is a beautiful country, with glorious vacation locales like Cartagena. The clear beaches, breezy climate, wonderful food and rich history – will continue to develop as a vacation destination for some in some areas of Colombia. Additionally, Bogota, the capital, also continues to foster opportunities for new corporations to establish, and old corporations to expand into and continue to grow and enjoy new and affordable commercial spaces. This is an exciting transaction and business relationship to keep an eye for. As globalization continues to prominently affect our globe, the need to establish cross- cultural relationships in the real estate landscape will be more pronounced and feel less disconnected.
The Lower East Side continues to move forward in development. Within the next ten years, the area adjacent to the Williamsburg Bride – South, North and East will continue at a similar pace as the land lease on the West 30s of the Hudson. While new apartment buildings will be a mixture of affordable and market rate residencies, the air-rights of existing older walk-ups will be bought and built. One example is the corner retail space of Delancey and Clinton in the Lower East Side. Similarly so, the Seward Park area, will see an influx of new retailers, with concessions to match the residential additions.
Here is the link to the open bid to work on this amazing trajectory …
“http://www.nycedc.com/project/seward-park-mixed-use-development-project”>here is the link to the bid
I was watching a video by Danny Hillis, discussing what would happen if the Internet crashed. He talked about the origins of the infrastructures, and systems, and basically the fact that the Internet as a communications system can be attacked, disrupted – in essence crash. We have found ways to protect information on machines, and structures, but we are still in essence over dependent and vulnerable.
How this relates to real estate? Well, it can relate to anything, I have however noticed a tremendous continuation of dependence on everything on the web to do a transaction. From the databases with listings, to the exchange of documents, to electronic signatures, to the most basic dependence of looking for properties on various websites. I think it is helpful to have a back up system – perhaps not note cards stashed with addresses and prices, but something where if the Internet goes down, we can still manage