Opportunity Zones are a game changer when it comes to real estate investments. The buzz around Opportunity Zones is deafening, so let’s take a moment to separate the wheat from the chaff and identify some of the neighborhoods that stand to benefit the most from this new legislation.
The OZ program is new, so in order to determine how active each market is we will take a look at how well those neighborhoods fared last year. Here is a list of some of the hottest Opportunity Zone neighborhoods in New York City.
Brooklyn boasts the highest amount of Opportunity Zone properties in the city. Mixed-use buildings and multifamily apartments made up a substantial portion of all commercial property sales in Brooklyn. The Sunset Park neighborhood led the pack in sales, with Gowanus, Crown Heights, Bushwick, and East NY following close behind. Many of these neighborhoods are already on the way up, like Bushwick, and incoming OZ investments will likely continue their ascendancy as work/live destinations in New York City.
The easternmost borough in the city, Queens, also had its share of Opportunity Zone sales. Long Island City, Jamaica, and Far Rockaway all saw significant development in areas that were later designated as Opportunity Zones. While most of the OZ properties in other boroughs are currently in use, the majority of property sales in Queens were vacant properties. Queens has a storied history and is home to many diverse neighborhoods that you can only find in NYC.
The Bronx neighborhoods of Mott Haven, Hunts Point, and Longwood all saw substantial growth. Neighborhoods like Belmont, University, and East Morris also saw a rise in total transactions, though not as pronounced. The Bronx has a reputation the world over as the birthplace of hip-hop and houses a wide variety of cultural and artistic influences to rival any world city.
The only neighborhood with OZ properties in Manhattan that saw serious growth in 2018 property sales was Harlem. East Harlem and Washington saw some increase but far less than Harlem. Most OZ zones are in less-developed areas which accounts for the lower number of available properties in Manhattan.
How to Leverage Actovia to Locate Opportunity Zone Properties
Actovia offers digital solutions for investors, brokers, and service providers to locate OZ-incentive eligible properties with an easy to use interface. Our Opportunity Zone search filter and map overlay gives you the power to find the perfect OZ property for your needs.
“Opportunity Zones present a great opportunity to savvy investors, yet it has been difficult to identify these areas,” explains Jonathan Ingber, Founder of Actovia. “You can receive the tax benefits even if you don’t live in, work in, or have a business in an Opportunity Zone, so being able to use one simple platform to search by this criteria is huge for investors.”
Actovia is a cloud-based subscription software that provides relevant, user-friendly, aggregated real estate and loan information on every NYC commercial property, with a rapidly growing database of tri-state area properties. We allow our clients to overcome the tedious and time-consuming work of gathering real estate data and intelligence with our wealth of search criteria such as Opportunity Zones, property type, square footage, loan information, owner info and more.
Our software and data solutions are available through a no-risk free trial. Leverage Actovia to improve your process efficiency, find the perfect OZ or non-OZ properties, manage your pipeline and more.
Actovia just released the Pulse of the Market Report for 2018. This insightful guide features a wealth of market statistics pertaining to the Commercial Real Estate and Financial Industries. Contained within are quarterly comparisons of top lenders, lists of most active neighborhoods, liens, permits, refinances and more! Check it out today at Actovia.com