When it comes to international business hubs, New York is a mecca. Employing over 4 million people in an economy dominated by small businesses, New York has been ranked the 5th most entrepreneurial city in the country.
This diverse economy is home to small and large businesses alike, ranging from varying industries. Drawing in considerable revenue-generating opportunities, the appeal of New York’s premium-priced commercial properties is undeniable.
If you’re an investor looking to tap into commercial real estate in New York, here are a few things to consider:
Commercial real estate is often divided into five sectors, these are industrial, multifamily, office, special purpose (such as a hotel or self-storage), and retail. Regardless of the type of property you’re looking for, remember that creating “experiences” should be at the forefront.
This is especially relevant for retail and office CRE properties, but industries and multifamily properties can benefit from crafting a uniquely New York experience. More than just a brick and mortar building, you should look to invest in real estate that speaks to your target audience.
The food industry is thriving
Gastronomic experiences are the beating heart of New York. Home to some of the most unforgettable food inventions, this industry has been enjoying steady growth.
This vital part of New York’s economy has plenty of niches that potential investors can look into. The market includes a network of restaurants and supermarkets that have changed the commercial landscape of the city. Whether you’re looking to invest in a coffee shop for sale by the owner or a convenience store, the possibilities are endless!
Understanding the class rating system
Before you invest in a CRE property, it’s imperative to understand the standards that determine its desirability. Buildings in New York City are classified according to a rating system that takes into account the amenities offered and the qualities of the structure itself. This helps you determine the value and returns you can expect from your investment.
Let’s take a look at Class A, Class B, and Class C commercial buildings in New York.
- Class A—these are top-tier buildings that boast a gorgeous façade, ideal location, top-notch amenities, and regular maintenance.
- Class B—these mid-range properties are relatively older buildings that have been revitalized and refurbished for commercial use. Along with a quaint historic charm, such spaces are great for transforming to meet your needs.
- Class C—these properties are often smaller in size and not centrally-located. While they may not be refurbished with modern amenities, these buildings have a solid structure and basic facilities to help you get started.
Are you ready to invest in the number 1 global investment capitals of the world? FSBO Commercial’s real estate advisors can help you find the CRE property you need. As experts and reputable commercial realtors in NY, NJ, and PA, they can help you secure the best deals on the market.
If you’re looking for companies for sale by owners, gas stations in NY, or premium industrial properties, FSBO Commercial can be of assistance.
Contact FSBO Commercial for more information on their services.