From Queens to Fort Lee, developers are targeting “affordable” price points: panelists
By E.B. Solomont | March 15, 2017 03:00PM
What’s a New York developer to do when renters are priced out of neighborhoods? Turn to emerging areas in Queens, the Bronx, New Jersey, Westchester and Long Island.
“We’re like cockroaches, we try to figure out what’s needed next,” said Jan Burman, president of Long Island-based Engel Burman Group, a developer of assisted living properties.
He was speaking Wednesday at a panel on residential real estate trends hosted by the newly-launched Fordham University real estate program. Moderated by Madison Realty Capital’s Michael Stoler, Burman was one of 10 panelists assembled, along with Madison’s Josh Zegen; Benjamin Stacks of Capital One Bank; RXR Realty’s Seth Pinsky; KABR Group’s Kenneth Pasternak; Kushner Companies’ Laurent Morali; Jeff Levine of Douglaston Development; SJP Residential Properties’ Allen Goldman; the Beechwood Organization’s Steven Dubb and TD Bank’s Roy Chin.
“Prices have increased dramatically in core areas, pushing people out to areas that were formerly peripheral,” said Pinsky, who is heading RXR’s investment in “emerging markets” like New Rochelle and other suburban enclaves. “If we want to get ahead of this problem, the ultimate solution is to have supply meet demand.”