The Joe Sitt real estate industry has played a major role in the development of New York City and its environs. New York which is a rather old city has started to show aging on some of the infrastructure and buildings. This has given urban real estate developers new business of developing the infrastructure and ensuring that it remains economically vibrant for international tourists and investors. Upgrading the commercial and housing infrastructure in certain environ leads to people taking pride in their neighborhood and the community. This also attracts investors and celebrities such as Tom Brady, George Clooney, and Spike Lee to exciting places such as nightclubs, sidewalk cafes built as a result of development.
Development has made New York city a fun and exciting city to visit and stroll along the streets; this is due to the thriving businesses, beautiful streets and unique yet new buildings coming up in the city. Real estate development firms such as JDS Development Group, Victor Group, and Greystone Development have thrived in the industry having developed and constructed good quality properties in New York starting from residential to commercial properties.
New York City is one of the best places to work as a real estate developer or investor. This is because it is one of the upcoming neighborhoods with a very high demand for property, leases, and housing. The high demand has led to low-interest rates in areas such as Manhattan, therefore attracting a lot of investors into other industries. This has created a perfect opportunity for urban real estate developers to make millions of dollars in profits from developing properties.
There are a number of people who made billions in the real estate business in New York. Stephen Ross is one of the richest real estate developer and investor with his Related Companies known to develop the Hudson Yards Redevelopment project and the Time Warner Center. His net worth increased from2.5 billion in 2007, to 12 billion dollars by 2007 according to Forbes. Richard LeFrank was listed as the second most vibrant real estate developer in New York with a net worth of 5.9 billion dollars in the 2016 Forbes listing. Donald Trump also made it to the list becoming third with a 4.5 billion dollars net worth in comparison to his 2.9 billion dollars in 2007. Real estate development is one of the thriving industries in New York with the right strategic approach one can make millions of dollars in profits.