Starting a Restaurant In New York City

New York City is home to some of the best restaurants in the entire world. People come here to enjoy all kinds of dining options. They come here to eat everything from really great pizza to four star, formal dining. Opening up a restaurant here is a dream come true for many business people and all those who really love food. Here, they’ll find informed foodies happy to embrace any kind of food as long as it’s really good food. Those who want to start a restaurant in the nation’s culinary capital can find it easy if they stick to a few ideas. It helps to understand the local food markets. Just bringing in fresh food can be a huge undertaking. Even a small space may see hundreds of customers each day. This is why it is crucial to stick to all necessary health regulations and any other rules that govern local area food serving spaces.

 

A Vision

 

A restaurateur should have a guiding vision in place before they begin. What kind of food they plan to serve is crucial. Is it authentic Northern Italian? Will they serve upscale Japanese? Old fashioned deli sandwiches? Each company owner needs to think before they start. Details like a menu should also be well in place even before opening. A chef needs to know what they are going to serve months before they open. It helps to get a feel for the markets in the area. Some areas are devoted to certain types of cuisine. For example, Chinatown is home to some of the best Chinese food outside of China. A part of midtown is home to many Indian restaurants while a few blocks down there’s many Korean restaurant. Opening up a restaurant of that type in that area can meal stiff competition. It can also mean more customers as people come to that area to sample that type of food.

 

The Size of the Space

 

Another consideration is the size of the intended space. Any chef should think about how they plan to serve food. Someone might want to only serve take out and perhaps have just a few spaces indoors for customers. Another person may wish to start a restaurant that is all about full service for clients including waiters. Keep in mind all kinds of costs. A large space in Manhattan can be very expensive. The person may want to start small instead. Starting small allows the person to test the market. As word of mouth starts to spread, this can help draw in a larger customer base. A small space with several menu choices can be an effective way to test out a new concept directly to customers.

 

The Big Opening

 

Any person who wants to open up restaurant here should have an idea when they plan to open. Varied spaces here may require work. Some storefronts are designed for restaurants. They tend to have specific areas dedicated for the needs of the chef such as existing kitchens and a full basement for storage space. Other areas may require a lot more work. Anyone should know exactly what they’re going to do to the space to prepare for an opening before they begin. An overall plan helps anyone get the working space they need to serve customers. Before opening, any chef needs to make sure that all is working order. They should make sure they understand all local health codes governing food storage as well as how to collect necessary state and local taxes. A great opening is one of the keys to running a successful New York restaurant.

Six Things You Learn About Life In New York From Someone Who Survived It

 

 

New York is definitely a beast. “If you can make it in New York, you can make it anywhere”. New York and New York business life will present its challenges. You need to choose whether you are going to live or survive there. Living and surviving in New York are two different things. The longer you make New York your new home, the more like it home it will feel.

 

“Only the tough survive”

 

1) Every job in New York has its own dignity and is equally as important as the rest. You might be starting off as some errand boy, but your job does have value. You might not be putting your college degree to good use, but you will meet some pretty cool people. You might meet someone who ends up being your best friend for life. Not every person in New York is a snob or jerk. Many of them started out just like you.

 

2) Networking is the key, no matter what low-end job you get. You need to make friends and listen to what is going on around you. You might hear someone mention a job opening in your company. Some companies fill their job posts internally. You might say yes to a meeting that changes your life. Networking does not end there. Make it your life’s mission to network with others. Business life in New York will be less challenging when you have more contacts to talk to.

 

3) New York is a big city in such a small world. You should always be nice to your co-workers, even the ones who are not nice back. If they offer to take you out for a drink, then go. New York can be a cold place sometimes. You need to have people you can count on, co-workers too.

 

You should try to get to know your co-workers. You will find you have something in common with the least likely of people. Treat your boss with respect. You might not agree with everything they do, but you still show them respect. You need to work, so you can pay the rent. The rent is not cheap, and it will not take care of itself.

 

4) Trust your gut instincts, including people and places. You will meet people in New York who are not savory people. Loneliness is natural, but do not mistake loneliness for desperation. Listen to your body and mind when it tells you a person does not feel right.

 

New York has ways of testing you like that. The last thing you want to be is some small town person from Michigan saying “hi” and trusting everyone you meet. You will be very disappointed in the outcome.

 

5) You should not get wrapped up in your job 24/7. Business life is going to disappoint you and make you feel restless. You need to put that energy to good use. It does not matter whether you have made some new friends yet or not, you should go out and explore the city. Read some books. Listen to your music. You should not abandon your true self just because you are in New York.

 

6) You need to be okay on your own. Your friends are not going to bail you out. Your friends expect you to take care of yourself. New York is one place where you learn to be independent.

 

New York teaches you to grow up fast. If you can survive your first few years, then you will be okay with whatever life throws at you.

Factors Influencing the Current Trends in the New York Real Estate Market

The national real estate market has outdone itself in rising from the economic slump experienced a decade ago. However, the current market trends aren’t consistent across all the states with some like New York City reporting several disruptive trends that may soon spill over to other equally populated urban areas. Three main disruptive trends witnessed in the New York real estate market in the recent past include:

1. Higher than normal house prices

With the city’s enormous population exerting pressure on the market, a gradual price increase of the available real estate inventory would be understandable. However, the rate by which homes and apartments prices have shot within the past few years is nothing close to normal. The fact that the median price of townhouses and apartments has increased by over 58 and 28 percent respectively over the past decade makes homeownership in New York a nightmare for most residents.

2. Slow-paced development

The city developers have slowed down on the construction craze witnesses prior to the 2008 economic recession. The slowed construction comes at the backdrop of an ever-increasing city population and may, therefore, be partially attributed to the increased house prices.

3. Reduced rent prices

Interestingly, the high real estate prices aren’t directly proportional to rent price. The rent price in the city is declining by day, a fact that has seen more attractive lease perks available for renters, Bayrock‘s founder, Tevfik Arif Doyen.

Driving factors behind these disruptive industry trends

Researchers attribute the current real estate market trends in New York City to a variety of social and economic factors including:

Low rates contributing to fast consumption

With the interest rates at an all-time low, banks are more than willing to advance mortgage to anyone who can afford the payments. This has contributed to the land-grab mentality that sees new developments fly off the market as soon they are launched. The fact also explains the constant low real estate inventory available to the market and thus the skyrocketing house prices.

Shifting millennial mentality

Rent prices have for the longest time rode on the millennials historical preference of renting to homeownership. However, the availability of low-rate mortgages has caused a change in mentality as more millennials try home ownership thereby explaining the reduced number of renters and in effect low rent prices.

Hoarding among the aged

Traditionally, most of the aged populations would sell their homes off after their children moved out. However, the current baby boomer generation has expressed more reluctance to sell, fueling the low-inventory further and contributing to high home prices.

Increase demand for houses

New York is currently experiencing an economic boom that not only sees more talent and job seekers troop into the city, but this boom also feeds established adults with the need to stay. This group then openly expresses their will to pay higher prices to own homes and apartments further pushing up the already exorbitant home prices.

What to expect going into the future

Real estate experts believe that while the imbalance in apartment and home purchase prices may extend into the foreseeable future, it can’t last forever. The New York market is, therefore, more likely to experience a major shakedown in the next few years. Nonetheless, most seem to agree on the possibility of a decreasing property inventory within the city. Such a fact may, in turn, result in the gradual migration of current city dwellers into the New York suburbs.

Bottom line

While these disruptive trends may be taking root in more regions across the country, they are currently more pronounced in New York. The city, therefore, presents a solid forecast ground for the rest of the national real estate markets, even as it prepares for a possible future shakedown.

 

 

 

 

 

Investing in New York Real Estate

Investing in real estate is one of the soundest, and potentially lucrative practices that a business can make. However, to be successful, the investment must be in a market that is in demand, with values constantly on the rise. Breaking into such a market is not easy, and doing so requires more than just capital, but an intimate knowledge of the types of real estate investments that comprise that market and how they are maintained. No city in the world walks that balance between demand and difficulty more than New York, New York, and while investors from around the globe are constantly trying to get their foot in the door of the real estate market they are finding it more difficult than ever before. New York is home to many different types of real estate investment, so in order to make a successful business decision potential investors need to understand the difference, and choose the most suitable for what they are trying to accomplish.

One option in the New York real estate landscape is to purchase through a real estate investment trust. This too is an attractive option for investors from outside of the area, because they are buying in to a group of such properties. Profits and liabilities are shared among the pool of investors so there is less direct ownership, but also less additional cost and responsibility to each investor. There are several REITs currently operating in New York and purchasing into one may be a sound business decision if you have the initial capital on hand.

If individual ownership seems like a more attractive option, you can invest in a turnkey property. This is a property that can be purchased and immediately used as a rental property with little to no additional investment capital required in between. This is a particularly attractive opportunity for those who live outside of New York and are purchasing the property solely as a business decision, taking advantage of the lucrative market. The owner can then collect rent on the property as its value continues to rise with the market. However, one thing to be cautious about is the need to maintain said property in this type of an arrangement. The investor will have to come out of pocket to hire a qualified, trustworthy property manager to protect their investment.

Either way it is important to visit the city and see the properties you are considering for yourself. Being one of the biggest, and most populous cities in the world New York is home to different cultures and atmospheres around every corner. It is important to get a feel for what you are trying to invest in, understand the neighborhood and the property itself. From a business standpoint it is important to visit the building and make sure you are making a sound investment. While buying in to one of the hottest real estate markets in the world despite the risks may sound enticing, take the time to ensure that you are not purchasing an investment that will cost you more money down the road than it will make you.

 

 

 

 

 

The Growth Of New York’s Financial District

 

For years landlords, and politicians have transformed the Financial District. From an area filled with empty offices, it became the place for affluent, young families. With the help of tax incentives, the apartments in the area have been quadrupled by developers since 1990. According to the Alliance for Downtown New York, most of the building was after the 9/11 attacks occurred.

According to the Downtown Alliance, the population has grown from 13,675 in 1990, to a high in 2016 of 61,000. The amount of trash bags in the streets, and sidewalks has also increased, and there is concern regarding the congestion. As the Financial District Neighborhood Associations President, Patrick Kennell believes this is growing pains, but it must be dealt with or the residents may leave. The city is studying ways to prevent the trash from piling up.

Prior to September 11, 2001, the Downtown Alliance was working on the development of an attractive area for residents, and businesses. According to the Downtown Alliance’s President, Jessica Lappin, the area was rocked by the 1987 stock market crash. She realized the area must have individuals working, and living 24/7 in the community to make it sustainable for the future.

Although since expired, the 421-g tax benefit was required to convince the developers the unused office space should be converted into residences. In the 1990’s residents began moving in, and were aided by Chelsea, Tevfik Arif Bayrock, TriBeCa, and SoHo. According to the Miller Samuel appraisal firms co-founder Jonathan Miller, this started a competition with the neighborhoods in Manhattan that were more established, and development was pushed downtown.

The cleanup needed time, and there was a pall over the area from the attacks, but construction kept humming, and residents returned home due to government incentives. The sales of homes increased, especially in the high-end, and individuals now seek the Financial District due to the numerous subway lines, dining, shopping, and entertainment. The result is a younger community living in the area.

As Keller Williams in TriBeCa’s sales agent, Bayrock, Rachel Kelly feels five years ago these fashionable, young people would not have stepped into the area. The area is now on all their lists. The Downtown Alliance recently did an analysis showing approximately 41 percent of the people living in lower Manhattan are millennials. The definition is individuals 18 to 34, although roughly 19 percent are 25 to 44. The demographic equates to a little under $160,000.

The amount of single, young people residing east of Broadway, and south of the World Trade Center has been touted by the alliance, and real estate agents are impressed with the number of individuals in the area buying their first home, and starting a family. This has been noted by foreign investors, and individuals including Larry Silverstein have been drawn to the neighborhood. He has leasing rights, or owns a lot of the World Trade Center complex. He stated he wanted to reside where the young people were, triggering his move to his downtown project from 59th Street, and Park Avenue.

Catherine McVay Hughes welcomes these changes, and she currently lives by the World Trade Center. She believes the neighborhood has profited from amenities including gyms, movie theatres, and the support now received by the cultural institutions. She also feels all the construction work required for new developments has increased the traffic, trash, and created major competition for local school seats. After living downtown for almost thirty years, she sees the growing pains. The market is continuing to grow, and 3,400 units for housing have been identified by the Downtown Alliance. These buildings will be constructed, rather than created using old office spaces.

Real Estate News from the most expensive area to live in the USA

 Hawaii is one of the most expensive areas in the United States to live. The island of Oahu is a part of america of Hawaii nation and brings people for it to live in. The recession within the USA though has affected the housing market in Oahu it hasn’t diminished the sharpness of the prices where even the price tag is flying and attract buyers or investors. The state of Hawaii is one of the very one with full of beaches. Honolulu estates are being considered the possessions. No individual could withstand the enticing invitation to purchase properties in Hawaii, which might chance to be a reason that many Hollywood executives, higher end buyers who’re searching for second homes in heaven, etc..

With regards to price and rentals, have been getting remarkable growth. As was acknowledged property owners or earlier developers keep rates of their home high to obtain profit. When the earlier mentioned places are considered areas to live in property costs will increase immensely in reaction. Realtors in Hawaii who’re working to home buyers or home sellers provide Services. Post recession Hawaii house for sales will increase for the rationale that there is a bright future been predicted within the real estate market within Hawaii. Purchasing a house in Oahu that are well equipped having amenities, consisting of salt water pools, physical fitness facilities, Jacuzzi, etc.. Can serve two purposes I.e.. The place can act as the ideal vacation stay, and might be a perfect investment choice.

Holiday Rentals are Booming in Fire Island

What’s happening in the real estate marketplace for Fire Island homes is different than what’s occurring in areas of the country. Holiday rentals and Home values are holding up. It is because there’s a demand for a quantity of rentals and vacation homes. Prime real estate will be prime real estate, for which there’ll typically be a strong need.  What’s presently occurring is that are telling their friends and once that they visit, that they fall in love with charm and the beauty that’s Fire Island.

Living carefree community steps away from beach or village dining and entertainment is a return to a more casual and fun.  People avoid the stress of New York and can unwind on Fire Island. Among the very best features is that it’s all about a hour from NYC and a ride across the bay from Long Island. That is all a part of what keeps Fire Isle unique and special. Individuals that gravitate to this Island’s sort are family orientated, fun loving individuals who’re seeking to be able to enjoy in a relaxed and enjoyable. Sitting on a busy street in the Hamptons for 3 and one half hours is not part of the ritual they are searching for on summer weekends. This the time of year when people start hunting for their summer vacation homes. March and Apr are prime months to find holiday rentals, but hunting for a home to buy can be achieved during any time of the year.

 

 

 

How To Find The Right Place In New York

Finding the right place in New York is critical to your happiness, and you must make sure that you have found a place to live that will work for you and work for the people around you. You are picking a community, and you are picking a place to live that will help you remain comfortable for many years. Just imagine what you could do if you picked a community and not just a place to live.

The first thing is to get an agent who will help you find these place because they know how to handle all the things that you are working on. They know how to make things much better for you, and they will show you how each community is. That alone will help you a lot, and it will make sure that you have a lot of things that will make your life better. You also get them to show you what they would do in your position.

Now you can pick the community and pick the place to live. The agent will let you know which places are priced in your range, and they will help you learn how to pick out the right one. They can show you the places that work for you, and you can stay within your budget at all times. You just have to make sure that you have done the reading that is required to see why each of these places would be good for you. That means that you have picked a place that will work no matter what it looks like, and you have picked a place that will give you the right price along with the right view.

The whole city of New York is going to want you to move in as soon as possible because it is intrigued by what it is you will do with your life. The people that live around you will want to get to know you, and the people in the area will give you all that you need. You will have as market that works for you, and you will have a place to eat that is all your own. You will be in this little community where you can live your whole life, and you will feel like you have found something that will make everything so much better for you in the future in the city.

Redfin Breaks Into Manhattan Market

The company Redfin is preparing to go public, which will include entering one of the most unique and interesting markets in the USA: Manhattan. While Redfin originally entered New York back in 2009 and currently has properties in plenty of different areas of New York including the Bronx, Brooklyn, Queen, and Staten Island to name a few, but it will take the Redfin company until now to enter the area of Manhattan proper. This means it took Redfin 8 years of presence in New York to break into the city of Manhattan proper.

When asked what took so long to break into the Manhattan market, Redfin decided to decline making any further comment. Many people cite the lack of a list like the Multiple Listing Service in Manhattan which would traditionally be a database that agents have to pay to access certainly seems like it may be a factor. Competitors like Zillow had the same issues years ago, and had to buy the website StreetEasy for $50 million in 2013 to get a presence in the Manhattan real-estate scene.

Improvements, however, are on the way as the company REBNY has been working to fill the MLS gap and just last week announced a plan to buy the Residential Living List it has amassed and will allow it to be released and accessed by other companies for a flat fee. This is the biggest change in the current setup that may make it possible for more companies to get into the current Manhattan real-estate market. This can help real-estate brokers update and keep up with the central property listings in Manhattan.

The lack of an MLS listing is what makes Manhattan such a challenging market for many companies to break into in the first place according to Dolly Lenz. The Dolly Lenz Real Estate Company is one of the few luxury real-estate companies that specializes in properties within Manhattan proper. New York is not a welcoming market for new real estate companies, and only has a few real big real estate brokers in the state for buying and selling property.

Many of these various markets in Manhattan are very isolated by the high cost of real estate in the city as its either expensive luxury real-estate or a lot of co-op housing or land leases. This is a different real-estate landscape cannot be found in any other part of the US. The goal of Redfin is to go in and buck some of the trends of the real estate giants in the area such as StreetEasy or other similar companies.

Redfin is hoping to raise about $100 million through its IPO and Lenz suggests that could go to help the company gain greater shares of the market within the Manhattan real estate market. Long-time New York brokers have some friendly advice for the Redfin CEO, Glen Kalman, to go after a selective part of the market that they are targeting. If you don’t target a very specific area of the market you will have a hard time succeeding in the Manhattan market.