If you have been watching the New York real estate market, you may have noticed an increase in development projects throughout Westchester County. As the monthly rental prices for housing across the five boroughs of New York City increase, residents are turning their sights toward close-by locations offering more affordable options. According to Westchester Magazine, construction for more than 3,000 residential units was approved to begin just 25 miles north of the Big Apple in White Plains.
The development of 6,370 new residential units is also expected to begin in New Rochelle. These in-demand living spaces are reportedly attracting both millennials who can afford to commute to work and those baby boomers who are looking to downsize from their more expensive homes.
Multi-family and mixed-use developments are anticipated to transform the urban centers in Westchester County into high-priced metropolitan areas. According to The CBRE Group, buildings in Westchester have already been torn down and replaced by medical facilities, multi-family residential complexes and retail properties within the past five years.
Taking advantage of an attractive real estate purchase during the current construction boom may require you to engage in some multifaceted financing arrangements. While commercial banks may be reducing their lending capacities, obtaining funds for the acquisition of a building or for a new construction project might require drawing up complex and detailed contracts. To negotiate terms that are the most conducive to meeting your goals, plan on drafting iron-clad purchase and sales agreements that may help prevent potential setbacks and other problems from arising in the future.
This information is provided for educational purposes only, and should not be interpreted as legal advice.