Connect Media | December 20, 2018
Crown Heights in Brooklyn and Far Rockaway in Queens, along with Harlem in Northern Manhattan, are expected to reap investment benefits from the twin drivers of recent rezonings and newly-identified Qualified Opportunity Zones, according to a GFI Realty Services report. Already, GFI notes, a number of New York real estate players have turned an eye toward developing in these areas.
“As much as New York’s investors expect to gain from this new program, the greatest beneficiary is likely to be residents and businesses located in under-served areas of the city,” said GFI’s Justin Fitzsimmons.
“Many opportunity zones in New York are situated in neighborhoods that were either recently rezoned or have been pegged for rezoning,” he continued. “With the combined benefits of these two programs, we can expect to see developers enhance a wide range of neighborhoods in all five boroughs, which will benefit local residents and businesses alike.”