We care deeply about neighborhoods, and we are always on the lookout for opportunities to bring community-conscious solutions to gaps in marketplaces. Our areas of interest include affordable housing, dormitory, and neighborhood-based office developments. We also work to bring together the real estate and technology communities through ongoing demo events.
On average New Yorkers spend 65% of their income on housing costs – much more than the national average of 30%. Meanwhile, demand for housing is bound to increase, driving up housing costs further, as an additional 1 million more people are expected to come to the City by 2030. Since Mayor de Blasio assumed office, New York City has committed more than $8 billion in public funds to a 10-year housing plan, alongside additional State and Federal funding. The time is ripe for the real estate community to utilize these programs to help put a dent in the City's housing supply crisis. We are uniquely positioned to help development partners identify sites, learn the specific needs of their communities, and take advantage of government programs to help achieve these aims.
In Downtown Brooklyn alone, there are more than 60,000 college students – with dormitory space to house just 10% of them. Meanwhile students from across the globe are yearning for a chance to study and live in Brooklyn. This demand presents a significant market opportunity particularly for land owners looking for community facility developments. We can use our extensive relationships with higher education leaders and dormitory development partners across the City to play an important role in making use of this market opportunity.
Boroughs like Brooklyn and Queens have seen a massive influx of new residents in the last decade – many of whom are paying a premium to commute into Manhattan for work because they do not have enough options for office space in their home boroughs. As such, high demand exists for neighborhood-based office developments, particularly between 500 and 5,000 square feet and built with the context of the neighborhoods they are located in mind.