The huge news about the major zoning change in the works for Manhattan is now expected to create more than 9,500 new housing units in an area previously restricted for manufacturing. Costs for land, design, and construction in Manhattan require the big bucks, but significant opportunity is there for high end developers and investors. Numerous lenders, contractors, and brokers stand to gain over the next few years as the project comes to light.
Plenty of convenient public transportation is already in place, and the city, which has not been favorable toward residential development in the four sections of Manhattan, is finally getting it together to provide more housing, including a couple thousand affordable units. My hunch is that, as this possibility was going through the review process, there are some developers well aware of the opportunities to come.
I talk with my valued clients, students, and connections all day long about finding out about opportunities and doing what it takes to make them happen in your favor. It doesn't get much bigger than development opportunities in four parts of Manhattan. This is not something that is going to happen to this extent any time soon.
When you are "first in" for an opportunity, such as knowing about this major zoning chanage well ahead of time, negotiating becomes less of a challenge when there is little to no competition. Locking in costs can save thousands of dollars, sometimes making the deal work vs. not working, before more people learn what's going on and jack up prices.
It's what can happen when you have a research person or team to create your future income.
https://www.jdsupra.com/legalnews/new-york-city-council-approves-midtown-3512006/
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