Most people know that NYC is always filled with hustle and bustle. You can spend your mornings in a local coffee shop, go see a midday play and spend your nights dancing at local nightclubs. It’s truly a unique place that never seems to quiet down. But in the midst of all the hustle and bustle are crumbling buildings and pockets of places that need some extra investment to breathe life back into them. So many developers are focused on building new structures and while what they build is beautiful, Samuel Kooris knows that there is a different way.
Cities have a look and feel that helps the residents who live there feel at home. While it’s important to remove crumbling towers and fix up old buildings, it’s also critical to do it in a way that preserves what’s still good about the neighborhood. The people are the life. They are the creators and the artists and the ones who shop at the local stores and rent out the apartment buildings. Here are the top ways that Mr. Kooris’ team are breathing life into NYC while still remembering the people who reside there.
Renovating Multi Family Units
Having enough housing is critical for any city, but especially in a place like New York City where there is no land to spread out to. Housing brings in people, people bring in jobs, they add labor to the market, and they help businesses succeed when the locals use their services and buy their products. Some investors like to focus on things like hotels, manufacturing facilities, and other types of real estate. But for Sam Kooris real estate is about seizing great opportunities.
Since New York is a place filled with people, those people need places to live. One of the big purchases that he and his company focused on in the past two years has been finding multi-family real estate and fixing it up. The goal is to improve the neighborhood, add housing back to areas that desperately need it, and keep prices from skyrocketing. Renovating apartments and other multi-family housing helps keep the neighborhood in repair and breathes life back into decaying places.
Investing in Multipurpose Real Estate
Another way that the team at Alchemy Ventures is bringing new back to the old places in NYC is by snatching up multipurpose real estate. While apartments are good, they don’t allow for business and commerce to flourish. Samuel Kooris in Brooklyn focused efforts on buying more than 25 properties to renovate and repurpose. Some of this real estate allowed for more than residential zoning. This meant that he could bring his unique approach to help Brooklyn continue the growth they’ve seen in the past decade. With units that allow for businesses to rent, he also was able to create spaces for new businesses to emerge.
Staying True to the Neighborhood
Many investors start picking up real estate in cities they know nothing about. Sam Kooris on the other hand started in the city he knew everything about. His investments began in the same place where he worked as an investment sales broker. By staying in the areas he knows best, he’s able to make improvements that help lift up the communities. Investors who buy up everywhere without learning first may make changes that don’t work with the locals. This means that prices increase more than the people who live there can bear or they bring in businesses that aren’t what the locals will purchase from.
These mistakes can be easily avoided if investors first come in and learn about the local history, see what’s popular among the locals, and take the time to find tired buildings that need a good renovation. These approaches can add to what’s already at the heart of the neighborhood. It helps people still connect to their homes and it’s good business.
Bringing in what the people want means that the people will buy it. Whether you’re bringing in businesses or you’re upgrading apartments through your investment efforts, take the time to learn how Sam Kooris and Alchemy Ventures are paving the way and breathing life back into NYC. They continue to learn, grow, and show that there is a unique path for investors.