Real estate transactions are extremely common in New York City. There are literally millions of people living in the city and surrounding areas, and they all need places to live and work.
Learning about recent commercial real estate transactions is a good idea because it keeps you up-to-date on the changes in your city.
For example, a six-story walk-up at 245 East 30th Street was just renovated to create 30 new apartments. One of those is rent controlled, another four are rent stabilized and the rest are free market. Even if you are not looking for an apartment, this is a good example of what you can do with your commercial property.
In another location at 34 West 17th Street, an investment firm bought a condo occupied by Shape House, a sweat lodge. The property was recently converted into an eight-floor walk-up with apartments and a penthouse. The sweat lodge remains until at least 2024, which continues to bring in a rental income for the new owners and investors.
When you consider purchasing real estate, it's a good idea to look into transactions like these. They show you what you can do to make money in the city and how you can best use properties to your advantage if you want to invest. With any of these transactions, it's vital that you make sure your contracts are sound; you want to be positive that you have good tenants, good transactions and positive reminders about why you invested into this particular property. With the right protections in place, your choices can benefit you in the long term.