The property investment area is New York City, and its surrounding boroughs, towns, communities and neighboring cities and surrounding states. People do not purchase property in New York necessarily to live in, but to own, as an investment, or to rent out.
The property in New York is perpetually changing.
- What once was a hotel can quickly turn into a Condo or Co-op.
- What once was a store can easily be upgraded to expensive loft-living.
- Old abandoned schools are remodeled and transformed into living facilities with many amenities for artists and dance enthusiasts.
- Buildings are transformed into shelters and food facilities for the homeless.
There is no end to the diversity of properties in New York, and the structures do not seem to lose their value but are consistently on the rise as investment properties.
New York has been known as “The City That Never Sleeps” and now the “The City That Continually Renews Itself.”
Manhattan’s Condominiums Vs. Co-op alone is comprised of 847,000 residential units, and only 22% are privately owned. Mathematically, this works out to 192,000 cooperative units and 64,000 condominiums and townhouses.
One thing New York lacks is undeveloped land. The building developers are many, but you are urged to research your choice of the developer before hiring. Developers track record is his/her signature card. Brokers are very helpful but perform your own research as well. There is a lot of money to be made on purchasing property in New York, but without due diligence, there is a lot of money to be lost in this ever-changing city.
What About Starting A Business In New York City?
Why not? Businesses open in this city every day. Many companies move to New York for the “Manhattan” address, and with the right business plan, product, and plan they succeed. Other small start-ups with a unique product or design, succeed in spite of not having a solid business plan. Then there are the failures because of product failure, product audience, or lack of business strength.
Whatever the business, New York City has the structured government regulations when starting a new business or moving to the “Jumbo Apple.”
- The city offers a free Business Planning course that will help you take your business idea to a constructive business plan.
- The SBS offers individual help in planning business and business coach.
- The city has specific programs for those wishing to open a childcare business.
- The city will help you create a solid path to open your business.
Following the guidelines for starting a business in New York City opens opportunities for new businesses or expanding an already established business. New businesses open every day from street vendors to financial institutions and large clothing manufacturers.
Where do the property upgrading and business expansions lead New York?
It leads New York into the future, and into the prospect of a stronger more prosperous metropolis. This city serves as the banking, finance and communication center in America.
New York’s economy is formed by the financial, real estate, insurance and healthcare industries, including the massive high technology planted in the heart of the New York Stock Exchange on Wall Street. The city thrives on the industrious population that creates the energy that moves this city 24/7 with a transportation system that keeps New York in motion and growing.
They say “If you can buy it, there is someone in New York who will deliver it for a price!”