Peer 2 Peer Real Estate On Location in NYC: Why is this neighborhood not being renovated?

Why is this neighborhood not being renovated?

On today’s show I go on location to record a part of the city, from 106th street to 109th street and third avenue to be exact, that has little movement in terms of rebuilding the neighborhood, you might ask what does that mean?

There is a section where I recorded a small portion of the upper east side known as El Barrio, and you will see on the video about 15 buildings that have been boarded up for about 10 + years or so, each of those buildings do have active storefronts, you have everything from a Little Caesars, to a 99 cent store as you will see on the video.

I asked myself why? are the owners getting tax breaks? No money for rehab? Or maybe they are waiting for a conglomerate to buy all these buildings , about 15 of them, and turn this into a massive Hudson like construction project that will change the face of the area.

Believe me, there is not a lack of tenants in the area at all, just in 2015/16, 1910 Third avenue was recently renovated after being boarded up for years, there are three construction projects going on simultaneously in this area on Lexington avenue and Park avenue, so lack of tenants is not the problem.

Maybe someday there will be a landlord or two that will decide to buy and renovate the existing edifice, and keep the charm of the neighborhood in tack, I would hate to see that part of the block being torn down and see a non-descriptive building that will look like all of these modern high rises that exists around the city.

There are parts of the city that has charm, whenever I’m walking or using mass transit, I love to see the old brownstones & tenements that makes this great city of New York what it is, a melting pot of not only people but of neighborhoods. For now, we will have to keep seeing this eye sore of a couple of blocks until someone decides buy these buildings keep them the way they are and revitalize the area.

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