With one month of the new year already in the books, it’s time to start looking ahead to the exciting changes awaiting New York City in 2018. Here’s a glimpse at some of the most significant upcoming shifts in the Big Apple’s architectural landscape.
Real Estate — Commercial
The new shopping center at Essex Crossing is set to make a splash sometime this year, with hot and happening businesses such as Trader Joe’s, Target, Splitsville bowling lanes, and Regal Cinemas all set to debut in the space. The 42-story building which houses Domino’s Sugar Refinery is undergoing a significant refurbishment, and Domino’s has further plans to debut an 11-acre park this summer.
Looking even further ahead: Cipriani’s new food market is also beginning construction, with its 28,000-square-foot behemoth to debut sometime in 2019.
Real Estate — Residential
Delancey Street will see an influx of new residents both young and old, as the rental units at 115 Delancey and the senior center located at 175 Delancey are both ready to take on tenants. Also for seniors: 140 Essex Street has plans to unveil a new center for elderly residents as well.
Aiming to repair what is arguably one of the most important issues faced by New York residents, the MTA plans to invest $836 million to address issues with the subway system. In a significant move, Hudson Yards is set to begin work on its coverage of the second half of the west rail yards. Additionally, work on 15 Hudson Yards will be completed, with the building topping out at a whopping 88 stories.
Another hot-button topic: The creation of new living space for the city’s 8-million-plus residents. A few areas that are scheduled for rezoning this year:
-Jerome Avenue in the Bronx, with plans to create 4,000 new rentals, over a third of which will be reasonably affordable
-Gowanus, after a series of false starts in recent years
-Inwood, in a long-overdue, revamp of the region, as only 200 new apartments have been added since the turn of the millennium
Look for these changes and more in 2018, as New York dives headlong into the future!
The real estate industry is booming in many parts of the country. As prices continue to increase, there are many buyers who are struggling to find a home within their price range. Over the past few years, a lack of inventory has caused issues in numerous real estate markets.
One of the biggest variables impacting the real estate market is the rate of interest available to borrowers. There are many people who are excited about the different loan options today. However, many people expect that interest rates will increase in the coming years. As a result, the real estate market could be impacted by higher rates in the future. This is important to remember for anyone who owns real estate.
Lack of Inventory
There are some buyers who want to purchase a home but cannot find one for sale in their area. Over the past few years, the amount of available inventory on the market has decreased rapidly. In many areas, homes are selling as soon as they list. This is frustrating for many people who want to purchase a home.
Many home builders are trying to keep up with demand. In some areas, it is simply not possible to build enough homes to meet the needs of real estate buyers. This is a trend to watch in 2018. If inventory continues to dwindle, prices will continue to increase throughout the country.
There are many people who have high levels of equity in their home. As a result, many homeowners are remodeling to increase the value of their home. This is a great sign for the housing market. As a general rule, people spend money to improve their home when they are confident about the economy.
The real estate market is expected to continue improving in 2018. Now is one of the best times in history to sell a home. With more demand from buyers than ever before, many sellers are able to get record prices for their home.
Real estate investors are struggling to find deals in the current market. With almost all of the inventory gone, it will be interesting to see if home builders can keep up with the demand from buyers. Until that happens, home prices will continue to increase.
The real estate market is booming in many areas of the country. This is especially true in New York City. There are many real estate investors who are trying to find a property to purchase in the area. As a result, real estate prices continue to increase each year.
There are numerous projects in the commercial real estate industry starting up. It will be interesting to see which construction projects finish over the next few months.
New Parking Garage
One of the most anticipated real estate projects is a new parking garage. There are many people who have issues with the limited parking space in New York City. As a result, the need for parking spaces throughout the city will only increase. A parking garage is a great investment, specifically for New York City. Although the initial investment is high, many business owners think that this is a great way to make money for the future.
Long Island University has been growing in the number of its student population. As a result, the college needs more dorms for students during the school year. A new residential dorm is currently being constructed in the area. Although the project is not finished, many people expect that it will be completed in the near future. The officials at Long Island University hope to use the dorm for the 2019 school year.
Medical Treatment Center
The need for quality medical care in New York City continues to increase. There are many people who cannot get the care they need in a short period of time. As a result, there is a new medical treatment center being built in the area. The project just started, but many people still believe that the project will be completed by the end of 2018. This was a major financial investment by the city, but a new medical center is needed to help improve healthcare in the local area. In the coming years, many real estate experts believe that the real estate market will only continue improving in value. Now is a great time to invest in a commercial real estate project in New York City.
About Avraham Glattman
Real Estate professional, Avraham Glattman, is an extremely successful man in many aspects. Not only is his Real Estate company, First American Properties Group, one of the top in New York City, but Avraham is an exceptional family man who holds great history from his life’s events.
Avraham Glattman was born and raised in Israel, where he stayed until he was a young adult. Avraham attended school in Israel until his completion of high school. After high school Avraham served in the Israeli Army for 3 years. In 1989, Avraham Glattman was sent to America. He was asked to work for an Israeli newspaper in Brooklyn, New York. The company paid for him to fly to NY and work, so he did.
Avraham Glattman met the woman of his dreams soon after settling in Brooklyn. The decision was made that he was not letting her slip away and New York City would be his new home. He married beautiful New York City born wife, Lisa, in 1991.
A few years later, Avraham Glattman and wife Lisa started their wonderful family. Three children and two dogs later, Avraham and his family reside happily on Long Island. Avraham Glattman’s eldest son Daniel, 16, the middle child Abigail, 14, and the youngest boy Yoni, 12, are all extremely active with very diverse hobbies and interests. The pups, Louie and Luna add tons of character to the Glattman family. Avraham has his hands and schedule full with his children’s’ sports events, concerts and school activities.
Daniel is a big hockey fan, with a dedication to the Devils, while Yoni, contrary to Daniel, is a Tennis player. Abigail is your typical girl’s girl at age 14, with a passion for music and a specific love for the band, One Direction. In addition to hockey, Daniel is a soccer fan as well, just like his father. Avraham is a big Manchester fan. He saw the World Cup in Germany years ago and is very proud of that experience. In addition to his love for soccer, Avraham Glattman enjoys a good book and Global Politics. He quotes, “Give me a book, I will read it.”
As a successful business man and loving family man, Avraham Glattman has much to look forward to waking up every day. He absolutely loves his career and being able to benefit individuals in the industry of Real Estate, but the main thing that keeps Avraham Glattman optimistic and gives him the most purpose, is his family.