There Are More Than 500 Vacant Buildings Across New York City (Even In The Priciest Areas)
OneTitle identified 541 specific prospects for redevelopment located in all five boroughs and 137 zip codes.
For those who always talk about the vacant buildings in New York City, OneTitle National Guaranty Company is here to confirm your theories. Based on their latest study (open data collected from 311 calls) more than 541 properties in the Big Apple are likely emptied.
The report identifies vacant buildings in 137 zip codes throughout all five boroughs of New York City, including the city’s most expensive and desirable neighborhoods. It illustrates meaningful development opportunities, even in high-cost neighborhoods, and indicates the likely presence of additional untapped prospects for real estate developers, as well as city agencies and nonprofits seeking affordable housing solutions.
The research team analyzed 40,000 calls to NYC’s 311 line over the last six years and matched them with other data to identify the properties. OneTitle‘s goal is that these buildings can become targets for developers as well as for nonprofits and affordable housing projects.
The information is available on the NYC Open Data Web portal -launched in March 2017. It offers accessible content online on their the city’s “Open Data Law”. OneTitle sought to identify entirely vacant structures versus more easily identified vacant store fronts and empty lots, given that the former rarely reflect development opportunities, and developers and the city already focus on the latter properties.
“Our findings show a surprisingly broad geographic distribution of completely vacant structures in New York City hiding in plain sight, all while we continually hear from our developer clients that development sites are becoming more difficult to identify and acquire on economically reasonable terms,” said Daniel C. Price, Co-Founder, President and CEO of OneTitle. “In addition, the work exemplifies how the availability of public data can lead to crowdsourced solutions of great value to corporations, municipalities and the public.”
Some key findings include:
- With 155 vacant properties each, Brooklyn and Queens collectively contain more than half of all the sites identified.
- There are more vacant properties in Manhattan (63) than Staten Island (58), and 110 sites in the Bronx.
OneTitle National Guaranty Company is an organization that is a direct title insurance underwriter. Their are known for generally saving investors, homeowners, and homebuyers at least 20% on most transactions. In addition, OneTtitle offers an online library that helps make real estate professional more effective and efficient and allows consumers to review Special Risks, the Schedule A, project floorplans, and other details.
This new shopping list of empty buildings in NYC, created by Price, will make new yorker developers much happier than ever. This is a good time to find development opportunities!