Architect from New York

[Alexander Loyer Hughes AIA]

I'm new to the role of investor in Real Estate development, but I've been helping clients add value to properties for quite some time now as a Registered Architect. It's my turn to try and take the risk.

I realize that I need to learn more about financing options and market analysis. These are the 2 areas that I'm weak in.

Can anyone point me in the right direction? I'm looking to find out more about who is willing to provide financing for renovations and new construction in Manhattan, particularly Harlem. 

I'm also looking for good resources on market analysis for property purchase and sales value in Manhattan.

Any help is appreciated.

[Michael Gansberg]

Hi @Alexander Loyer Hughes AIA,

Glad to see you're jumping into the market. As a Harlem dweller since '08, I think there are still some areas in Harlem that are ripe for acquisition and still offer excellent potential. I bought my apartment in South Harlem(on what the brokers, of whom I am one, now call "Restaurant Row." Nobody called it anything when I bought there.)

For data on NYC Real Estate, I think there's nothing better than Streeteasy.com and Marcus and Millichap. M & M is the way to go for commercial projects, I favor Streeteasy when it relates to residential, but there's certainly some overlap.

If I were you, I'd strongly consider East Harlem, both before it becomes a named neighborhood like South Harlem(now "SoHa") and before the 2nd avenue subway's terminus pops up there. Once those two things have occurred, I suspect the easy money will have been made. 

Enjoy,

Michael