NYC - Lower East Side, last good section of Manhattan ??

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NYC - Lower East Side, last good section of Manhattan ??

Mel Rivera
Los Angeles, CA · Member since 2016 · 2 posts · 0 votes

HI All, 

New to the forum but I'm hoping to get some more timely insight into the NYC market in the wake of this election.  I've been considering a seasonal work space/investment property in New York for some time (currently, West Coast primary residence w/ multiple properties in-state) and after several visits and much research, I've drifted towards the Lower East Side over Dunbo/Harlem after discovering lots of exciting projects under development in the area. 

It seems like the frantic rush to build and buy has taken a bit of a pause post-election which could be an indication of a nervous industry.  Regardless of our commander in chief, pending changes to regulation, etc, my guess is developers in New York City shouldn't worry and if LES is one of the last areas of the borough to not be completely developed it seems like the time to buy, no?  Any thoughts on moving quickly versus letting things play out a bit longer?  With some properties expecting completion in 2017 is it best to make a move in the midst of the temporary pause I sense the market is in?  

Or is this all much ado about nothing and a good space at a good price is a good investment, period?  Any insight from this knowledgeable crowd would be much appreciated! 

M. 

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Ken Rigby
New Milford, NJ · Member since 2015 · 26 posts · 20 votes
9y

Hello how are you?  My name is Ken and I am a NYC Real estate agent.  I can tell you that as far as development is going Manhattan is crazy. They are gobbling  up every inch of space possible to develop projects. It's a cut throat world in Manhattan these days. But I would say that the LES area is a good location but even there has not been spared from the development craze that's going on in that boro.  The next big boom in NYC is going to be the Bronx. Especially the south Bronx where commercial property is being taken up.  It's still a diamond in the rough but developers are heading to the Bronx because of the savings right now. I would definitely give it some thought but in either case I would hurry up.  As far as our new president is concerned?  Remember he is a New Yorker and he loves living here. 😉 I'm not too worried about him right now. (just my opinion of course. Lol)

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  • Ken Rigby
    New Milford, NJ · Member since 2015 · 26 posts · 20 votes
    9y

    Hello how are you?  My name is Ken and I am a NYC Real estate agent.  I can tell you that as far as development is going Manhattan is crazy. They are gobbling  up every inch of space possible to develop projects. It's a cut throat world in Manhattan these days. But I would say that the LES area is a good location but even there has not been spared from the development craze that's going on in that boro.  The next big boom in NYC is going to be the Bronx. Especially the south Bronx where commercial property is being taken up.  It's still a diamond in the rough but developers are heading to the Bronx because of the savings right now. I would definitely give it some thought but in either case I would hurry up.  As far as our new president is concerned?  Remember he is a New Yorker and he loves living here. 😉 I'm not too worried about him right now. (just my opinion of course. Lol)

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  • Account Closed
    New York City, NY · Member since 2016 · 7 posts · 2 votes
    9y

    After going to several REIA meetings in the NYC area I haven't met one person who would invest in NYC. There's little appreciation on properties here, taxes eat into your ROI like hungry hungry hippos, the laws here heavily favor tenants over landlords, and cash flow will be very little.

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  • Account Closed
    New York City, NY · Member since 2016 · 420 posts · 172 votes
    9y
    South Bronx? Yeah if you want to be a crime victim. That's the hood.
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  • James Black
    Investor · Bronx, NY · Member since 2014 · 17 posts · 1 vote
    9y

    Ken Rigby has a strong point. Most investors I speak with are currently eyeing the Bronx and it starts with south Bronx. By no feat would it be an easy task but there are opportunities available to the keen investor.

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  • Mel Rivera
    OP
    Los Angeles, CA · Member since 2016 · 2 posts · 0 votes
    9y

    Thanks for the responses so far!  To clarify, the property would be something I could move into within the next year and would stay with our family for at least a generation.  My question about the area and property value is more of a longterm projection rather than expecting quick property value increases or tenants/renters. 

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