When first settled, Chelsea, the area on the west side of Manhattan between 14th and 30th Streets and 7th to 11th Avenues, was a bucolic, hilly farmland, rife with apple orchards and fields. In the last decade it has been besieged by developers with projects ranging from miraculous(the HL 23 building on the High Line) to downright tawdry (too many to mention).
Now in the northern part of this neighborhood, which is part industrial and part residential, there is a huge hoopla over the opening of a 328-bed homeless shelter on 26th Street between 6th and 7th Avenues. The shelter would house, among others, drug addicts and the marginally
mentally ill, throwing the moms and some of the high end owners into a frenzy that has kept the shelter from opening 3 times, despite the fact that the courts are on their side.
From a real estate point of view, I believe the effects of this shelter will be short term. New Yorkers have lived with methadone clinics and AIDS hospices from the Upper East Side to the Meatpacking District for decades, the rich and poor side by side with few if any incidents. In fact, while this frenzy over the shelter continues, I would rate this a great time to get a decent if not amazing deal in those transitioning streets between 6th and 8th in the 20s. Hurry - the shelter will soon be absorbed into the maelstrom of New York, with many of those now protesting becoming volunteers or advocates. People forget that an alternative to a homeless shelter is these people living on the streets - or in your doorway.
Sunday, July 24, 2011
Friday, July 15, 2011
International Buyers in New York
Buyers from other countries seem to be taking over New York. Here is some of the activity as it happened this week.
1. Giant Chinese developer China SoHo is pouring 500-700 million dollars into the tower over Port Authority that has been in limbo since around 2000. This is the mega-company's first foray into New York real estate.
2. Hotel Toshi, led by the mercurial Robert "Toshi" Chan, is supposedly in talks to buy the troubled Flatiron Hotel at 1141 Broadway. The property has been on the market for three months with no takers.
3. Gina O'Keefe and Deborah Gimelson of the GO group met with a representative of investors from Berlin. The Germans have been reluctant to buy here, but are now encouraged by a lagging dollar and the even more tired economies that surround their country.
4. Bloomberg News rated New York the number one city of choice for foreign investors, up from #2 when the survey was last conducted in 2006.
5. An article this week stated that Israelis are expected to pump 2 billion dollars into United States real estate this year, much of it in New York City.
The weak dollar is making us all the more attractive to our foreign friends. Couple this with readily available local financing, low interest rates, and a steady inventory that American buyers are reluctant to pounce on, and we have a perfect storm for foreign purchases.
1. Giant Chinese developer China SoHo is pouring 500-700 million dollars into the tower over Port Authority that has been in limbo since around 2000. This is the mega-company's first foray into New York real estate.
2. Hotel Toshi, led by the mercurial Robert "Toshi" Chan, is supposedly in talks to buy the troubled Flatiron Hotel at 1141 Broadway. The property has been on the market for three months with no takers.
3. Gina O'Keefe and Deborah Gimelson of the GO group met with a representative of investors from Berlin. The Germans have been reluctant to buy here, but are now encouraged by a lagging dollar and the even more tired economies that surround their country.
4. Bloomberg News rated New York the number one city of choice for foreign investors, up from #2 when the survey was last conducted in 2006.
5. An article this week stated that Israelis are expected to pump 2 billion dollars into United States real estate this year, much of it in New York City.
The weak dollar is making us all the more attractive to our foreign friends. Couple this with readily available local financing, low interest rates, and a steady inventory that American buyers are reluctant to pounce on, and we have a perfect storm for foreign purchases.
Friday, July 8, 2011
New York Still Somewhat Insulated from Economic Woes
Here are a few facts about New York City that make now a great time to buy here.
1. Unemployment is now 8.6 percent as opposed to 9.6 percent one year ago. This means more people working and entering the real estate market, probably as renters of someone's investment property!
2. Because the rest of the country's economy is still coming back SLOWLY, interest rates are at historic lows. We have at least two banks vying for the business of foreign investors in New York, so if you are thinking of buying something here, we can help on the mortgage front.
3. Even though inventory is generally tight, there are pockets of great real estate available as Americans keep a close watch on their purse strings. Many people here are holding on to property because they don't feel they will get their desired price, while at the same time new material is slowly coming up as owners' expectations fall in line with what is essentially a flat market. There are small (4 units or under) buildings that are great starter investments in almost every part of Manhattan, from prices under a million to ten million.
Let us help educate you about investing in New York. We have a vibrant scene like no other in the world, a proactive mayor (whether you like him or not!) who wants to see us thrive, and at least two real estate brokers (myself and Gina O'Keefe) to help you through the winding roads of Manhattan property and/or property development. Call at 917 771 9836 or email us at dgimelson@bhsusa.com or gokeefe@bhsusa.com.
Have a wonderful weekend --
1. Unemployment is now 8.6 percent as opposed to 9.6 percent one year ago. This means more people working and entering the real estate market, probably as renters of someone's investment property!
2. Because the rest of the country's economy is still coming back SLOWLY, interest rates are at historic lows. We have at least two banks vying for the business of foreign investors in New York, so if you are thinking of buying something here, we can help on the mortgage front.
3. Even though inventory is generally tight, there are pockets of great real estate available as Americans keep a close watch on their purse strings. Many people here are holding on to property because they don't feel they will get their desired price, while at the same time new material is slowly coming up as owners' expectations fall in line with what is essentially a flat market. There are small (4 units or under) buildings that are great starter investments in almost every part of Manhattan, from prices under a million to ten million.
Let us help educate you about investing in New York. We have a vibrant scene like no other in the world, a proactive mayor (whether you like him or not!) who wants to see us thrive, and at least two real estate brokers (myself and Gina O'Keefe) to help you through the winding roads of Manhattan property and/or property development. Call at 917 771 9836 or email us at dgimelson@bhsusa.com or gokeefe@bhsusa.com.
Have a wonderful weekend --
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