Related Companies is a leading private real estate development firm in the country. Jeff Blau is a partner and the chief executive officer of this firm. Jeff is the man behind over $20 billion of new developments in almost every sector of the industry. During an interview, Jeff was asked why he thinks that his latest project is unique especially because the New York market is hyper-competitive. Jeff said that Hudson Yards is unique and it spreads across 28 acres on the West Side of Manhattan. According to Jeff, it gave them the opportunity to come up with a whole new neighborhood, and he believes since they constructed from scratch, they have brought a residential offering that is unique worldwide.
Asked about his predictions on the next hot area in residential real estate, Jeff said that he sees a huge shift in Manhattan to the west and south. Jeff stated that he had observed that people want to reside and work in neighborhoods that are thriving. According to Jeff, that explains why they are investing heavily in the West of Manhattan, specifically Chelsea neighborhoods and Hudson Yards. Blau further said that he thinks any property located in a real 24/7 neighborhood with green spaces, a lot of amenities, and open spaces will appreciate over the next few years.
Blau said that the company is still seeing activity and that they believe projects that are quality, priced and strategically located will continue doing well in the market. Asked about his opinion on the fueling of foreign money in the New York real estate market, Blau said that there is still activity from foreign capital. He stated that the New York market is global; thus, everyone has access to it. Blau also noted that high-end properties like Long Island City and Greenpoint have a lot of room for growth. However, he added that it is still hard to predict in the near term.
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