In many markets when uncertainty arises in other parts of the world, America often benefits as it is seen as a safer bet to investors. Recent events in Europe seems to be having this effect on the New York City Real Estate Markets. The United Kingdoms recent decision to leave the European Unions has left many unanswered questions about financial stability in the region. As a result, investors are turning back the US to put their capital in the safer market and specifically looking at NYC properties.
One of the reasons NYC properties are so attractive to investors is the high employment growth. The New York area is the largest job market in the nation and has added more jobs in the last twelve months compared to other US cities. This growth is expected to continue to increase into 2024 and beyond. In addition to the robust employment market, New York City, investors are also attracted to the availability of debt and the fact that the cost of the debt is very low. If rates continue to remain low, investors can expect to continue to receive positive returns on their capital investments.
One firm in the New York City market who knows NYC properties better than most is Town real estate. Town has been a premier brokerage in the New York City Market place since 2010 when it was founded. Andrew Heiberger who runs Town has been in the New York City real estate industry for decades. Town is also seeing the growth in the New York City market. Town recently represented the buyer in the sale of 734 Broadway as massive 12,000 sq. ft. space. This is just one example of the $1.5 billion of commercial deals Town has done in the past 18 months.
With the New York City market predicted to continue to grow, Town is well positioned to continue to grow with it. Heiberger has created a winning recipe with his firm, by hiring the best professionals available and providing them with all the necessary tools to get the job done for their clients.