A number of real estate projects will be coming to the Big Apple in the near future. The biggest one will take place in Brooklyn, whereas other ones will take place in locations including Manhattan, Staten Island and the Bronx. Such real estate transactions can quickly add value to communities in New York in addition to benefiting the bottom lines of the investors or real estate developers involved in them.
The largest of the projects, the one in Brooklyn, will happen in the downtown area of the city. A realty company plans to develop a tower that is 37 stories tall in Albee Square. It will take up a whopping 385,000 square feet and feature both commercial and office space, including a school on the first few floors.
Meanwhile, in Manhattan, a hotel is being planned along West 24th Street. It will be 45 stories tall and encompass 143,000 square feet. A self-storage building will also be constructed in Staten Island on land spanning 138,000 square feet. A private equity firm just signed a 99-year lease for the site for $70 million.
Commercial real estate transactions, just like residential real estate transactions, can be complex and thus overwhelming depending on the various circumstances surrounding them. No two deals are the same, so there is no one-size-fits-all approach that is guaranteed to work in every situation. A qualified attorney in New York can help real estate investors or developers approach and execute their deals competently and in a manner that will benefit them in the long run.
Source: therealdeal.com, “Biggest Real Estate Projects“, Eddie Small, Oct. 5, 2017