New York Real Estate is Booming and Developers are Reaping the Rewards

New York Real Estate is Booming and Developers are Reaping the Rewards

New York City: Top 6 Offbeat Landmarks
New York City: Top 6 Offbeat Landmarks

The New York real estate market has rebounded and picked up steam at a rapid pace since the entire country took a hit. Lower interest rates, as well as a booming technology industry making its way into the city, have led to conditions that have made the top New York real estate developers very wealthy. With its 21 percent increase since 2014, as stated in this article, New York’s real estate business has grown to become an international powerhouse. What follows is a list of some of the primary players in the game.

Norman Foster

Chairman and founder of Foster + Partners, Norman has had a career that spans over five decades. His recent projects include three residential towers in New York City. His ability to create contemporary, eye-catching designs have made his work invaluable, especially in New York, where he is responsible for dreaming up the Hearst Tower and Sperone Westwater Gallery, true staples of New York’s architectural landscape.

Stephen Ross

His company, Related Companies, has over 30 billion dollars in assets, according to this article, and he has seen his net worth nearly triple since 2007. His company is responsible for Hunters Point South, a large affordable housing complex, and Hudson Yards, a huge project that began in 2012. Both of the aforementioned projects were made possible by a 2004 zoning initiative that changes the real estate development landscape in New York City.

Annabelle Selldorf

As principal of Selldorf Architects, she and her company are responsible for cultural staples such as Neue Galerie in the Upper East Side, and Hauser & Wirth’s gallery in Chelsea. Selldorf aims to create buildings that are a part of the fabric of the particular neighborhoods in which they reside, making everything her company does stand out beautifully amongst the city’s landscape.

Roman Abramovich

Already a staple in London’s real estate development scene, and Russia’s 12th. richest man, according to Forbes, Abramovich is now focusing on Manhattan. He recently bought townhouses on East 75th. Street with the intention of converting them into one huge mansion. This is just the beginning of his expansion in New York City, so expect to see plenty more of his projects in the near future.

Bjarke Ingles

As founder of the firm that takes its name from him, Bjarke Ingles Group, he has, in his short time in the city, already put made himself known as a true visionary. His residential building, W57, on West 57th., is a standout, with its pyramid-like design.

Saif Sumaida and Amit Khurana

These New York-based developers have their hands in adding great additions to the New York City skyline. Their 152 Elizabeth Street condominium is a representation of the cultural diversity and collaboration that exemplifies the city as whole, with its beauty in design coming from the mind of Japanese architect Tadao Ando. All of Salif and Amit’s projects aim to exemplify the cultural beauty that is New York.

Veronica Mainetti

As president of Sorgente Group of America, she stands out not only as a female developer in a male driven industry, but also as a leader in the realm of green and eco-friendly luxury real estate development. Her real 60 White Street condos in Tribeca utilize specialized insulation that deters hot and cold air, local sourced wood and marble, as well as the elimination of volatile organic compounds normally found in building materials. Her company also places heavy emphasis on historical preservation projects in the city, and she has expanded her scope of work to LA, making Sorgente Group a staple of real estate development across the country.

Exciting Times For Developers

With so many opportunities to create and expand upon business, it’s an exciting time as ever for real estate developers not only in New York, but also across the country. The recent rise in successful companies is due to creative, driven people within the industry taking the bull by the horns and creating properties, both residential and commercial, that take into account the shifts in the industry and in how things are being built and utilized. This entrepreneurial spirit has lead to some breathtaking work that tends to become engrained in the fabric of each specific location.

The Many Faces of Real Estate Development

As you can see, the list of successful and influential real estate developers is vast, in that’s just in New York. When you expand the focus to the rest of the country, and to the rest of the world, there is an endless amount of quality work being done. People like Louis Ceruzzi have been leading real estate developers for some time, and continue to build upon already expansive resumes. The opportunities to build, literally and figuratively, have never been better. Look at the vast amount of work being done, and the opportunities on the horizon, as well as the diversity of each project, past and future, and you will see why developers nation wide are chomping at the bit to get in on the action.

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