As a premier developer in New York City, Jody Kriss of East River partners is always looking for neighborhoods and residences that need a bit of work so they can be livable and the cross sections of the city vibrant communities once more. Everyone comments on the housing shortage, but fails to cover is the number of structures that are dilapidated, but could serve as housing again with thoughtful design and implementation. A prime example of this is 415 East 6th Street, a historic synagogue that Jody Kriss and East River Partners carefully preserved, while helping the city gain more residential units.
The Center for NYC Neighborhoods recently published a study that shows East New York and Bedford-Stuyvesant opened up more similar opportunities for homebuyers than any other areas in 2015. Though the study is looking at it from a negative angle, there are a lot of positives that are being overlooked. The creation of new, modernized, and livable spaces, helps provide New Yorkers with more options than they had before, at a time when any type of housing is in short supply. Moreover, the homes that are being renovated are lacking, which is why home-rehabbers and developers are able to get them at fair prices and restore them. With that said, the amount of homes being put on the market again is a good thing for New York City, especially for those who have been living in crumbing spaces for so long. Overall, though, the Center for NYC Neighborhoods came up with some very interesting and reassuring information.
Many Neighborhoods Gained a Significant Number of Updated Properties
In the industry, a house flip is considered any home that is bought and sold again within a 12-month period. The agency tallied up neighborhoods all over NYC and made note of the places that received the most attention in terms of creating living spaces that provide a higher-quality of life for their residents.
- 94 in East New York, Brooklyn
- 91 in South Jamaica‐Baisley Park, Queens
- 81 in St. Albans, Queens
- 75 in Bedford-Stuyvesant, Brooklyn
- 74 in Springfield Gardens, Queens
Developers are Also Earning Money and Fueling the Local Economy
Obviously, when dealing with home rehabbing projects or development, the labor and work must be sourced locally. So, as more homes are brought up to present standards, the local people have gainful employment, and the money earned by local developers goes right back into the community. Right now, specific areas are showing great improvements in value, which is why developers are able to see good returns.
- 125% in Cypress Hills, Brooklyn
- 117% in Flatbush‐East, Brooklyn
- 106% in Bushwick, Brooklyn
- 106% South Jamaica‐Baisley Park, Queens
- 105% East New York, Brooklyn
For areas that have long been underserved in terms of livable, quality housing options, the results that the Center for NYC Neighborhoods put together for 2015 are fantastic. This is also a good time for home rehabbers and developers, as working on these types of projects is not only profitable, but beneficial for city growth as a whole.