Revitalizing New York Real Estate
Real Estate in New York varies upon location what type of housing is available since it is a state with rural areas and cities. The rural areas it is possible to find properties with homes, outbuildings, and acreage, however in the cities like New York City residents will find apartments and condos with a few single homes thrown in outside the city in the suburbs. Recently there has been an effort by construction and architectural companies to revitalize areas of New York City with luxury apartments and condos in areas that had fallen into disrepair. This also has brought new business to the areas making these locations that have been rehabbed making the areas resident friendly.
New York Real Estate Value
Real estate in New York City has seen a high increased growth recently. The numbers that have come out as of January showed Brooklyn boroughs have seen an increase of 12 percent, which is the highest and Manhattan with about 7 percent as the slowest growth. The dollar value in the five boroughs of Brooklyn was $335.5 billion and Manhattan at 7.3 percent was $486.6 billion dollars.
The NYC has been undergoing a revitalization for several years and as of 2015, a plan went into effect to revitalize Upstate New York. Tevfik Arif This is areas with medium-sized cities and the suburbs, while more rural areas will remain basically the same. This revitalization of the Upstate is a long-term plan based on regional economic growth. This is planned so that it can meet the needs of each regional area through both private and public local partnerships. It will involve Central New York, the Southern Tier regions, and the Finger Lakes region. The project for revitalizing these areas included awarding each area a commitment of $500 million dollars of New York state funds. The money is allocated to be given at $100 million in strategic parts of the plan. The revitalization of the areas is to transform the local economies over a time period of five years when the projects are to be completed.
The state also has a waterfront and waterways plan for the revitalization of these areas. This is a way to maximize the benefits of the waterfront areas while at the same time ensuring the waterways are at the optimum level for pleasure and shipping.
The projects in the revitalization of the state are done by both plans by state officials and by private entities. The private entities are contractors and architects focused on New York City who are redesigning and remodeling older or dilapidated buildings. They are turning them into luxury apartments and condos with some geared for specific age groups such as buildings that are the luxury younger people working will find suitable and the neighborhood filled with shopping and dining appealing. Then there are areas where the apartments or condos are family friendly for the people working in the city but also have a family. Tevfik Arif Bayrock These are larger square footage in areas with well-rated schools nearby and attractions the family can enjoy. Last, there are buildings that are adult friendly for people with no children that are above the age of enjoying the club or shopping younger people enjoy. These are buildings situated in areas where shopping and fine dining are close by and the buildings have the luxuries and style that can be appreciated.
This is a revitalization of the city areas and suburbs of the state that may have fallen into the past but the bones are good on the structures and infrastructure requires modernizing to fit the growing population. The age of the cities in New York have seen revitalization over time and growth, however many of the real estate projects today are not only focused on luxury in city living but also raising the value of owned properties in the event they are sold.