New York continues to be a bustling city economically, including in the area of real estate. Both residential and commercial real estate is in demand this year, with many real estate transactions having already taken place or are currently in the works. A few of the biggest real estate projects that are coming to New York City area in particular are commercial ones.
One of the biggest is a mixed-use project slated for Long Island City. The project is expected to span almost a million square feet. The Durst Organization, which is planning this project, plans to build a whopping 763 rental units along with commercial space spanning more than 8,700 square feet. This property was purchased for $175 million.
Another major project is a mixed-use complex planned by Arker Companies. It will be seven stories high and is slated to feature 200 units. Residential space will span more than 154,000 square feet, and commercial space will span more than 11,000 square feet. The site was purchased for $10 million.
As real estate projects continue to be built in New York, especially those featuring commercial space or rental units, now appears to be an ideal time to invest in commercial properties or to develop them. However, real estate transactions are inherently complicated, with a seemingly small mistake having the potential to be costly long term. Every aspect of a prospective deal must be carefully analyzed for profitability and with regard to applicable laws. An attorney in New York can help investors and developers to navigate the process necessary for achieving their unique goals in the city's promising real estate arena.
Source: therealdeal.com, "Biggest Real Estate Projects", Miriam Hall, July 24, 2017