by BCB Property Management | Dec 22, 2016 | Neighborhoods, New York City
For all of Central Park, Prospect Park, and the many other parks scattered throughout the city’s boroughs, green space still feels scarce in New York City. Living in a city ironically nicknamed the Big Apple, people all too easily become disconnected from nature and forget that their food–particularly fresh food–must be imported from outside the city limits. How can a city renowned for its cuisine maintain its reputation with such limited access to green space? Farm-to-table takes on a new meaning when the nearest farm is miles and miles away.
Luckily, city dwellers are celebrated for making the most out of small spaces. New Yorkers are famous for it, living as they do in one of the densest cities in the world. But even making the most of space does not guarantee that green things will grow when and where you want them to, particularly in polluted urban conditions. Sustainable rooftops are in development throughout in the city; vertical growing and gardening is also a popular green space saver.
Urban agriculture and green space expansion are increasingly popular investments with offices and residential complexes. They can add significant, long-term value to a real estate holding and heighten the appeal for other investors and buyers. Developing urban agriculture in the form of sustainable rooftops, vertical plant walls, and other designs is also planting a stake in a community, essentially underwriting people and their connection to nature and to each other.
Curbed profiled Gwen Schantz, who fell into the New York urban agriculture landscaping scene as it gained popularity over the past decade. Schantz points out that the disconnect between city dwellers, food sources, and green space makes environmental education even more urgent. “’It can be very difficult for New Yorkers to make connections between themselves and the source of their food,’ Schantz explains. ‘We don’t really connect a lot with nature, we don’t connect a lot with farming, but it’s really important for people to know where food comes from.’”
Urban Land Magazine quotes Sibella Kraus, head of Sustainable Agriculture Education (SAGE) in Berkeley, saying that “urban agriculture is not just a way to grow vegetables, but also a way to strengthen communities.” Kraus points to cities developing “greenprints” for urban agriculture growth as a strong sign of people’s priorities.
In addition to fresher food, urban agriculture can teach urbanites about the environment and how to better preserve it. “Out of sight, out of mind” cannot hold sway in an age when more people than ever are gravitating toward cities, but the environment is simultaneously suffering a decline caused by human intervention. Now, when we can appreciate fresh food more than ever, we need to take steps to ensure our access and implement sustainable environmental measures. Recognizing urban agriculture as an asset to real estate development aligns business interests and conservation efforts.
by BCB Property Management | Dec 8, 2016 | Neighborhoods, New York City
Ridesharing and carsharing services like Uber, Lyft, and Zipcar are already decreasing the need for car ownership, particularly for people living in crowded urban areas. Uber and Lyft are also simultaneously building an autonomous fleet of self-driving cars, further reducing the car requirement. Taken together, these trends will drastically change the face of transportation and commuting in a country currently heavily reliant on cars. If both ridesharing and driverless cars seriously undercut the once unquestioned obligation of car ownership, what impact will this lifestyle shift have on the real estate market?
Transportation historically triggers growth. Cities have grown up around major ports of call, with transportation extensions unfurling outwards from these hubs. People have organized their lives around access (to work, school, food, entertainment, nightlife, etc.), but time and convenience have borne the cost. So once the issue of access has been addressed in favor of time and convenience, what options open up for commuters?
The availability and affordability of ridesharing, combined with driverless cars, will likely lead to expanded urban sprawl. Workers will no longer need to invest in expensive urban real estate when they can simply move farther away. The accessibility of remote working technology can even monetize their commute. Rush hour is no longer a threat, since you can capitalize on the extra time in the car by working, communicating, organizing–even eating, sleeping, or exercising!
Ridesharing and driverless vehicles may eventually be preferable and economical in terms of comfort, efficiency and even the environment, compared to urban and regional public transit options. This Chicago Tribune editorial compares the outcome of driverless cars to the evolution of the smartphone, extending that analogy beyond providing a digital footprint to solving for in-person appearance.
Once commuters arrive at work, they surely will not miss the extra hassle of parking their car–it will either park itself or pick up another fare. This means parking lot space and restrictions will be drastically reduced, freeing up real estate–especially expensive urban real estate–and precipitating development. Businesses and apartment tenants will also be off the hook for financing parking levels in their buildings. Real estate development will, likewise, have less to worry about once building codes reflect minimized parking requirements.
Even homeowners will directly feel the effects, as ridesharing and self-driving cars free up garage space for storing, living, redecorating, and renting. TechCrunch predicts the self-storage industry could take a hit and Airbnb could see more business, as homeowners reclaim an estimated 15% of living space.
The revolution doesn’t stop at recovering precious time and square footage: former car owners will also save a tremendous amount once they eliminate insurance premiums, car repairs, and maintenance costs. This increased spending capacity will certainly influence other industries in unforeseen ways.
However, the revolution is still a decade or two in the future. The rate of urban versus rural transition will certainly vary, determined by infrastructure, regulation, and demand. And self-driving cars have a ways to go, to account for safety, economy, reliability, and availability. But when all the pieces align, the real estate market will inevitably be stimulated, and people may finally regain that most elusive commodity: time.
by BCB Property Management | Dec 1, 2016 | Neighborhoods, New York City
We are all aware that the way of shopping is changing: more people are opting to shop online and sales in brick-and-mortar stores are suffering. Closures of JCPenney and Sears have threatened to close entire malls, since these anchors – otherwise known as key tenants — tend to drive traffic to the rest of the mall.
Surprisingly, even Macy’s flagship store in New York City considered selling its space. Although e-commerce may be driving consumers away from malls and shopping centers, food is reeling them back in.
From Necessity to Obsession
This growth may have something to do with the newfound food obsession taking over social media. Just think about the number of “food porn” posts, enticing recipe videos from BuzzFeed’s Tasty, and the unique “how it’s made” videos from INSIDER food you see daily. In addition, millennials now value experiences — such as eating interesting and unique foods – over owning material items. And according to The Pew Research Center, millennials have surpassed Baby Boomers as the nation’s largest living generation, meaning this is the core group advertisers want to appeal to the most.
So, what type of food is bringing people back to shopping centers? You would expect that it might be trendy fast-casual restaurants like Shake Shack or Panera that are bringing people in. However, it’s the fast-changing and diverse population of food trucks that are bringing crowds back to these shopping locations.
Why Food Trucks?
“Food trucks are basically the pop-ups of the restaurant business,” said Melina Cordero, CBRE’s head of retail research in the Americas. “They come in, they can set up, they’re low cost, and they’re constantly changing.”
Today’s consumers are craving diverse options of specialty ethnic foods that are prepared and served quickly. However, food trends change so rapidly that it’s hard for brick-and-mortar restaurants to keep up. This is a perfect storm for food trucks. It’s a low-cost and fast way to give consumers what they want, and restaurateurs who don’t want to take a big risk can still cash in on the restaurant business. The trends and trucks change and move so frequently in fact, that this website tracks where food trucks are based on your zip code or the type of cuisine you’re looking for.
With all these amazing “blink-if-you-miss-it” opportunities to experience a diverse array of food, people want to try it as soon as they can so they don’t miss out. So let them focus on eating at a specialty food truck that’s parked outside your store – because these customers might wander in to take a look at, and maybe even purchase, your merchandise.
What This Means for Real Estate
Let the food trucks do the work for you to bring sales to your stores. If the truck is extremely popular and lines are always long, you can almost guarantee there will be a lot foot traffic – to both the food truck AND your store.
While people are waiting in line, they’ll look around at their surroundings. If they happen to be standing in front on your store, they might want to purchase the warm fleece jacket on display in the window. If you get enough people who plan to buy your merchandise while waiting in a food truck line, you’ll make a profit without having to put out any money yourself.
Although it might seem like a large crowd outside of your store can be a nuisance, this might be a sure-fire way to bring more foot traffic into your store, which will bring more money into your company’s pocket.
by BCB Property Management | Nov 27, 2016 | History, New York City
The Statue of Liberty is one of the most iconic landmarks in New York City, not to mention all of America and the world. A gift from France and welcoming beacon to immigrants, Lady Liberty has a storied history. It stands to reason that there should be a museum to honor her legacy and the many citizens she’s ushered into the United States.
This will be exactly the case on Ellis Island come 2019. A $70 million dollar museum is being built in devotion to the 130-year-old statue’s compelling past, present, and history. A groundbreaking ceremony on October 6, 2016 unveiled gorgeous renderings of the Statue of Liberty Museum, which will be designed by NYC-based architecture firm FXFOWLE.
The museum is a collaboration between the Statue of Liberty-Ellis Island Foundation and the National Park Service. Entry will be included in the $18 ferry ticket price; this way, all visitors to Ellis Island will have access to what’s shaping up to be a stunning exhibit.
According to Business Insider, the 26,000 square foot museum will have four segments. First is the entrance way, featuring a mural comprised of 50-star sculptures made from iron bars donated by Gustave Eiffel, the architect of the Eiffel Tower. These bars supported the statue for 100 years, and will now serve as a gorgeous and patriotic embellishment for the new museum.
Further inside, a theater space will introduce visitors to the museum and the Statue of Liberty’s history. Past the theater, an area called the Engagement Gallery will take the experience further with interactive exhibits that detail the intricacies of the statue’s construction.
Lastly, a beautiful exit space will let visitors add their own photos and signatures to an interactive wall, allowing them a place in the Statue of Liberty’s living legacy. The entire museum will be constructed out of the same material as the statue—Stony Creek granite, bronze, and plaster—while a beautiful grass-covered roof keeps the space lush and green.
As New York City evolves, it’s always exciting to see our most treasured historic relics honored by new development projects. Many of us can trace our ancestry to Ellis Island, so its significance in American history cannot be overstated. In its early stages, the new museum appears to do our country, city, and ancestors proud. As this project comes to life, it will no doubt become another chapter in the Statue of Liberty’s incredible story, making the destination all the more memorable for tourists and New Yorkers alike.
by BCB Property Management | Nov 22, 2016 | Brooklyn, History, Neighborhoods, New York City
When it comes to New York City real estate, most residents wish they had more space: to open up a wall and discover a whole extra room would be nothing short of a dream come true. But in a city with 27,000 people per square mile — the highest population density of any major US city — what you see is what you get, and usually what you pay for too.
But the idea of hidden rooms and passageways, even in New York City, is more than just the subject of millennial imaginations. A recent New York Times article tackled just that: hidden spaces, both new and old.
The older hidden spaces, surveyed by the Times, served practical purposes. In one Brooklyn church, for example, a stairway leads to a secret basement the size of a city block, once part of the Underground Railroad. Inside the Brooklyn Bridge, there’s a hidden Cold War bunker. Though you might enjoy the idea of secret passages for the novelty, many people have relied on them historically to stay safe.
That’s not to say secret rooms can only be bunkers. One couple in Brooklyn, for example, discovered a crawl space large enough to transform into a quirky playroom for their young daughter. Others pay contractors like Creative Home Engineering as much as $25,000 to build secret rooms into their homes for aesthetic or personal reasons.
In her three-bedroom apartment on 15th Street and Fifth Avenue, finance worker Sara Nainzadeh had a secret entrance built, opening up to a private office by a tug on a Shel Silverstein book. Asides from storing her safe, the room acts as a retreat from the world.
A couple in TriBeCa, the Watsons, have a secret room built entirely for books: a secret library that doubles as a guest room. Their Duplex on Warren Street is selling for $19.5 million.
Still, others have them implemented as a sort of long-term investment in an uncertain future. With the growing state of technological and government surveillance, many think a private escape is more than worthwhile. If there were needs in the past for such safe spaces, who is to say, 30 years down the line, they won’t be useful again?
Hopefully most of us will never need secret rooms for life or death reasons. But if such spaces do come back in style, why not run with it? A little intrigue in real estate is never a bad thing.
