Real Estate Forefront
Covers all of the emerging developments in the New York City marketplace through a quarterly series of detailed reports.
03-Jul-2013 — Which Had A Greater Impact On The Investment Market: McCarren Park’s Renovation Or The New Barclays Center
Emerging Developments in the NYC Marketplace, #24
Investors have flocked to Brooklyn over the last few years to build and convert loft buildings into housing, retail and hotels. Some of these investors may have been induced by two public infrastructure investments that were completed last year. These two projects had very distinct impacts on their respective neighborhoods: the McCarren Park renovation on Greenpoint/Williamsburg and the new Barclays Center on Downtown Brooklyn/Fort Greene. Both investments took more than two years to finish and involved tens of millions of dollars, but both yielded heavier commercial sales volume and higher prices.
13-Feb-2013 — The Third Certainty How and Why New York City’s Property Taxes Increase Consistently
Emerging Developments in the NYC Marketplace, #22
Everyone knows the two certainties in life: death and taxes. In New York City, there is a third certainty which is that real property taxes increase every year regardless of market conditions. In fact, from 2009 to 2011 when the market value of all New York City properties declined, property tax collections increased by 17%. The data shows that since 1995 total billable assessed values have increased every year in every borough with the exception of the Bronx that showed a slight decline in 2010. While most would assume that wealthier neighborhoods would be assessed higher taxes, a close look at three neighborhoods shows that there is a wide disparity in property taxes paid within these neighborhoods, and there is no rule as to why some properties are taxed more than others.
22-Mar-2012 — The Downside To Manhattan's New Development
Emerging Developments in the NYC Marketplace, #19
The tremendous development in New York City over the last decade has utterly transformed a number of neighborhoods in that more families are staying in the City instead of moving to the suburbs as had been the trend in previous decades. As a result, the population of those under 18 has surged over the last decade. This demographic shift is evident not only in the proliferation of stroller traffic and the change in retail offerings, but in school enrollment and overcrowding.
06-Jun-2011 — If You Build It, They Will Come
Emerging Developments in the NYC Marketplace, #16
Wall Street was crashing and real estate was imploding from 2007
through 2010, one industry was expanding at a phenomenal rate: New York
City’s hospitality industry. Put simply, New York City’s tourism and
hotel boom over the last five years is one of the most remarkable
success stories in decades mainly because it thrived despite both the
national recession and European debt crisis.