According to an interesting article posted on NYTimes.com Real Estate Section: Co-ops Reap Unexpected Bonanza a law changed last month means change for commercial tenants. According to this law change cooperative buildings are now allowed to increase the rent they charge their commercial tenants. Apparently, retail space in some cooperative buildings in New York City have rented at bargain rates and in some cases, tenants have received thousands of dollars back at the end of the year. All of these measures were taken to ensure that tenants were not overcharged for their retail space. Although all of this sounds quite generous, the fact is that these cooperatives were mandated to follow such practices because of the 80-20 rule, a federal tax regulation that requires residential cooperative to make at least 80% of their gross income from tenant shareholders and no more than 20% from other sources of income; namely commercial tenants. However, a recent change in the law has allowed cooperatives to charge more for their commercial space and it hasn't taken long for the cooperatives to employ these changes.
Read the entire article Co-op Reap Unexpected Bonanza on NYTimes.com
According to the real estate features America's Most Lucrative Neighborhoods on Forbes.com neighborhoods throughout the nation like Charlestown, Massachusetts rarely caught buyers interest and were appropriately priced relatively low. Charlestown was a neighborhood overshadowed by the interstate 93 which cut through most of the area. However, the Big Dig project changed that by rerouting their entire highway. Since the changes have come into effect the area has "new condos or townhouses, as well as older, renovated, colonial-style homes, are now available to buyers seeking luxury housing." The example of Charlestown dramatically exhibits how effective rezoning in public infrastructure can help bolster an area's home prices.
Read the entire article America's Most Lucrative Neighborhoods on Forbes.com
Complete List: America's Most Lucrative Neighborhoods on Forbes.com
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Carollo Real Estate now with 3 offices in Queens and Nassau County. Houses, Co-ops/Condos, Commerical, Land, Apartment Rentals throughout Queens and Nassau County, New York.
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