Jody Kriss Blog: Study Shows East NY is a Rehabber Hotspot

As a premier developer in New York City, Jody Kriss of East River partners is always looking for neighborhoods and residences that need a bit of work so they can be livable and the cross sections of the city vibrant communities once more.  Everyone comments on the housing shortage, but fails to cover is the number of structures that are dilapidated, but could serve as housing again with thoughtful design and implementation. A prime example of this is 415 East 6th Street, a historic synagogue that Jody Kriss and East River Partners carefully preserved, while helping the city gain more residential units.

The Center for NYC Neighborhoods recently published a study that shows East New York and Bedford-Stuyvesant opened up more similar opportunities for homebuyers than any other areas in 2015. Though the study is looking at it from a negative angle, there are a lot of positives that are being overlooked. The creation of new, modernized, and livable spaces, helps provide New Yorkers with more options than they had before, at a time when any type of housing is in short supply. Moreover, the homes that are being renovated are lacking, which is why home-rehabbers and developers are able to get them at fair prices and restore them. With that said, the amount of homes being put on the market again is a good thing for New York City, especially for those who have been living in crumbing spaces for so long. Overall, though, the Center for NYC Neighborhoods came up with some very interesting and reassuring information.

Many Neighborhoods Gained a Significant Number of Updated Properties

In the industry, a house flip is considered any home that is bought and sold again within a 12-month period. The agency tallied up neighborhoods all over NYC and made note of the places that received the most attention in terms of creating living spaces that provide a higher-quality of life for their residents.

• 94 in East New York, Brooklyn
• 91 in South Jamaica‐Baisley Park, Queens
• 81 in St. Albans, Queens
• 75 in Bedford-Stuyvesant, Brooklyn
• 74 in Springfield Gardens, Queens

Developers are Also Earning Money and Fueling the Local Economy

Obviously, when dealing with home rehabbing projects or development, the labor and work must be sourced locally. So, as more homes are brought up to present standards, the local people have gainful employment, and the money earned by local developers goes right back into the community. Right now, specific areas are showing great improvements in value, which is why developers are able to see good returns.

• 125% in Cypress Hills, Brooklyn
• 117%  in Flatbush‐East, Brooklyn
• 106% in Bushwick, Brooklyn
• 106%  South Jamaica‐Baisley Park, Queens
• 105% East New York, Brooklyn

For areas that have long been underserved in terms of livable, quality housing options, the results that the Center for NYC Neighborhoods put together for 2015 are fantastic. This is also a good time for home rehabbers and developers, as working on these types of projects is not only profitable, but beneficial for city growth as a whole.

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From The Jody Kriss Blog to the NYSE: Happy 113th Birthday

Jody Kriss of East River Partners has the pleasure of visiting some of New York City’s finest historic buildings, as he searches for those that need TLC to bring them back to their former glory. Some of his favorites to restore are the city’s iconic brownstones, which are just as popular among families today as they were when they were built. However, today, the Jody Kriss Blog would like to pay homage to one of the Big Apple’s most recognizable commercial structures: The New York Stock Exchange (NYSE) building.

18 Broad Street Opened in April of 1903

The NYSE has been around a lot longer than 113 years. At this point, the exchange has been in existence for 223 years in total, and 18 Broad Street is actually its 17th home. In 1792, the NYSE began with just 24 brokers agreeing to trade only amongst themselves, though the group naturally grew, and established the “New York Stock & Exchange Market Board” in 1817. Rapid growth and disasters, such as The Great Fire of  1835 that claimed the group’s last meeting point, caused it to shift venues repeatedly over the first half of its lifetime. By 1901, the NYSE began searching for an architect to create a one-of-a-kind-structure as its new home.

The Structure has Been Dubbed the Most Expensive Building in the Industry

Eight different architects came forward with unique concepts for the structure. Ultimately, George B. Post was selected, and demolition of the property’s existing structures began in 1901. The project was slated to run around $4 million, but after two years of construction, it topped out at close to $9 million, making it the most expensive building ever created for the securities industry. The massive trading floor was one of the largest spaces in the entire city at that time, with its 109-foot by 140-foot hall and ceilings stretching 72 feet into the air. The exterior was designed to be commanding, featuring six Corinthian columns and a marble façade. Its neoclassical architecture remains just as impactful today, and is instantly recognizable by people all over the globe. Oak and mahogany are layered in the opulent interior, with more than 400,000 feet of these and other woods incorporated into the design. Sparing no expense, 18 Broad Street is also one of the first buildings in the entire world to have been outfitted with an air conditioning system from its inception. Just shy of 20 years after opening its new home, the NYSE expanded into a second location at 11 Wall Street. Both buildings were added to the National Historic Landmarks registry in 1978.

“The New York Stock Exchange building is one of the finest in the world,” Jody Kriss said in an interview. “It’s a piece of our history that was built well and has persevered through the years.” Undoubtedly, generations to come will be awed by the impressive structure. Happy 113th birthday to 18 Broad Street!

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