When Buying A Condo In NYC, Watch Out For These Things

Before buying a condo in New York City, there are several things to consider. There are hidden risks, but if you're working with a competent buyer's agent and lawyer, they'll alert you to the ones that are readily apparent. Here are a few things to watch out for that will probably go unmentioned if you don't inquire.

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Factors to consider when renting office space for a startup in Manhattan

There are several factors to take into consideration when searching for an office space to rent for one’s startup in the Manhattan area of New York. Furthermore, if the wrong space happens to be chosen, the consequences can be severe and business will have a much more difficult time to prosper. These are just a number of reasons as to why choosing the right space is crucial and could determine whether or not one’s startup ends up succeeding in the long run.

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Brooklyn Office Bust

Development firms such as Rockwood Capital and Boston Properties' have seen success in redeveloping Brooklyn commercial projects to put on the market in Dumbo and Brooklyn Navy Yard.

This comes after various companies sought new office spaces in the Brooklyn borough and were willing to sign leases at astronomical rents.

One example is Etsy, the online marketplace, that signed a 200,000 square foot lease at Dumbo Heights in the summer of 2014. However, since then, Brooklyn's office market has gone from being virtually ignored to being overwhelmed by developers who are working to push deeper into the borough.

Why is it that some developers are not as successful in this new market?

The original perception was that potential tenants would come as long as Brooklyn is 'cool'.

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Manhattan's Future Office Skyline

Manhattan will benefit greatly from a new and look and the future looks bright to artists who have illustrated the major infrastructure changes that are coming to Brooklyn, Jersey City, and Manhattan.

There are composite renderings on the internet that map out the city's skyline and most of those projects that were added to the image are soon to rise or are already under construction.

This truly is a real estate and development renaissance!

Some of the cities getting new towers of 1,000 feet or more are Queens, Brooklyn, and Jersey City.

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Manhattan TAMI vs. Downtown Today

The historical epicenter of Lower Manhattan has changed drastically over the past few years. And if you are as knowledgeable about the changing real estate landscape as we are, we know you have especially noticed the shift in the types of professions and businesses taking up commercial and residential real estate in less-frequented places.

According to Cushman & Wakefield, in 2016 alone, their data reports nearly 70 office tenants, representing approximately 1 million square-feet of space, migrated towards an office district that is historically home to Manhattan's financial services corporations. C&W acknowledged the swift move of technology, advertising, media and information (TAMI) sector into the financial realm.

This snowballing effect started with media giants, Condé Nast in 2011 and Time, Inc. in 2014. Thirty-seven percent of the square-footage that relocated Downtown, in 2016, were TAMI sector tenants. This should give you a great indication of how huge this industry is growing and how it will benefit Manhattan's commercial and residential real estate markets.

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