For investors in New York who are interested in owning properties, there's good news. Banks recently eased their standards for loans for commercial real estate. This is the first time they have done this in nearly three years.
IBM is expected to soon triple its presence in Union Square in New York. This is because the tech company recently signed a lease for a commercial real estate building's three floors. The area it will lease spans nearly 27,700 square feet.
Only about a quarter of office space throughout the United States, including New York, is used for flexible workspace options, such as co-working. However, research shows that more than a quarter of brand-new commercial real estate leases signed during the past couple of years were associated with this growing business area. This has left many real estate brokers questioning why more investors are not taking advantage of this in-demand area.
If you own a business, you know that storefront space or just space to run the operations of your company can be hard to come by in New York City. Real estate is expensive, and you know that you need to protect your interests in every way possible when agreeing to a lease to avoid costly issues in the future.
The owner of an office tower in New York -- specifically, Manhattan -- recently sold the property for a minimum of $300 million. Apparently, the company that sold the tower is based outside of the United States and is laden with debt. The conglomerate has been on the search for commercial real estate buyers globally.
The brand-new tax law may draw more investors with high net worth in 2018. As a result, the commercial real estate market may begin to boom more than it has in a long time in New York and in other parts of the country. Real estate investing may become hotter this year for a couple of major reasons.
Several real estate projects were recently proposed in New York, ranging from residential buildings to commercial retail spaces. One of the commercial real estate projects is a new Essex Crossing building to be built in Manhattan. Another planned project is an apartment building that will be erected in Coney Island.
Some commercial real estate experts recently expressed concern about the real estate market, specifically the leasing market in New York. They stated they were not feeling settled about the future absorption of space in Manhattan, for example, in spite of the currently strong commercial real estate market. However, data appear to indicate that the market is better off than what many real estate experts expected it to be.
A New York investor recently purchased a commercial property for more than $6 million. This Dongan Hills property was among the most expensive ones in the borough Staten Island, considering its size. However, the prices of many commercial real estate properties in the borough have skyrocketed, which may be a positive sign for investors in the Bronx and other parts of New York who are looking for promising investment opportunities.
Congratulations on your impending purchase! Buying a home of your own -- especially for the first time -- comes with a great deal of excitement. However, you might find yourself scratching your head, trying to figure out all of the steps that must take place before the seller hands over the keys to your new home. Understanding the process helps alleviate any anxiety or hesitation you might feel.