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You’ve previously talked a little bit about air rights as well as zoning, now those things are not fixed, in finite things here in New York City.
So if you’re looking to develop a property and you’re working with the best architect, the best construction manager, and the number one commercial broker that can help you find the deals, what are some simple things that you need to know to get you to the next level?
Now what’s going to happen in the area that you’re looking to develop in is whether it’s three months, six months, six years down the line?
One thing about commercial real estate is, you need to plan for the future.
You can’t build an asset for what’s happening today. Most developers are three, four to ten years ahead of the curve, because they’ve already identified what’s the secret sauce in that neighborhood that’s going to bring in big bucks.
So if you are looking to invest in real estate, what’s your three-year plan, what’s your six-month plan and then what is your 10-year plan to succeed?