There has been a significant upswing in real estate prices across New York City since the mid-1990’s. This has happened throughout the five boroughs and across economic groups. As prices have gone up neighborhoods have become gentrified with many populations changing over. Some classic examples are North Williamsburg, Astoria, and Alphabet City. The outcome of all of this is trendier locations and safer streets.
This renovation process often times appears to happen in an organic process, yet is clearly pushed by forward thinking property developers like Leslie Westreich of Tryad Group or Joshua Kahr of Kahr Real Estate Group. Older buildings in these areas have been renovated and successfully attracted younger tenants that have allowed New York City neighborhoods to rebound and thrive.
With NYC undergoing an amazing decade turnaround from its low point in the late 1980’s, the city has become an amazing place to live and work. There are cafes, stores, and restaurants in areas of NYC that many thought were lost and what’s more amazing is that many neighborhoods have been able to retain an imprint of their old culture like Astoria which still is predominantly Greek or SOHO that blends into Chinatown and Little Italy.