Long Island — home of the country’s most expensive residential property ever sold, Nassau Coliseum and a whole bunch of celebrity estates — is bustling with activity.
The Real Deal dove into the latest trends in Nassau and Suffolk counties and found some sprawling mixed-use developments that wouldn’t fit in Manhattan, a new demand for urban-style condominiums and several boutique hotel projects that tap into the Island’s culture of seclusion.
We looked at where the largest development pockets are forming and several of the biggest commercial and residential real estate deals of the past year. Along the way, we spent some time with executives from RXR Realty and its distant cousin, the We’re Group.
Most of the signs point to more upward movement in the years ahead. At the same time, Long Islanders are grappling with weak population growth and the question of whether or not it pays off to build bigger. Those hurdles could impact the region’s real estate market and broader economy, industry insiders say.
But the money is still moving. Luxury residential brokerages are vying for the biggest property exchanges and it’s a close race. We spoke to newcomers and long-standing players alike and took a deep dive into the numbers to see which firms truly came out on top. We also fished for the most expensive home sales on the North Shore in 2015 and came up with some interesting finds.
And despite the conventional wisdom that shopping malls are a doomed asset class, Long Island retail centers are still getting bought and built for massive amounts. Not bad for the ‘burbs.
View the full Long Island issue here.