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Related buys up blocks and blocks of 5 story buildings, gets rid of the tenants, tears down the block and puts up luxury high rise rentals. ANd then moves to the next block.
Related buys up blocks and blocks of 5 story buildings, gets rid of the tenants, tears down the block and puts up luxury high rise rentals. ANd then moves to the next block.
Modernization of nYC has to start somewhere with some pioneers...A lot of the affordable housing projects are on the brink of malfunctioning and falling apart and the city does not have the budget to revive them so they quietly let developers to take over the probelm. Some will benefit from this process while others will lose. The outcome will be that NYC will slowly get rid of those outdated deterioratung building while new modern high rises emerge to give nyc a better look.
Related buys up blocks and blocks of 5 story buildings, gets rid of the tenants, tears down the block and puts up luxury high rise rentals. ANd then moves to the next block.
Except for the fact that they've literally never done that. You "cheap housing as a birthright" types are hard to please. They provide over 50,000 affordable housing units and you're still not satisfied.
The outcome will be that NYC will slowly get rid of those outdated deterioratung building while new modern high rises emerge to give nyc a better look.
I prefer the older buildings to the cheap pieces of crap newer ones.
As a savvy investor, you have to be 10 steps ahead of the game. You have to forecast possible trends before they happen.
To me, I see the Bronx as the final frontier within the 5 boroughs where you can still get relatively cheap real estate compared to the other boroughs. Money has to be invested somewhere rather than just being parked somewhere losing value due to inflation.
I'm a visionary and I've always believed the Bronx had so much potential. The problem is the Bronx has been poorly managed for over 50-60 years in combination with a predominately classless demographics residing in it.
I firmly believe the Bronx can be the next BROOKLYN. Why not? An extra 15 minutes or so on the train should be irrelevant to a prospective tenant if you get an apartment half the price you would of in Manhattan or Brooklyn.
I think these large companies like Related are starting to see the potential in the Bronx and venturing out of the other boroughs to invest in the Bronx.
To me, the biggest potential I see in the Bronx is the entire Grand Concourse area. Gorgeous Art Deco buildings with huge apartments, sunken living room, 2 bathrooms, grand lobby entrance, etc. Let's not forget that the Grand Concourse back in the day was like the 5th Ave of the Bronx. A very affluent place back then and the buildings reflect it. Why not bring back the glory days of the Grand Concourse and restore it to its original intent??? Why not convert ALL the Grand Concourse buildings into COOPS where the coop owner have a stake in the area improving.
Kick all the ghetto people out who actually ruined the Grand Concourse, displace them all out of the Bronx and introduce a more educated, higher standard resident to the area by offering them ownership of the coop and a stake in the neighborhood.
Modernization of nYC has to start somewhere with some pioneers...A lot of the affordable housing projects are on the brink of malfunctioning and falling apart and the city does not have the budget to revive them so they quietly let developers to take over the probelm. Some will benefit from this process while others will lose. The outcome will be that NYC will slowly get rid of those outdated deterioratung building while new modern high rises emerge to give nyc a better look.
Repped. Very well said. A lot of work has already been done to get rid of decaying and poorly maintained buildings.
I prefer older buildings that actually had style as oppose to these lifeless glass buildings.
Older buildings have to be maintained and while some of them are getting gut renovations, some older buildings are in such bad shape they have to be bulldozed. Or sometimes the way the older building was designed (walk up with tiny retail space at the bottom) makes it's space useless for modern use.
As a savvy investor, you have to be 10 steps ahead of the game. You have to forecast possible trends before they happen.
To me, I see the Bronx as the final frontier within the 5 boroughs where you can still get relatively cheap real estate compared to the other boroughs. Money has to be invested somewhere rather than just being parked somewhere losing value due to inflation.
I'm a visionary and I've always believed the Bronx had so much potential. The problem is the Bronx has been poorly managed for over 50-60 years in combination with a predominately classless demographics residing in it.
I firmly believe the Bronx can be the next BROOKLYN. Why not? An extra 15 minutes or so on the train should be irrelevant to a prospective tenant if you get an apartment half the price you would of in Manhattan or Brooklyn.
I think these large companies like Related are starting to see the potential in the Bronx and venturing out of the other boroughs to invest in the Bronx.
To me, the biggest potential I see in the Bronx is the entire Grand Concourse area. Gorgeous Art Deco buildings with huge apartments, sunken living room, 2 bathrooms, grand lobby entrance, etc. Let's not forget that the Grand Concourse back in the day was like the 5th Ave of the Bronx. A very affluent place back then and the buildings reflect it. Why not bring back the glory days of the Grand Concourse and restore it to its original intent??? Why not convert ALL the Grand Concourse buildings into COOPS where the coop owner have a stake in the area improving.
Kick all the ghetto people out who actually ruined the Grand Concourse, displace them all out of the Bronx and introduce a more educated, higher standard resident to the area by offering them ownership of the coop and a stake in the neighborhood.
I've read a number of start up companies operate in the Bronx because it's cheap. As these companies get bigger, there will be more investment in Bronx commercial and office real estate and that will cause more investment in residential real estate.
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