Urban Real estate has went through a major transformation than it was a few decades ago. This is because of people, such as Joe Sitt and other real estate investors, who see the potential of transforming something common into a thing of gold. This new understanding of the city’s potential is the behind-the-scenes driving force that led to the provisions that urban real estate development gave the residents, the builder, and the city. This urban development of New York has become trendy and exuberant for new and established residents. And as a result, more people even from abroad desire to relocate there.
With this campaign, several builders, banks, and celebrities became involved, including:
The Durst Organization and Cook and Fox Architects- they recently completed the Front Street landmark’s revitalization
Vishaan Chakrabarti, Carnegie Corporation, Marc Holiday, and the Center for Urban Real Estate- the revitalization of lower Manhattan has made $16.7 billion in tax revenue in 2015 for New York City.
Goldman Sachs’ Urban Investment Group- the Golden Heights neighborhood’s renovation with an investment of $26 million is transformed into a trendy spot for food, corporate events, and meetings.
Celebrities- super model, Tyra Banks, actress, Brook Shields, and singer, Jon Bon Jovi invested their own money to transform their former neighborhoods.
As a Result…
With these new and exciting transformations, more residents see this as a sign of hope as well as a meeting place. Also, new developments are occurring throughout urban neighborhoods in building energy efficiency and technology which creates tax revenues and more jobs in New York. Many places are becoming prime destinations with modern and cozy apartments, high end boutiques, and quaint restaurants. And even more celebrities are attracting celebrities, such as Tom Brady, George and Amal Clooney, and Gisele Bundchen. Even a lot more, young people are excited in buying their dream home in the city when before they only desired to have the dream home in the suburbs.
Additionally, it’s now a fantasy for many young people to ride their bicycles or walk to work in New York, and this shift shows no sign of slowing down any time soon.