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I’m diving into a topic that’s not often talked about – the challenges of getting approvals for commercial real estate projects in New York City. 🛑
The process of development, construction, and renovation in the city is inundated with applications and filings to various authorities, which are often stuck in a funnel. It’s nearly impossible to get a project done without an expert-level expediter.
With costs associated with holding assets every month, including mortgages, bridge loans, and additional capital and resources, it’s becoming increasingly difficult for developers to build and succeed in the city. There is a need for more streamlined processes and how the city can mitigate these risks to encourage more development.
While we may not have all the solutions, it’s important to have a real conversation about aligning the development and approval processes to benefit everyone involved.
In this video, we explore the untold story of commercial real estate approvals in NYC and discuss how we can work towards improving the process for a better future.