Overlooked Transit Desert NYC Neighborhoods Attract Buyers, Renters and Developers.
Yes, today many more people commute into Manhattan from the outer boroughs to their jobs than the number of people who work locally. However, there is a shift taking place with more and more people working from home or closer to home and taking advantage of ride sharing and designated bike riding lanes.
Neighborhoods like Coney Island and East New York, which are considered Transit Deserts, because they are at least a 15 minute walk to the nearest subway are where hundreds of apartments are being built and attracting buyers and renters who are looking for more affordable housing and attracting developers in search of lower priced land to build on because they are being priced out of expensive land development opportunities closer to transportation.
According to Localize City, a housing data and listings portal, residents and builders are getting pushed farther from transit hubs. 7 out of 10 neighborhoods with the most new units being built in remote locations, the rate of growth in the faraway corners was faster than in more commuter friendly parts of the neighborhood. The demand for middle income housing is making more distant development sites viable. Many new buildings are addressing the housing needs of the outer borough work force.
New developments in transit deserts have also attracted New Yorkers who don’t fear a longer and non traditional commute.
Dean Taucher, the production designer for the TV series “Law & order” special victims unit, made the move to Red Hook Brooklyn after being fed up with the touristy vibe near his home in the Chelsea neighborhood of Manhattan. Mr. Taucher says “Red Hook is more of a sleepy seaside village”.
News and events blogger Guzov suggests that there is good potential for significant investment in transit desert neighborhoods that overlap with opportunity zones. Investing in these zones have tax incentives and are linked to low income areas with the intention to spur reinvestment of profits into economic development.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
