The New York housing market rebounded and real estate professionals are reaping the benefits, according to an article by Chloe Sorvino for Forbes.
The market began improving before the rest of the country, and has now surpassed its 2007 peak, according to the article. Commercial transactions totaled 3,576 for a total of $69.62 billion, 11.48% higher than in 2007.
From the article:
Take David Walentas, who joined the billionaires list in 2014 after transforming 1970s investments in Brooklyn’s once-industrial Dumbo neighborhood. In Williamsburg, another then up-and-coming neighborhood, he acquired the old Domino Sugar refinery’s 11 acres for $185.5 million in 2012. It’s now undergoing a $1.5 billion redevelopment plan and will soon be a luxury residential and retail complex. ”A lot of it is timing. There is an advantage to size here in the sense that in 2009, 2010, and 2011, there were opportunities to buy sizable transactions and improve them,” says Shkury.
For the richest real estate investors in New York, these underlying factors created a major pay day. The top 10 real estate billionaires with Manhattan or outer borough holdings are richer than ever before. Most have doubled their net worth since 2007’s market high.
Of the top 10 real estate billionaires in the U.S., five of them are in New York, according to an article by Benjamin Mazzara for Bisnow.