This is the presentation of Ray Glattman about how the popularity of Midtown Manhattan Real Estate is lessening due to the raise in rent for both commercial and residential spaces. People are moving out of midtown and going either further downtown or to other boroughs. One particular borough that is exceptionally appealing is Long Island City. Ray Glattman is a Real Estate professional and encourages the affordable, easy commute to and from Long Island City.

1. Popular Real Estate Locations
in New York City Shift
By Ray Glattman

2. Previously, Midtown and Midtown South of Manhattan were thought of
as the hot real estate neighborhoods in New York City. The locations
were central, and gave both renters and office leaser’s exceptional
access to the city.

3. However, according to an article recently completed by The Wall Street
Journal, an increase in rent prices has forced residential and commercial
renters to look other places.

4. Prices for office property in Manhattan are at or near highs, most often
due directly to a variety of foreign investors looking for places to put
their money.

5. These investors have offered a supply, indicating to real estate agents in
Manhattan that the prices can be raised and the investors will still
remain, more than willing to pass over their money.

6. However, this has made it very difficult for small business owners or
residential renters to maintain their Manhattan locales.

7. As a result, many have moved out of the area, either to further downtown
in Manhattan or even to the other boroughs, including Long Island City.
Long Island City has become particularly popular, mostly due to its
proximity to Midtown and subway access.

8. Over the course of the last decade, many real estate agents in Long
Island City have worked to draw in more renters, working to add office
space. Therefore, there is the space for workers to move in.

9. However, the focus in creating office and industrial buildings hasn’t
allowed much development for residential locales; now real estate
companies are working to rectify this, with various plans for more
apartment buildings already underway.

10. This will boost Long Island City’s appeal even more, allowing workers to
both live and fulfill their occupation within the city.

11. As if this increase in construction wasn’t enough to persuade some
renters to make the final plunge towards permanently calling Long Island
City home, there is also the issue of more affordable rent.

12. Currently, the average rent for Manhattan for the third quarter was at
sixty four dollars and ninety one cents per square foot. Alternatively,
for the same amount of space in Long Island City, a renter would pay
approximately thirty to thirty five dollars.