Posted on: February 05, 2020 07:00 PM

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Real estate developers flourishing with residential market

With home prices soaring in NYC, real estate developers are moving to residential market with development of new homes. Despite the mansion tax starts at $1 million for a new home, people are buying regardless of the market. Developers are hiring architects for unusual designs. One example is the Manhattan beach contemporary, 4147 Ocean Avenue in Brooklyn on the market for $4.925 million at 4,000 square feet with 4 beds and 4 baths single family. Downtown Flushing is the most expensive location with average homes going for $3.5 million exclusively selling only to developers for demolition for new homes. Another example is 132-12 Sanford Avenue with 2,128 square feet is on the market for $4,890,000.