Real estate development is transforming many urban neighborhoods in New York City. New York is an older city. Many once proud urban communities had fallen into disrepair and become dark, poverty-stricken and dangerous. Real estate development in these New York urban neighborhoods are breathing new life into them. Many of the neighborhoods that had become rundown and drug infested are now being transformed by developers into modern, walkable communities with beautiful apartment homes and lots of greenspace. This has improved the quality of life for the people living in those communities.
The changes being made in those urban neighborhoods have increased their tax bases. This in turn has led to better schools and other services in those communities. This has benefitted the children and the adults living there. It has also led well-to-do suburbanites to return to those neighborhoods. It has resulted in improvements in the infrastructure, better policing and public transportation options that have added value to the real estate in those neighborhoods. This innovative new urban redevelopment have brought about many other welcome changes.
Now these once dilapidated neighborhoods where young, upwardly mobile urban professionals, children and the elderly feared to trod now boast mixed-use properties, quaint restaurants, rollicking night-clubs and high-end boutiques. These days neighborhoods that were once an embarrassment to the city now has celebrities like Tom Brady, Gisele Bundchen and George and Amal Clooney as residents and regular visitors. Now it is normal to see residents out for an evening stroll or buying groceries at neighborhood shops while their children play in a nearby park.
Urban real estate development has led to the rebirth of many New York City neighborhoods. The stories of these areas are being rewritten. They are now places people are comfortable raising their children and are proud to call home. Developers like Thor Equities have created bustling streetscapes and lucrative economic activities where once there was gang violence and burned-out, abandoned buildings. They are ushering in a new day in New York. A time when people are once again proud to point to neighborhoods in the Bronx and the Lower East Side and say that’s where they’re from.
Real estate investors and developers like Joe Sitt, Foster + Partners, L&M Development Partners, Drake Design Associates and others have shown they have the vision it takes to make New York City’s diverse, colorful, ethnic enclaves great again for residents and visitors alike.