There has been much discussion and speculation since Governor Cuomo’s State of the State speech in December about the development of New York’s infrastructure. In his speech he outlined plans for a new airport at La Guardia, an architectural revision of JFK Airport, a 6-million-dollar upgrade to McArthur Airport and an overhaul of NYC’s mass transit system including a Penn Station transformation plan.
The success of commercial real estate development is strongly linked to infrastructure. This is especially true in a city the scale of New York which, operates as a 24-hour hub of residential and commercial activity. The Governor’s plans present more attractive options to residents of New York and in short, make it a more livable city. This means investors are more willing to take a risk on large scale projects such as the ones outlined in this recent article, The 10 Biggest Real Estate Projects Coming to NYC by Ariel Stulberg.