David Behin is the co-founder of CityFunders and MNS Real Estate, one of the ten largest full service brokerages in New York City.
He’s had a hand in more than $3 billion in real estate transactions within the New York tri-state area, and here are his five predictions for New York City real estate in 2015.
1) Manhattan office migration
As Manhattan office rates continue to soar, look for businesses to move their headquarters to Long Island City, the BK Tech Triangle, and Sunset Park.
2) The condo dichotomy
With a saturation of the high-end condo market in Manhattan, look for prices to rise slower than in recent years. Brooklyn, on the other hand, will see condo prices and sales hit record numbers.
3) Building bills
All aspects of development (hard costs and professional services) will experience rising costs – contributing to an eventual slowdown in construction.
4) Capital market
Hedge funds and wealth managers in search of asset retention will increase the flow of investment capital into NYC real estate, which will be perceived as a safe haven within their portfolios.
5) The growth of “Pod”casting
In an effort to appeal to younger renters in search of affordable living arrangements, the fastest growing sector will be micro and pod apartments. (These are the apartment version of “tiny houses.”)