Opportunity Zone (OZ) properties are getting hotter, opening up lucrative avenues for revenue among NYC commercial real estate investors. OZ properties are not just in one area of the city, however. Let’s take a look at where OZ properties are gaining the highest interest.
OZ Properties in Manhattan
Over the past year, Harlem was really the only neighborhood to see any significant growth with Opportunity Zone properties. There were some property sales in Washington and E. Harlem but not as much as Harlem proper. The reason for this is that OZ properties are mostly located in less developed neighborhoods, which are few and far between in Manhattan.
Bronx OZ Properties
Neighborhoods in the Bronx saw a substantial number of Opportunity Zone property sales and renovations over the past year. Belmont University, Hunts Point, Longwood, East Morris, and more are drawing a lot of attention from commercial real estate investors looking to breathe new life into properties in the Bronx.
Opportunity Zone Properties in Queens
Ever since the announcement about Opportunity Zones, Long Island City has been seeing a lot of traction. Other neighborhoods in Queens, such as Far Rockaway and Jamaica saw healthy developments, even though their Opportunity Zones were announced much later. The one interesting point about OZ properties in Queens is that the majority of sales were already vacant, giving investors a blank slate to work with, but no existing revenue.
OZ Properties in Brooklyn
OZ properties in Brooklyn outperformed any other borough in NYC, partially because Opportunity Zones first opened up in Brooklyn. Of all the OZ property sales and acquisitions throughout Brooklyn, multifamily and mixed-use buildings were the highest. The highest number of OZ property sales were in Sunset Park, followed by Bushwick, East NY, Crown Heights, and Gowanus. The sales and renovations being put into Brooklyn OZ properties are already yielding substantial revenue as businesses and residents move in to lease space.
Financing OZ Properties in NYC
Express Capital Financing specializes in funding solutions for commercial real estate properties throughout NYC. Whether you need funding for acquisitions, renovations, or new construction, our team will work with you to create a strategy to get you to your goals quickly and efficiently, so you can start generating revenue. TO learn more, contact the team at Express Capital Financing today.