The High Line - Symbol and Catalyst for Growth

NY1 ran a segment this morning to announce the completion of digging for the Second Avenue Subway project - which has been planned and envisioned since the 1920s!  When the new line opens for strap-hangers in 2016, Second Avenue will become a draw for more retail, eating/drinking establishments, community services and more.  One only needs to look at the High Line to see how public & private investment can re-envision an entire neighborhood. 

A recent New York Times article, Cities See Another Side to Old Tracks, discussed how The High Line has become both a symbol and a catalyst for an explosion of growth in the meatpacking district and the Chelsea neighborhood. 

In fact, in the five years since construction started on the High Line, 29 new projects have been built or are under way in the neighborhood, according to the New York City Department of City Planning. More than 2,500 new residential units, 1,000 hotel rooms and over 500,000 square feet of office and art gallery space have gone up.

Visit High Line Section 3 during OHNY weekend 15/16 October

openhousenewyork Weekend, America's largest architect and design event, opens doors throughout New York City each October. The 9th Annual openhousenewyork Weekend will be held October 15 & 16, 2011.

Among the pages and pages of tours and programs, I discovered one that immediately caught me eye:

The High Line

W 34th St/11th & 12th Aves, Midtown

 

James Corner Field Operations and Diller Scofidio + Renfro, 2009. The High Line, an historic elevated rail viaduct that runs through the Meatpacking District, was renovated and reopened as a public park last year. Take a tour of the still unopened portion of one of NYC’s most talked about open spaces. Subway ‣ A, C, E to 34th St–Penn Station. Bus ‣ M11, M34.

For more information visit: http://www.ohny.org/weekend/

Making Sense of Dollars and Cents

As an investor, you have a unique investment strategy, threshold for risk, and desire for return on your investment. Ratios like GRM, NOI, and Cap Rate can identify properties that warrant deeper investigation as a financial asset. You can address fundamental purchase questions like: 

• Does this opportunity match your investment strategy?
• How much income do you expect to earn each year?
• Should you reduce costs or increase income?   

Now, let's look at a few stats in more detail...

Giving Due Diligence Its Due

Are you ready to buy property and wanting to know if it is good value? Are you ready to sell your property and want to know what to expect? Have you found an appealing property and are ready to make an initial offer? Did you know that conducting a thorough due diligence can help make the market (and time) work for you to put more money in your pocket and avoid countless headaches.

Simply put, due diligence is the opportunity for you to verify the facts presented about a property or a buyer, calculate value, and identify the risks you may face. A recent article in the Real Estate Weekly offered a bit of quick guidance for conducting the due diligence crucial to commercial real estate deals. The article offers some sound suggestions for due diligence on any size of deal - co-op, condo, townhouse, or multi-unit investment property or more.

While your due diligence will be unique, here are four areas to explore during this time:  

→ Building Condition: Identify repairs, improvements, and upgrades that might be necessary in the near future.TIP: Engage a professional inspector to conduct an engineering inspection. 

→ Financial Health: Verify building financial statements, schedule of improvements & budgets.TIP: Obtain prior year tax returns to compare with reported financial figures. 

→ Current leases: Examine lease terms & options, obtain estoppel certificates for any matters not documented in current tenant agreements.TIP: Review correspondence files for insight.

→ Neighborhood Survey: Review zoning laws, inquire to known plans for neighboring properties and check local government records.TIP: Tap into online data sources to search NYC records for liens, violations, tax records and more.

The bottom line: You will understand the value of a property as well as the risks and rewards  if you plan for due diligence.