The New York real estate market is booming, with several developments that are coming up all over New York from Brooklyn to Manhattan. Real estate development firms in New York are keeping up with global trends in a bid to make their enterprises have a unique and competitive edge over the rest. To keep up with these global and emerging trends, the real estate development firms need to understand the various needs of their target group. Firms ultimately need to be concerned about the quality of space they aim to create for their clients. This ranges from the kind of developments put up; to the social amenities being provided by a real estate developer. This can be established through engagement with the client base to know exactly what they are looking for.
Recent developments indicate a growth in a high number of penthouses, luxury condos, apartments and even villas being established. With penthouses being put up on 520 Park Avenue to luxury condos along the 515 highline. These apartments have features such as private elevators, private outdoor space and their own fire pits. The wide range of amenities provided include gyms, steam rooms, indoor pools and kids play room. Some developments have features such as media rooms, library lounges and art galleries to cater for different tastes. A real estate establishment such as The Giovanni on 81 Fleet Place in Brooklyn holds close to 205 rental apartments that have amenities like yoga and aerobics studio, a media room, a game room, a residents’ lounge, a kids’ playroom, and an outdoor terrace with a barbecue grill, Wi-Fi in the common areas, supplemental storage, and bike storage area. This ensures that a wide range of occupiers are able to live within the establishment. This indicates that real estate development firms are able to target a wide range of clients thus establishing a niche of satisfied clients. Location is important when it comes to real estate, most development firms aim to establish buildings in areas that are close to business centers. This ensures that the clients are a close distance from their work places. Some establishments are near parks to ensure that the tenants have a good view. michael chu’di ejekam has done this before.
Other than the amenities offered and the location another good factor taken into consideration includes the price of the real estate development. Rental prices are usually driven up by different factors such as strong city economy and tight credit conditions. This would in turn mean if a real estate firms used a lot of money to establish a building they would have to sell and even rent these establishments at a high cost to the clients. This is seen in places such as Manhattan were rental prices continued to rise due to the state of the economy and credit conditions. In areas like Brooklyn rental prices are normally pushed up due to limited supply of residential areas and use of landlord concessions. Clients must choose the ideal developments that would suit their tastes and preferences considering all factors involved.