The Year That Changed New York City Real Estate

150 years ago New York City was a rather busy place. It was the year that changed New York City’s real estate scene forever. People focused on a fresh start right after the Civil War. New York City had one of the busiest ports in the United States at the time. The citizens of New York had money to spend. They ultimately built some of the most beautiful pieces of architecture in history. People today certainly think so, developers have gone to great lengths to restore these magnificent buildings.

New York City’s Waterfront was one of the main reasons for a lot of the growth after the war. The size of the port attracted some of the most significant manufacturing and shipping companies from all over. It was simple to access, and it allowed for massive volumes of goods to flow to the people. The busiest part of the city back in that time was further south. In fact, the central area was from Houston to 34th Street. This area is where you’ll see some of the oldest architecture and it’s just stunning. It’s fascinating because the average cost of homes in these areas can vary radically only from one neighborhood to the next. It’s also why some of these old communities attract many famous people. For example, Jennifer Aniston owns real estate in NYC.

The New York-based Industries continued to grow. The growth brought clothing stores on to the scene along with some large shopping districts known as the ladies mile. It created a snowball effect because people would come from many miles away to see the latest fashions. The people traveling to town needed a place to stay, and so they built hotels. One of the most famous buildings in the area is known as the cast-iron Palace, and it was one of the most beautiful department stores in the city. Many of the buildings were designed before electricity and had rows of windows to allow more light.

One of the more notable places is 85 Charles Street. It was purchased in 2004 for 4.5 million and had undergone many renovations.
Not all of these renovations allowed the building to look its best. They finally did some work that was so thorough. It revealed the location of the three original fireplaces. These fireplaces have been removed and stored in the basement. Some of the building’s original design was set up in such a way to provide unique soundproofing from some of the other buildings in the area.

The city continued to grow, and the super wealthy made their way north. Central Park became official in 1859, but the architects didn’t make a significant impact until a bit later. The builders nearly completed Belvedere Castle and the Bethesda Terrace In the 1860’s. New York was starting to take shape becoming what we enjoy today. The properties have created such a frenzy, some agents have become extremely competitive. This level of competition has created a problem with real estate agents amongst each other.

The properties in these areas have a lot of history attached. If you’re looking to get in on the real estate investment game in the older part of New York City.  You’d better do your homework. You will be up against people with a significant amount of bankroll and have a passion for the area. For example, it might be worthwhile to see what a house is worth in the region first. It’s never too late to partner up with somebody and perhaps do a deal together.  IF you know them well that is.

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Garry Hoge is a well-respected Investor and business owner. With decades of experience as a real estate entrepreneur in Texas. He has closed countless deals involving investment acquisitions, property management and has a giant footprint in the industrial warehouse market.