Construction projects in Brooklyn, NY are on the rise. With high-level jobs opening up in NYC, people are looking for mid-range to luxury apartments. Recently, large-scale construction projects were cleared for luxury apartments in Brooklyn, but that still leaves plenty of opportunities for commercial real estate investors. Not everyone can wait for construction to complete, so there will be a race over the next year or so to purchase multi-unit properties, convert existing structures into apartments, or to simply build new structures. Property investors should keep in mind that there are currently incentives at play to get people to revitalize designated Opportunity Zones, and breathe new life into commercial real estate in Brooklyn.
Converting Existing Properties to Multi-Unit Structures
For those who cannot act on ground-up construction opportunities in Brooklyn, there are properties that can be converted to multi-unit structures or renovated to get ready for tenants. For the near future, having properties to rent to tenants will provide a steady stream of income. People scouting out places to rent in Brooklyn are looking for both short-term and long-term leases, and they are looking for something above “basic living space.” Investors and developers should be encouraged to add amenities and nicer interiors in order to attract the type of tenants they want. For those property investors who have been sticking to a “fix and hold” strategy, now would be a good time to get your properties ready for tenants.
Financing Construction and Multi-Unit Properties in Brooklyn
Finding the right construction can be challenging, especially in Brooklyn. Construction projects need ongoing and reliable working capital to keep things on track from start to finish. Structural conversion and renovation on the other hand, often require funding for the initial property acquisition, as well as bridge financing to cover immediate expenses. Unfortunately, traditional lending channels are still treating commercial real estate as regular bank loans, without taking into consideration the time constraints. Investors and developers alike need fast and efficient financing without the restrictions of traditional loans.
Express Capital Financing provides funding solutions for commercial real estate projects throughout Brooklyn. If you are trying to get a property ready to rent, or if you are taking on a construction project for multi-unit structures, contact the experts at Express Capital Financing today.