Real estate redevelopment is transforming large swaths of New York City. In many parts of the city, the buildings people live in are decades old and not in very good condition. Plus, there are quite a few dilapidated buildings that are an eyesore and pose a danger to people in the communities in which they are located. Some of them serve as drug dens and hideouts for criminals. Over the past decade, a number of visionary real estate developers have been going into those communities, purchasing those old structures, tearing them down and replacing them with modern residential and commercial structures.
New York is a vibrant, dynamic city that has been reinventing itself constantly for hundreds of years. A succession of immigrant populations have moved into the city, created unique cultural enclaves and added to the rich cultural tapestry that is New York City Tevfik Arif Bayrock. But some of the structures in those communities have fallen into disrepair and communities that once made up important parts of New York’s wonderfully diverse ethnic identity are now dark, dank, dangerous places. But real estate redevelopment efforts have begun to touch these communities as well and is beginning to bring them back to life.
One of the unique things about living in or visiting New York City is the ability to sample the food, experience the culture and meet the people from all parts of the world by simply going from one neighborhood to another. In lower Manhattan, Chinatown and Little Italy are within blocks of each other. Plus, right nearby you can sample exotic foods from India. But the buildings in many of these communities show signs of aging and native New Yorkers and tourists alike visit these once vibrant communities with trepidation. While the tasty delicacies and unique shops are still there, some of the places look unsafe.
Redevelopment efforts in some of those cultural enclaves have helped to give them new life and improve and increase economic activity. Just as people come to New York to experience Rockefeller Center, Broadway and the Statue of Liberty, they also want to sample authentic Jamaican food, hear jazz in a Harlem nightclub and eat cheesecake at Junior’s in Brooklyn. Real estate redevelopment has helped with all of those things. It has revitalized communities and made them brighter, livelier and more welcoming to both tourists and locals looking to enjoy New York City’s unique flavors.
Such redevelopment also helps to improve the tax base of a community by creating modern apartments and commercial properties that attract the well-to-do and people with growing financial resources. This results in improved schools, public facilities and other types of resources that make a community attractive to residents, business people and visitors. Cute, little cafes, nice nightspots where talented singers and musicians perform, beautiful, boutiques and exotic shops all pop up when a community has good real estate stock and a warm, welcoming feel.
When it comes to real estate redevelopment, the bugaboo is concepts like gentrification and people being priced out of communities they helped to build and make popular. Sensible, balanced real estate development is one of the keys to New York City continuing to reinvent itself without losing the cultural diversity for which it is famous. Real estate developers must be sensitive to the importance of cultural landmarks and be willing to work with long-time residents to make New York’s communities better for everyone.
Change is inevitable, but smart real estate development is the sensible way to go to keep New York City’s homes, businesses and communities as attractive, interesting, diverse and economically viable as they’ve always been.