Over the last cycle, real estate fortunes were made by those who bought NYC land and vacant buildings in areas prime for future development. Neighborhoods like Harlem, West Chelsea, andWilliamsburgcome to mind. Today, major institutional players are making the same bet on the Hudson Yards by snapping up land.
However,Manhattan land can come at a hefty price tag which begs the questions: where can the average investor look to buy in NYC today? The answer might not be as glamorous as one might hope, but industrial buildings inQueens are a very good bet.
Warehouses in northwest Queensare in high demand. They have become a rare commodity due to nearby rezonings, which have eliminated most of the stock. Many of these properties have been converted to residential. As a result, there are dozens of user groups looking to buy with very little to chose from. An investor, who makes the right purchase, can capitalize on this huge demand.
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