The Future of NYC Real Estate Post-Pandemic
At the height of the COVID-19 epidemic, there was widespread panic, but the city of New York was not destroyed. In fact, the pandemic has opened up new chances for innovation and growth in the land of endless possibilities. Mukul Lalchandani, a top real estate agent in New York City, talks about his "optimistic" and "not so obvious" predictions for the future of NYC real estate after the pandemic.
Inflation and a possible economic downturn won't stop housing prices from going up, making it even more difficult for the typical person to save up for a down payment on a house. Renting costs have also reached record highs, exceeding those seen before the outbreak. "There is no relief in sight as inventory continues to remain tight. However, a boom in rental construction is on the horizon, and this should bring back somewhat of a balance," confirms Mukul Lalchandani.
By removing cars off busy thoroughfares like 34th St. and Times Square, New York City is making these areas safer for pedestrians and bicyclists. More bus lanes and fewer parking spots are part of the city's strategy to cut automobile use in half. It has also been suggested that motorists in Midtown Manhattan pay a toll. According to Mukul, "This toll could help reduce traffic and potentially affect property values as people would prefer to live and work within the boundaries of the district."
Hudson Square, located between the West Village to the north and Tribeca to the south, is quickly becoming the East Coast's tech powerhouse. There will be a significant Google presence. Disney's new headquarters, which will take up a whole city block, will also soon be located there.
Located between Lexington Avenue and the East River, between 23rd and 34th Streets, Kips Bay is a little slice of midtown. Mukul says, "To most, it will seem unusual because this area has historically seen minimal development, but that is going to change." A number of new developments and retailers are already making this neighborhood their base.
"Further afield in the outer boroughs, I'd look out for Downtown Brooklyn and Greenpoint. And don't rule out Queens!" exclaims Mukul.
The residential redevelopment of Downtown Brooklyn will proceed, with a density of high-rises similar to that of Downtown Manhattan. The Brooklyn Tower, currently under construction, will be taller than the Empire State Building by a few feet.
A pedestrian-friendly marine drive with with parks, playgrounds, and activity centres is also planned to connect the East River waterfront communities of Dumbo and Long Island City in Queens. "The neighborhoods in between, Greenpoint, and Hunters Point in Queens, will continue to see major housing development as luxury waterfront towers make their mark," he explains.
