New York Real Estate Developers Are Richer With 11.48% More Transactions Compared To 2007
New York real estate developers experienced their best year In 2007 when the real estate market was at its peak. Even though the bubble was about to burst, main players like Jerry Speyer went on to forfeit multi-billion dollar transactions, like Tishman Speyer's $5.4 billion Stuyvesant Town and Peter Cooper Village project. On the other hand, others took advantage of the drop.
The New York real estate developers had officially experienced an industry and career rebounded. This was attributed to the fact that the industry's real estate moguls were richer than ever. More money was put into in commercial real estate transactions last year than at any time since the market's peak. The total across 3,576 transactions of over $850,000 a piece was $69.62 billion, which was 11.48 percent more than 2007.
New York real estate developers had long thought of Manhattan as a safe harbor for investments. They gained their rebound quicker than any other region across the nation. The demand for housing and affordable leases pushed developments further into the outer boroughs. Amid those shifts, several key factors like the growing technology industry, city rezoning efforts, and the effect of low interest rates opened wide doors to positive changes. All these created a perfect settings for the city's richest real estate developers to place and commence projects that only the richest could dive-in, according to a feature from Forbes.
Ariel founder Shimon Shkury stated that if the premise is read correctly, the market could make even more as compared to the 2015 market and the 2007 boom.
One of these fortunate real estate developers is David Walentas. He joined the billionaires list in 2014 after shifting 1970s investments into Brooklyn's industrial Dumbo neighborhood. In Williamsburg, another up-and-coming neighborhood, he bought the old 11- acre Domino Sugar refinery for $185.5 million in 2012. It had undergone a $1.5 billion development and renovation plan and will soon be opened as a luxury residential and retail complex, according to a feature from The Worldfolio.