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Wherever you look, there is construction in New York City. So how is that going to affect you and the real estate market?
Zach Ehrlich is the CEO of Mdrn. Residential real estate agency in Manhattan. He says if you're looking to rent luxury apartments (one bedrooms run about $4,000 a month) you'll be able to save 5 to 10 percent this year. The reason: the market is flooded with luxury buildings. He says this is a tenant market. Renters have a lot more options and negotiating power with management companies.
Now that the Second Avenue subway is completed, the Upper East Side is expected to be a hot market whether you're renting or buying, Ehrlich says. And the faces you see will be changing: young professionals will come in.
Also, the West Side is exploding with the Hudson Yards development.
The outer boroughs will also see an influx of people and rising real estate prices. Neighborhoods in Queens -- such as Sunnyside, Jackson Heights, Woodside and Astoria -- have room for growth.
The city is also expecting to see more affordable housing construction completed this year, according to Jolie Milstein, the CEO of the New York State Association for Affordable Housing, which represents affordable housing developers. She says construction underway in all 5 boroughs under Mayor de Blasio's aggressive plan.