When the COVID-19 virus first took hold of New York City, the outlook was dire. The wealthy were fleeing New York, businesses were shutting down, and the restaurant market was essentially closed for business. Everything that made NYC special was snuffed out overnight. The fear that the wealthy, who pour millions of dollars into luxury condos every year, and businesses, who make up the majority of building leases, were going to leave the city forever.
The reality is that these fears were highly exaggerated. People who left New York City at the beginning of the pandemic are itching to come home. Residential and commercial sales are soaring, and the rental market is recovering. Businesses and their employees learned that working from home was sustainable, but many still want their employees in-house, and lonely employees are ready to socialize and get back to work.
Though New York City is seeing a resurgence in the housing market, one strange phenomenon is set to continue for some time – affordability. In densely populated areas of NYC, like Manhattan, the residential and commercial properties are seeing a window of affordability. This affordability has brought new changes to lease terms and deposits and has expanded opportunities for businesses looking for a place to set up shop.
The bottom line is, NYC isn't going anywhere. The early-pandemic fears that the city would never recover are baseless and misguided. New York City is here to stay.
How an Experienced Real Estate Attorney Can Help
Whether you are dealing with foreclosure defense, working on a loan modification, or closing on a commercial or residential property, The Law Offices of Melvin Monachan, PLLC can help. We specialize in working with homeowners and commercial contractors in all areas of their real estate needs. Call (347) 389-1682 today to schedule a consultation. The real estate industry is nuanced and complicated; we can help.
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