![]() ![]() ![]() Today's market is dictating to not over improve the property beyond market demand. ![]() What has gone away for now for some investors is buying a property and putting lots of money into it to achieve certain rents. How some investors are approaching their business is to do less renovations since they are getting less rent. Many investors have halted all acquisitions, but for those still trying to transact, it can be a very tough road. There are many challenges to closing a deal in today's market, from underwriting to completing due diligence virtually, with social distancing restrictions. Also, between East 13th Street and East 14th Street, between Kings Highway and Avenue R, there was originally a parking lot that was purchased by developers who built a multi level outdoor parking garage, which was 6 or 7 years later sold to another developer who build a commercial building which now houses a Target Store on the 1st and 2nd floor, a Marshalls Store in the basement and offices on the several remaining upper floors with a separate lobby entrance on East 13th Street. Maxx on the 1st floor retail, New York Sports Club on the 1st floor and Visiting Nurse Service occupying the top floors. For example, the huge parking lot between East 14th Street and East 15th Street, between Kings Highway and Avenue P was purchased from the city by developers who built a 4 story commercial building with the tenants T.J. However, as land and development sites in prime locations became scarce, investors had to look elsewhere for opportunities to build.Īccording to Jeff Grandis, broker at Accord Real Estate Group and a lifelong Brooklyn resident, “In the Midwood neighborhood, specifically the Kings Highway East teens area, over the last 15 to 20 years several parking lots and parking garages have been sold to developers”. The attraction of owning and investing in this asset type was the ability to adjust parking rates and the garage or lot had low upkeep compared to an apartment building or an office building.Īs new residential condominium buildings sprouted up in many prime Brooklyn's neighborhoods, garages gained in value. There was a time in Brooklyn, New York, probably 20 years ago more or less, when parking garages and parking lots were a great convenience and in terms of a Commercial Real Estate investment, a safe bet. Tags: Real Estate News, Brooklyn Real Estate, New York Real Estate Amenities offered will be an ocean facing outdoor pool, deck and gym, tenant lounges, flex co-working spaces, basketball and handball courts and over 20,000 square feet of landscaped outdoor space as well as off street parking. Studio V Architecture is the architect of record. There will be 11,000 square feet of ground floor retail space. The project calls for a mixed use building with 461 apartments and 139 will be affordable units. LCOR has obtained a 99-year lease on the land owned by the Russo family who are the owners of Gargiulio's Restaurant across the street from the site. Surf Avenue in Coney Island has several new developments underway and the next chapter will include 1515 Surf Avenue, located between West 15th and West 16th Streets, between Surf and Mermaid Avenues. Some of these projects taking shape are as follows: In 2021 many Brooklyn, New York neighborhoods will continue to see innovative and brilliantly designed residential and mixed use projects get underway. Tags: Brooklyn Blog, Real Estate News, Brooklyn Real Estate These businesses are in one of the most thriving economic centers of the city post pandemic known loosely as North Brooklyn. Bed-Vyne have added both a craft brewing space and a cocktail lounge. In Bed-Stuy a group of partners opened a wine store called Bed-Vyne and have thrived through the neighborhood’s trendy transformation and evolution. If you are a New Yorker, you've probably visited or at the very least have heard of the North Brooklyn neighborhoods of Dumbo, The Navy Yard, Bushwick and Bedford Stuyvesant (aka Bed Stuy.) They are thriving, growing, transforming and innovating! Over the last number of years these neighborhoods have been unstoppable on their amazing trajectory of economic success!īusinesses of all kinds have made their home in North Brooklyn, from a small workshop at the Navy Yard producing electric motorcycles from recycled materials to nearby in Dumbo where 180 designers at BIG NYC work on urban projects like how to rebuild the Brooklyn/ Queens Expressway (BQE.) Pretty much all of the designers live in Brooklyn, walking & biking to the office year round. ![]() Tags: Brooklyn Blog, All about Brooklyn New York, Brooklyn Real Estate ![]()
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