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So maybe not in other cities, but in New York City, real estate and politics are kind of married to each other. Why is that?
Number one, politicians have an impact on how much we can develop here in this city. They have an impact on what the plans approval process can be, and what the zoning map may look like.
So most realtors or developers have to have some sort of an understanding and/or a relationship with local politicians. Whether that’s a board president, whether that is an authority that’s going to do the approvals process, because when it’s time to get your project done, you want to know all the variables that are going to play into you finding the solution to your biggest issues. Whether that is you want more air rights or you want to build higher, or if it is that you don’t want to have a setback in your property and you want to get a variant so that you can build to the full scale of the lot.
Now how is it that you as a developer can make sure you solve these things?
Number one, it’s having a team in place that understands the market and understands how to navigate New York City real estate. Learn more about this as we continue our journey together.