When investors are looking for urban real estate in New York City to develop, they look at several important elements. These include desirable locations, access to transportation options and favorable zoning regulations. These things can improve the chances an investor will see their investment grow and the properties they develop become much more valuable. For many of the large real estate developers in New York City like Joe Sitt, Kushner Properties, Toll Brothers and Ratner, making sure these and other important features are in place informs their decision of whether or not to invest in a particular property.
Location, Location, Location
When developers are considering investing in a particular piece of real estate, where it’s located is a very important consideration. A great location can make any size investment worthwhile because it will make the property more desirable to businesses, residents and other potential tenants. For a savvy investor, the right location is imperative no matter the community in which the property is located. Developers have been known to transform entire neighborhoods because they saw value in the location and the potential for the value of the properties to skyrocket.
Access To Transportation Options
For many investors in New York real estate, close proximity to a range of transportation options is essential. If a piece of real estate is located close to public transportation, highways or the interstate, that makes it more valuable. The ease with which people can get to and from a particular piece of real estate makes developing it more worthwhile. This is particularly true of commercial real estate which relies on consumers having easy access for the business to prosper. However, ensuring residents can get home quickly can also make a property easier to rent or sell.
The zoning regulations in the area in which a property is located determines what developers can do with a piece of real estate. A property may be in the perfect location to open a business, but if it’s not zoned for commercial use, it becomes less valuable. Many areas in NYC are heavily regulated. Developers take this into consideration when they’re deciding if to invest in real estate in particular communities. The right zoning regulations make a piece of real estate desirable for residential, commercial or industrial development. This can mean celebrities like Robert De Niro, Jerry Seinfeld, Tina Fey, Madonna or Sting might be your neighbor.