Neighborhoods we Specialize in
- Soho
- East Village
- Meatpacking District
- Williamsburg, Brooklyn
- Bushwick, Brooklyn
Making space in the city
that never sleeps
Market Background
What could possibly be left to say about the persistently hottest real estate market in the Northern Hemisphere? Turns out, plenty! Developers are creating smart buildings and innovative workspaces, new technology is evolving transactions, data analytics are changing the game market-wide, and new sources of capital emerge regularly.
Development Highlights
The overarching theme is eastward movement. New York’s seemingly endless construction boom continues charging forward with non-residential construction leading the way. But the residential sector tells a notable story, too: of the 90,000 new apartments projected between 2016 and 2020, Localize.city reports that nearly 60 percent of them will be in Brooklyn and Queens. Long Island City was ranked first among the top ten neighborhoods that are booming with new units, followed by ever-sizzling hotspots Williamsburg and Bushwick. Hotel construction, which remains as strong as ever, is trending similarly outward, as NYC’s visitors explore outer borough destinations that locals have loved for years.
New York is also the epicenter of the coworking revolution, with new and specialized spaces being designed every day—from the social club empire of Soho house and its multiple offshoots to industry-specific collaborative labs serving everyone from tech startups to interior designers. Manhattan’s office condo market gained steam throughout 2018, setting records in both prices and rates of appreciation. And this trend is hardly limited to the central borough. Coworking spaces of every stripe are cropping up all over Brooklyn as residents put down roots and eschew the traditional commute across the East River.
Additionally, outer boroughs are benefiting going high-tech, with ground-up e-commerce warehouses being developed, like the high-tech Brooklyn Logistics Center, along with other distribution warehouses in Queens and elsewhere. Utilizing underdeveloped land in the outer boroughs’ hinterlands represents a forward thinking way to welcome new economic sectors—and with them jobs, talent, and ultimately flourishing communities.
Contact our Acquisitions team regarding your New York property.