For a city that’s been known for Finance & Fashion for so long, will New York start attracting more tech billionaires for real estate? How will all these tech companies impact real estate? What themes will we see?
I’m happy to comment...In some ways it should come as no surprise that New York is/destined to be the high tech hub of the United States (Amazon, you’re really missing out). In addition to finance and fashion, New York is the leader in advertising/marketing, media and secondary education. High tech both relies and reinvents the aforementioned so New York is a natural fit.
How will New York receive high-tech billionaires and vice versa. Interestingly, New York has more billionaires then any US city. With birds of a feather that like to flock together, New York will welcome many more billionaires so than can mastermind with each other. In terms of real estate, there currently is an over supply of ultra-high end properties being built that was originally designed for foreigners to bring their money to the US. I foresee this oversupply to be absorbed by high tech billionaires and centi-millionaires.
I also foresee billionaires creating unique homes in hip parts of Brooklyn, like Bushwick. Why not by and old vaudeville theater and make it your 50,000sf private residence.
