2025 NYC real estate forecast: Buyers and sellers tango, renters hold their breath
Herrick partner and chair of the Land Use & Zoning Group, Mitchell Korbey, spoke with Brick Underground about the outlook for NYC real estate now that the City of Yes is in place.
"While it is arguably a bit early to have true sense of the actual numbers, the new regulations will most certainly produce new market rate and affordable housing units likely in the hundreds [in the short term]," said Mitch.
He pointed to other rezonings in Long Island City, the Garment District and Midtown South that "will have a major impact" and create a large number of affordable housing units.
"New housing will certainly be produced in these areas presently zoned for manufacturing and commercial use only," said Mitch.
City of Yes also paves the way for a greater number of office towers to be converted to residential buildings.
"While many buildings are burdened with large floor plates and lack necessary light and air for apartments, we are likely to witness the residential re-use of scores of presently under-utilized and vacant office buildings in 2025," Mitch said.