Amazon’s impact on the commercial real estate market continues to make the news. While the biggest announcement following the internet giant’s announcement to build a campus in NYC involved the creation of jobs, commercial real estate was not far behind. Neighborhoods in Queens are now experiencing one of the major aftershocks of the Amazon effect, and commercial real estate investors are preparing to generate a lot of revenue.
Revenue-Generating Properties Are Key
While purchasing properties to flip on the real estate market in Queens has been touch and go over the past year, the real focus now is on revenue-generating properties. Commercial real estate investors in Queens are lining up multifamily apartments, storefronts, and are even looking at land for new construction. A number of people are going to be relocating to Long Island City and other places in Queens, and they will be looking for apartments instead of homes. Due to the positions opening at the new Amazon campus, as well as other businesses scouting out locations in NYC, transplants will want relatively long-term leases at places with more amenities.
Luxury Apartments on the Rise
Between the economy favoring corporate jobs and the commercial real estate market in NYC, people are looking for residential spaces that are a few cuts above the basic apartment layout. Energy-efficient, forward-thinking designs with ample space are the focus for investors and developers in Queens. Whether luxury apartments are the result of new construction, renovations, or adaptive re-use on historical buildings, the potential for revenue from leases is very high right now. Commercial real estate investors are trying to get a lock on various properties to ensure healthy returns for years to come.
Financing Properties in Queens
The drawback to financing rental properties in Queens is that banks are still treating commercial real estate projects as traditional transactions. This means loans have high requirements and take a long time to process, resulting in missed opportunities for investors and developers. In order to sidestep the red tape, commercial real estate investors are finding solutions with lenders who have financing programs tailored to the property market in Queens. Stated income loans, hard money financing, equity and mezzanine solutions, and construction loans all allow investors and property developers to complete transactions and major projects quickly and efficiently, so they can start generating revenue as soon as possible.
Express Capital Financing specializes in commercial real estate solutions tailored to the property market in Queens. Contact our offices to get started ahead of the commercial real estate rush.