The real estate market in 2019 in New York City had (more than) its fair share of ups and downs. Some of the more tumultuous events included deals with a tech industry giant that exploded with fanfare and then quickly died, changes to the way that rents are controlled that have landlords crying foul and sliding investment sales.
So, what can New Yorkers expect for 2020 in the real estate market? Here's what some industry professionals are saying will be the hot areas:
The financial district used to be pretty empty after business hours -- but that's changing. Condo towers have been bringing new homes to the area, and more are planned, all of which are causing rental prices to steadily climb.
Long Island City
There are some major apartment projects planned for this area, and many people moving this direction are looking to get away from the hectic congestion of downtown Manhattan. The slower pace of life in Long Island City, and more reasonable rents are highly appealing.
Urban with a small-town feel, Flatbush has three major development projects slated to open in 2020. The neighborhood has a lively social culture and a sense of community that can be missing in some other areas.
This area has an expected 59 new developments coming, most of which will be apartment buildings no more than seven stories tall. The rezoning in the area caused the abrupt surge -- and drove asking prices up more than double between 2012 and 2019. Rentals also increased, with the median rent going from $1650 to $2639.
If you're looking for investment properties in New York City and the surrounding area, it's always wise to get some experienced legal assistance.