Brooklyn Bridge Park
Mukul Lalchandani, a top NYC agent, shares his trends and neighborhood predictions for the city in 2023
Contrary to popular belief at the height of the COVID-19 pandemic, we did not see the end of NYC as we know it. Instead, the pandemic has created new opportunities for innovation and growth in the city where dreams are made every day. Top NYC real estate salesperson Mukul Lalchandani shares his predictions for what the post-pandemic future holds for real estate in NYC, calling it “optimistic” and “not so obvious.”
Homes will continue to increase in price even though we are in the midst of inflation and possibly a recession, which will continue to make it increasingly difficult for the average person to afford to buy a home. Rental prices are also now at an all-time high, surpassing pre-pandemic levels. “There is no relief in sight as inventory continues to remain tight. However, a boom in rental construction is on the horizon, and this should bring back somewhat of a balance,” confirms Mukul.
NEW GREEN CITY
New York City is taking steps to become more pedestrian and bike-friendly by prohibiting car traffic in areas such as Times Square and 34th St. The city plans to reduce car usage by 25% by adding more bus lanes and reducing parking spaces. Additionally, there is a proposal to introduce a toll for vehicle traffic in Midtown Manhattan. According to Mukul, “This toll could help reduce traffic and potentially affect property values as people would prefer to live and work within the boundaries of the district.”
NEIGHBORHOODS TO WATCH
Hudson Square is fast becoming the East Coast’s tech hub, sandwiched between the West Village to the north, and Tribeca to the south. Google will have a big presence there. Disney will soon be opening their headquarters there, too, and it will span an entire city block.
Kips Bay is a small swath of midtown located from Lexington Ave to the East River, from 23rd Street to 34th Street. Mukul comments, “It may seem like an outlier to most because this neighborhood has seen little growth in the past, but that’s about to change.” A number of new developments and retailers are already making this neighborhood their base.
“Further afield in the outer boroughs, I’d look out for Downtown Brooklyn and Greenpoint. And don’t rule out Queens!” exclaims Mukul.
Downtown Brooklyn will continue its residential transformation, replicating the density of high-rises like Downtown Manhattan. The tallest building currently under construction, Brooklyn Tower will be just as tall as the Empire State Building.
Plans are also underway to connect the East River waterfront neighborhoods from Dumbo to Long Island City in Queensby adding a pedestrian-friendly marine drive with parks, playgrounds, and activity centers. “The neighborhoods in between, Greenpoint, and Hunters Point in Queens, will continue to see major housing development as luxury waterfront towers make their mark,” he explains.
About Mukul Lalchandani:
As a Licensed Real Estate Salesperson, an award-winning marketer, and a seasoned negotiator with over ten years and $160 million in sales in the real estate industry, Mukul “Micky” Lalchandani specializes in helping homeowners achieve top dollar by offering the most comprehensive marketing and sales plans in the industry. Mukul has appeared as the local NYC agent on the popular HGTV show “House Hunters.”
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