New York

New York City, a $450 billion economy, is headquarters for the finance, media, publishing, fashion and advertising industries, and home to major cultural, educational, and philanthropic organizations. It is the central point of interaction for the world’s economy. Confidence in New York City is at unprecedented levels and capital from around the globe is flowing into its properties. Real estate investors currently rate New York City among the top five investment markets in the US, citing the benefits of city, state and federal government commitments to rebuilding Lower Manhattan infrastructure.

The City’s financial clout and international stature also contributes to its ranking as a consistently attractive investment market.
With higher birth rates among hispanics and asian New Yorkers, immigrants continuing to gravitate to New York City and a housing boom transforming all five boroughs, the city is struggling to cope with a phenomenon that few other cities in the Northeast or Midwest now face: a growing population. It is expected to pass nine million by 2020 (from 8.2 million today).

Brooklyn / Park Slope

New York is made up of 5 boroughs, Manhattan, Brooklyn, Queens, the Bronx and Staten Island. Brooklyn with a population of approximately 2.5 million is geographically three times the size of Manhattan and is New York City's most populous borough. It is also the largest, at 71 square miles. If considered an independent city, the borough would rank as the fourth largest in the United States after New York City, Los Angeles, and Chicago.

Over the past 10 years, significant numbers of Manhattanites have been moving to Brooklyn.

Park Slope is a neighborhood in Brooklyn and is nestled within the downward slope from Prospect Park to the Gowanus Canal. The 526-acre Prospect Park stands as one of the true jewels of New York City, designed by the same men responsible for Manhattan's Central Park. The Park Slope/Prospect Heights neighborhoods are the largest in the district and contain more than half of the borough’s residential population. They contain the borough’s largest historic district with some of the nation’s best examples of late nineteenth century Romanesque Revival, Queen Anne, and Renaissance Revival style brownstone row houses, mansions and institutions. This stock of quality 19th century townhouses and its combination of highly rated public schools, excellent shopping, lively restaurant scene, and proximity to Manhattan has long lured prospective buyers and renters. Easy access to the 526 acre Prospect Park has made Park Slope one of New York’s most desirable neighborhoods. Prospect Park, Park Slope's eastern boundary, is the neighborhood's greatest asset apart from its proximity to lower Manhattan. Once a Revolutionary War battleground, Prospect Park is a haven for cyclists, hikers, and family activities. Park Slope also has first-class subway connections to downtown Manhattan, which greatly enhances its appeal to those Manhattan workers who like to live in a more congenial environment without getting involved in an extended commute. Park Slope has seen a lively resurgence over the past two decades with an influx of residents who have restored much of the historic character and original charm of the neighborhood. Furthermore, commercial developments along Flatbush Avenue, 5th Avenue and 7th Avenue, south of 9th Street have been on the rise, as evidenced by the increased storefront occupancies and additional restaurants and shops serving the greater community.

Like Smith Street, Park Slope’s 5th Avenue has become host to a growing number of gourmet restaurants and nightlife. Numerous antique shops have also found a home on 5th Avenue and 7th Avenue in the South Slope. This commercial and residential renaissance occurred for the fundamental reasons described above and consequently Park Slope and Prospect Heights are the prime focus for NYPF’s activities.

From a real estate developer’s viewpoint, good opportunities for development profit in Park Slope are scarce and NYPF relies on its association with the brokers Betancourt & Associates Realty LLC to employ detailed on-the-ground intelligence about possible transactions in the area.