Changes Coming to NYC in 2018
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.
Transportation
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.
Rezoning
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!
Real Estate Trends to Watch in 2018
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.
Interest Rates
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.
Remodeling
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.
Future Trends
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 Biggest NYC Real Estate Projects
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.
Residential Dorm
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
Avraham Glattman is the owner of First American Properties Group, a real estate business based in New York City, New York.
Avraham brings over 26 years of experience working as a real estate agent in the city, where he continues to work today. He graduated from Newport University with a Bachelor’s Degree in Business Administration and Management and remained at the university to attain his Masters of Business Administration (M.B.A.). After graduation, he jumped straight into the real estate field in 1992 in the greater New York City area. Throughout his career, Avraham has explored listings across the New York area, keeping a detailed account of the locations, pricing and comparable properties in the housing market.
After gaining a wealth of knowledge about the real estate marketing in New York, Avraham Glattman decided to take it a step further by creating First American Properties Group with his longtime business partner, Pete Jacov in 2008. First American Properties is a real estate and development company that services the five boroughs of New York. The company currently owns residential and commercial properties in Queens, Downtown Brooklyn, Harlem, and Manhattan. The company focuses on monitoring the growth and development in different areas of the city, so they can work to establish more patterns of growth and help revitalize the area.
While monitoring the different areas of New York City, Avraham Glattman consistently keeps an eye out on up-and-coming neighborhoods that he could potentially invest in. For example, after seeing Harlem, Avraham was immediately impressed by the neighborhood’s charm, leading him to invest in properties in the area. With a convenient location next to the subway and charming business like music venues in the area, it was not hard to see what attracted Avraham to the area.
Today, Avraham Glattman continues to find new investments with First American Properties Group, alongside his business partner, Pete Jacov. Together, they are working towards the goals that they set for First American Properties Group. The goals include acquiring property in the Harlem area to renovate and sell, as well as acquiring properties in all five boroughs.
Avraham Glattman is also the proud owner of 1927 Café Bar Popularr. Located in Harlem, the café serves a variety of open-faced Mediterranean sandwiches, called ‘Toastics’, and many types of coffee. Café Bar Popularr is proud of the rich artistic traditions of Harlem, and invites local musicians, authors, and comedians to visit and share their talents with friends.
Avraham was born and raised in Israel, where he went graduated high school. Not long after, he served in the Israeli army for three years, before he was sent to the United States to work with an Israeli newspaper in Brooklyn, NY. Not long after making the move to New York, Avraham met the woman that would become his wife in 1991. Together, they have three children.
In his spare time, Avraham Glattman enjoys spending his time with his wife and three children and loves to explore new parts of New York City. Avraham’s incredible dedication to both his work and family brings him immense happiness and purpose each day.
To learn more about who Avraham Glattman is, visit AvrahamGlattmanNewYork.com.
