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Let’s talk a little bit about land use and zoning.
So if you’re working with an agent, who may not be a commercial real estate specialist or a realtor who has no clear understanding about the neighborhoods that you’re looking at..
Number one, you can run into many issues if they advise you to purchase a property and convert it in a zoning that may not make sense.
So what does that mean? Certain areas of New York City are zoned for certain types of development. It’s to protect both housing opportunities and to protect the quality of life in our neighborhoods.
So if you are an investor and a broker tells you to purchase or build in a community that may not have the zoning rights available to you and/or the land use rights available to you, you can be in a very serious situation where you just purchased an asset that cannot perform in the way you need to.
So make sure when you’re checking your boxes and you’re looking at all the research, you’re really paying attention to your professional’s perspective of what the land use and what the zoning opportunities are in the district that you’re purchasing.