Ron Hershco Brings Exciting New Ideas to NYC Real Estate Development

Ron Hershco NYC Real Estate Development

There is an exciting frontier in the area of NYC real estate development, and Ron Hershco is on the forefront of it. As an entrepreneur, Ron Hershco brings exciting new ideas to NYC Real Estate Development. There are many opportunities in the Big Apple for renovation of older buildings as well as the development of land for new building projects.

So what exactly is NYC real estate development? Real estate development involves the release and renovation of old buildings as well as the purchase of raw land and the sale of improved land. A developer oversees and coordinates all of these activities. Developers are the minds that convert ideas on paper into reality.

Ron Hershco has been one of the most significant and greatest minds in NYC real estate development. After working for some time with a real estate company, he decided to branch out and start his own company  to develop areas of New York City. As an entrepreneur, he has found immense success in this area for nearly twenty years.

Ron Hershco has handled a number of significant developments, overseeing  projects and breathing new life into old properties. One such development is The Meridian in Long Beach. Overlooking the Atlantic Ocean, this luxury residence is a seamless contemporary melding of style and beauty.

As a New York resident himself, Ron Hershco sees the importance of development every day. Old buildings are being renovated to not only improve the look of the city, but also to improve the lives of the people living in and around the developments. As an entrepreneur dedicated to NYC real estate development, Ron Hershco takes pride in helping to make these improvements. His company has even helped development by gifting a public school in Queens.

NYC real estate development is an exciting area and developers such as Ron Hershco work hard to make the city the best it can be. They take immense pride in their work and the improvement that they have made to the city.

Manhattan suffers renter fatigue says Ron Hershco

It’s been widely known that rents in Manhattan have been steadily increasing, but there has been a buzz in the industry that the rental market is finally taking a rest for a while.

Rents have been rising 5% consistently year-over-year and then there was a dip in prices between the third and fourth quarters of 2012.

Brokers in the market agree too and they are starting to see stabilization of rents. However, some noted that the market is still strong and argued that the recent change was nothing more than a seasonal downshift. And others say that some renters have decided not to be paying increased prices.

Jonathan Miller, a real estate analyst said that the difference in median rent between Manhattan and Brooklyn has “compressed” slightly last year. There’s a number of Manhattanites who are turning to the outer borough for more affordable rents. And Miller understands that shift, “Anytime you have out-of-control growth that doesn’t self-regulate, it always ends badly,” he says.

Ron Hershco, a property developer in New York believes that the market needs to stabilize itself for a while. Renters don’t want to be always pressured for that 5% increase each year.

Another tactic some renters are doing is that they may attempt to buy a property versus renting, but their lack of qualifying for a loan ends up being a barrier to purchase. Douglas Wagner of Bond New York Properties noted that renters who were fleeing the market in the fourth quarter of 2012 are now returning to our rental offices to sign another lease for a property.

The Manhattan rental market needs a break for a moment, but there’s no doubt that it will pick up and that rents will increase again.

Ron Hershco Comments on the Most Anticipated Real Estate IPO of the Year

Initial public offerings by real estate companies have been all the buzz in the New York City area. 2012 was a good time to turn to Wall Street to raise money from the public markets. Companies including the real estate website Trulia, the private equity firm the Carlyle Group and Realogy, and the residential brokerage Corcoran Group and Citi Habitats have all capitalized by using massive IPOs. These companies have also reaped the rewards of cash infusions as a real estate investment trust also known as  REIT.

This year is not expected to be as sizzling as 2012, resulting from multiple firms already listed on the stock exchange, and many having more luck drumming up capital without Wall Street as the cost of debt comes down.  Observers predict some real estate IPO activity. The real estate industry can expect to see IPOs from less-obvious real estate firms, including storage and outdoor billboard advertising companies.

Ron Hershco, a real estate developer in New York City agrees that IPOs can come from large to small companies. There was an element of surprise in 2012 and it will be interesting to know what 2013 will bring.

In turn the most anticipated real estate IPO of the year is a portfolio that includes Manhattan’s landmark Empire State Building.  Owner of the building’s lease Tony Malkin, President of Milkans Holdings LCC, is looking to issue an IPO for the famous Empire State Building. Last month Empire State Realty Trust investors commenced voting on the fate of the company’s IPO aimed to provide liquidity for the new REIT anchored by the world famous office tower.

The notorious cloud buster provides momentous sources of revenue through its office and retail leases, observatory operations and broadcasting licenses.  The portfolio consists of 12 total office properties reaching approximately 7.7 million rentable square feet of office space, most located in the Manhattan area.

According to filings from the Malkin family, they have offered investors a variety of options including class A shares, operating partnership units, or a combination of OP units and class B shares. This includes tax deferred options that gives investors flexibility in tax deferral. In a video released by Malkin, the argument is aimed at broader diversification and better banking terms. He said, “By putting these properties together, we believe all investors will benefit through ongoing dividends with the potential to increase through property performance, better financing, more efficient operation and beneficial acquisitions. The potential for increased distributions from dividends and stock appreciation over time offers benefit for all investors.”

With REITs holding at least 75 percent of their assets in real estate, The Malkins aren’t the only ones that will be attempting to create a REIT in 2013. The New Year rang in a booming stock market, resulted in a focus on sector-dominating companies that have assembled blue-chip portfolios of the best income-producing assets in multifamily housing, regional malls, strip centers, office buildings, and distribution facilities. In a low interest rate environment investors have flocked to the high yielding dividend of REITs.  Many companies offer yields in excess of 10 percent.  “REITs are not taxed at a corporate level, but you’re required to dish out at least 90 percent of its taxable income as dividends to investors. The improving U.S. housing market has tremendously helped boost investors’ interest for real estate investment trusts,” said Ron Hershco.

 

Rising Trends of Real Estate Markets According to Ron Hershco

Real estate economists and industry reports said their predictions depend on next year’s accuracy for mainstream forecast of economic growth and assume that the economy won’t experience an earthquake from falling off the fiscal cliff.  Emerging trends show a sharp turnaround for the upcoming year.  Analysts have officially released important trends and issues of 2013 that you need to know affecting U.S. real estate markets.

Ron Herscho is a distinguished real estate developer, a pioneer in the New York real estate market.  He developed the Meridian a luxury residence overlooking the Atlantic Ocean and 306 Gold Street a 40 story glass building that overlooks downtown Brooklyn’s skyline. Ron focuses on urban development, affordable housing and high-rise condominiums in the New York area. His mission goes hand in hand with 2013 real estate trends by providing high quality affordable living and to make buying a home a simple experience.

The Emerging Trends in Real Estate report has been a reliable forecast for real estate developers and investors across the nation. The rising trends include:

• Focus on maturing infill locations, such as properties near mass transit stations and commercial areas near hip residential communities.

• Construct new-wave office and build to core in 24-hour markets. Build green, tenants will pay higher rent for buildings with efficient design layouts and lower operating costs.

• Develop industrial facilities in major distribution centers near ports and airports.

• Be cautious when investing in secondary and tertiary cities. Partner with local operators who understand the local tenant trends and issues. The leading secondary markets comprise Austin, Charlotte, Nashville and San Jose.

• Steer clear of apartment development in low-barrier-to-entry markets.

• Investing in single-family housing funds, will add to rental supply and compete against apartments.

• Repurpose the excess of out-of-date properties. Facilities such as vacant centers, old office parks and low-ceilinged warehouses are prim candidates for renovation or redevelopment.

Ron Hershco agrees that real estate firms boost profitability at the margins by keeping lean; anticipation of 2013 will be a reasonably good year for bottom lines. Stronger capitalized firms should continue to gain market share, but the overall size of the Industry will not change.

Ron Hershco – New York Legislature passed the Omnibus Bill

We all know that New York City has earned a reputation of being one of the most expensive housing markets. It’s not uncommon to see New Yorkers shelling out up to 30% of their income for housing.

But few actually know that New York City has been helping condo and coop owners address this money pressure through the NYC Condo/ Coop Tax Abatement Extensions, which costs New York City about $500 million annually in tax revenue.

The tax credits ranging from 17.5% – 25% for 2012 must be renewed every three years. The New York Legislature left many worried that the bill wouldn’t be passed due to the costs incurred from Hurricane Sandy. However, it has been confirmed that the New York Legislature recently passed an Omnibus Housing bill that renews the coop and condo tax abatement for another three years, according to The Huffington Post.

These tax credits will have a positive impact on the recovery of the New York City housing market. The Omnibus Bill has removed some of the roadblocks that would have resulted in the completion of stalled housing projects in Midtown and Downtown Manhattan. The restoration and flexibility in the completion of these construction projects will now result in new residential projects being developed in these high density areas.

Ron Hershco, a developer that specializes in residential properties in New York believes that the passing of this bill will help the New York housing marketing immensely. The impact of Hurricane Sandy was devastating, but the fact that the New York Legislature has passed the bill for the next three years means that it is committed to helping New York residents get back on their feet.

Ron Hershco – 8 years, building project in Flushing nowhere to be seen

It’s been so long and if you ask the small business owners in Queen’s business district in Flushing, what’s happening with the development project that’s suppose to revitalize the area, they don’t know what to tell you.

The $825 Flushing Commons project is nowhere near to be making progress.

Back in 2005, Flushing based TDC Development, backed by Rockerfeller Group won the rights to redevelop a five-acre city owned parking lot and build 600 apartments, plus 420,000 square retail and office space. Plus, they were going to throw in a YMCA center and an additional 1,600 spaces.

But the project is not progressing and it was only until 2010 that Flushing Commons finally won the needed city council approval. TDC’s website says that the project will be completed by 2013 or 2014, but that’s unlikely due to the construction work involved, which will take easily more than three years.

According to Mr. Rim, who heads up Union Street Small Business Association, there’s already been an impact on small business owners in the area who have been forced to close down due to lack of parking in the area.

The small business owners are not convinced and they are not optimistic as they have seen no changes to the site for years. Ron Hershco says it’s important that developers try and complete their projects on time and balance out the interests of the whole community. This is a difficult situation, but everyone must work together to get this site developed.

Ron Hershco 5 tips that will ruin your chances of selling your home

The recession has impacted the real estate market for a number of years and it’s not getting better for the foreseeable future. The prospect of selling your home quickly seems far off, but perhaps you’re not using the right approach or strategy to get a quick sell.

Ron Hershco, a real estate developer in New York, has some tips for you to consider if you want to increase your chances of selling your home quickly.

There are no pictures of your home

This is a necessity. In todays competitive world, having no pictures screams out to a buyer “skip me,” I haven’t bothered to market myself properly. Your listing needs to include lots of pictures and they need to be taken with a high quality camera. If you’re using a camera phone, make sure it’s at least 8MP.

You got to have curb appeal

Potential buyers like to scour listings, but the one’s that stand out have a nice landscaped garden in the front. If your house looks nice on the outside, buyers will be more inclined to see what’s in the inside.

Poor description of the property

Write a great description of what you are trying to sell and use some creativity. Remember to stay away from cliché phrases such as “best home on the market.” Be sincere in your words and you can comfortably say that your neighborhood is child friendly.

You priced your property too low

This can be seen as a red flag. Do your research and find out what other homes sold in your area. Understanding your market value is essential in getting your property sold quickly and for the price you want.

You’re home when the home is shown

This is a no-no. Home buyers like to have privacy when they are considering buying a home. Plus, they can’t visualize whether that property can be their home. Give them the space they need to make an informed decision.

Getting a quick sell isn’t difficult to achieve, but with the current economic challenges, it can be if you don’t follow some of the tips above. Essentially, be smart when you list your house and think about if you were a buyer what you would want.

Ron Hershco: Redefining Long Island City with Residential Development

In 2001 thirty-seven blocks were rezoned from industrial to residential-industrial use, in Long Island City, Queens. Developers were allowed to convert various industrial buildings to residential use. Those with a vision for a brighter future, like Ron Hershco, seized the opportunity. In 2006, Hershco developed and opened the area’s first ground-up residential condominium.

With so few residential buildings, Ron Hershco helped pioneer the area with his 12-story project, named Echelon, which boasted 54 units ranging in price from $345,000 to $1,000,000. Since then Long Island City has seen unbelievable development. The amazing development of the last decade or so is fitting for an area marked by changes that have transformed it into the wonderful mix of old and hip it has become today.

The history of Long Island City is characterized by its location and distinct neighborhoods, and by its transportation resources (subway, ferry service, tunnels, and bridges), which has led to major development through the years. In the 1800s, Long Island City was known as Astoria. Wealthy New Yorkers, wanting to escape city life traveled to Astoria and built mansions in the area. In 1870, the villages and hamlets of Astoria, Ravenswood, Hunters Point, and Steinway consolidated and became known as Long Island City. Less than thirty years later, Long Island City became part of New York City as NYC expanded to include Queens. Transportation links opened the door to commercial and industrial development and soon factories lined the East River waterfront.

By the 1970s, Long Island City was experiencing the decline of manufacturing affecting the entire nation. Although it remains NYC’s major industrial area, in the 70’s, a new era of artistic and cultural awakening was begun with the opening of P.S. 1 Contemporary Art Center. Artists escaping the high cost of doing business in Manhattan and Brooklyn have set up shop throughout Long Island City.

Since Ron Hershco’s Echelon project, Long Island City has continued to shed industry to make room for greater residential and commercial development. Like any area in flux, housing in Long Island City is a mixed bag, with widely ranging prices, sometimes from one block to the next.  Real estate prices and residential availability are often determined by the neighborhood.  Astoria and Hunters Point have seen great appreciation while others, such as Ravenswood and Dutch Kills, remain off the real estate radar.

The trend initiated by Mr. Hershco and his company continues today. People looking for a more peaceful way of life, away from the city, continue to flock to Long Island City’s neighborhoods where condos are still in high demand. Even in today’s market, condo prices range from about $400,000 for a studio to about $870,000 for a two-bedroom. Some three-bedrooms go for $1,000,000 or more! Although three-bedrooms are hard to come by.

Long Island City is still in the process of transformation. People like Ron Hershco have had a role to play in the changes taking place in the area. Since the official opening of Echelon, residential real estate continues to expand. Long Island City has become home to a dozen subway stations and a handful of bus lines to accommodate the many commuters. Besides the expanding waterfront park, there are many trendy restaurants, art galleries, and much more in way of entertainment and family fun.

http://connection.ebscohost.com/c/articles/22207098/first-rezoned-condo-openi…

Ron Hershco and the Rush Foundation give New Yorkers a “green” arts facility

In New York City – as in most metropolitan areas – buildings have a significant impact on the environment. Energy used in buildings account for nearly 80% of New York’s greenhouse gas emissions. Buildings also account for most of the city’s water use and waste stream. Additionally, building lots make up half of the city’s land area, thus greatly adding to the landscape of this vibrant city. New Yorkers also spend most of their time indoors; therefore, buildings also contribute to the health of the city’s residents.

In a city with such a huge population, many older buildings, and with so many people in vertical living, it can be quite challenging trying to become more energy efficient and using sustainable building methods. But, owners of both commercial and residential buildings are making a different, one step at a time. Take for instance, the 19th century bank recently donated by New York tycoon Ron Hershco to the Rush Foundation, a non-profit organization created primarily to advance the arts through education.

Mr. Hershco’s architectural team, along with Meridith McNeal, the donated building’s director, are diligently working together to bring to life their combined vision of a green space. The building will boast rooftop gardens as well as green walls, which work similar to green rooftops in providing additional insulation and protection that will reduce energy usage and provide better drainage. In addition to a green space, the bank turned arts education center will also house art galleries, art studio classrooms, artist studios, and more. What a great contribution to art students in the city, as well as to the green movement, creating a better, healthier environment for all!

In keeping with an eco-friendly construction method, the new building was renovated, rather than knocked down, where a lot of material would have to have been disposed of. The upkeep of the new arts center will fall to the Horticultural Society of New York (HSNY), a partner of the Rush Foundation, and a group experienced in environmentally friendly methods of building maintenance.

Mr. Hershco is setting a great example by helping his city be more environmentally friendly. New Yorkers are also doing their part in becoming more green, whether it’s by incorporating sustainable waste reduction methods (recycling and composting), using eco-friendly cleaning supplies, using systems that recycle or reuse water for greater water efficiency, or installing air filtration systems.

Making our city – and our planet – a healthy and safe environment to live and work in is the responsibility of all of us. In order to leave this place a better place for future generations, we need to set a good example of a green ambassador and educate our children in ways to live a more environmentally friendly life. We don’t all have the means or the opportunity to contribute in the scale that Ron Hershco and the Rush Foundation are able to, but we can certainly do our small part in making a huge difference.

http://50.56.218.160/archive/category.php?category_id=5&id=16156

Ron Hershco: Redefining Long Island City with Residential Development

In 2001 thirty-seven blocks were rezoned from industrial to residential-industrial use, in Long Island City, Queens. Developers were allowed to convert various industrial buildings to residential use. Those with a vision for a brighter future, like Ron Hershco, seized the opportunity. In 2006, Hershco developed and opened the area’s first ground-up residential condominium.

With so few residential buildings, Ron Hershco helped pioneer the area with his 12-story project, named Echelon, which boasted 54 units ranging in price from $345,000 to $1,000,000. Since then Long Island City has seen unbelievable development. The amazing development of the last decade or so is fitting for an area marked by changes that have transformed it into the wonderful mix of old and hip it has become today.

The history of Long Island City is characterized by its location and distinct neighborhoods, and by its transportation resources (subway, ferry service, tunnels, and bridges), which has led to major development through the years. In the 1800s, Long Island City was known as Astoria. Wealthy New Yorkers, wanting to escape city life traveled to Astoria and built mansions in the area. In 1870, the villages and hamlets of Astoria, Ravenswood, Hunters Point, and Steinway consolidated and became known as Long Island City. Less than thirty years later, Long Island City became part of New York City as NYC expanded to include Queens. Transportation links opened the door to commercial and industrial development and soon factories lined the East River waterfront.

By the 1970s, Long Island City was experiencing the decline of manufacturing affecting the entire nation. Although it remains NYC’s major industrial area, in the 70’s, a new era of artistic and cultural awakening was begun with the opening of P.S. 1 Contemporary Art Center. Artists escaping the high cost of doing business in Manhattan and Brooklyn have set up shop throughout Long Island City.

Since Ron Hershco’s Echelon project, Long Island City has continued to shed industry to make room for greater residential and commercial development. Like any area in flux, housing in Long Island City is a mixed bag, with widely ranging prices, sometimes from one block to the next.  Real estate prices and residential availability are often determined by the neighborhood.  Astoria and Hunters Point have seen great appreciation while others, such as Ravenswood and Dutch Kills, remain off the real estate radar.

The trend initiated by Mr. Hershco and his company continues today. People looking for a more peaceful way of life, away from the city, continue to flock to Long Island City’s neighborhoods where condos are still in high demand. Even in today’s market, condo prices range from about $400,000 for a studio to about $870,000 for a two-bedroom. Some three-bedrooms go for $1,000,000 or more! Although three-bedrooms are hard to come by.

Long Island City is still in the process of transformation. People like Ron Hershco have had a role to play in the changes taking place in the area. Since the official opening of Echelon, residential real estate continues to expand. Long Island City has become home to a dozen subway stations and a handful of bus lines to accommodate the many commuters. Besides the expanding waterfront park, there are many trendy restaurants, art galleries, and much more in way of entertainment and family fun.

http://connection.ebscohost.com/c/articles/22207098/first-rezoned-condo-openi…