Picking the Next Residential Neighborhood
Washington Heights has great transportation, but rent-stabilized housing makes land acquisition there difficult, and thus Bushwick will pop faster, says Taconic’s Kevin Davis (with Ariel Property Advisors president Shimon Shkury). Similarly, Williamsburg sprouted quickly because it started as a primarily industrial market, and so creating a neighborhood was easier. (After all, the word "house" is already in the word "warehouse.") We snapped Kevin and Shimon, as well as the gents below, at Ariel’s recent Coffee & Cap Rates event at Club 101.
L&M Development’s Dave Dishy (right, with Synapse Capital’s Justin Palmer and Hudson Cos’ Joe Kohl-Riggs) likes to look along east/west corridors for investment opportunities. Think of Newark, Jersey City, Lower Manhattan, and Downtown Brooklyn as boosting each other's potential. Same for Hudson Yards through Manhattan to Long Island City and farther down the 7 line. Joe’s slightly tongue-in-cheek advice for how to get ahead of the competition: “Go as far as you’re willing to go on any given subway line, then go two more stops.”
