Dilan M. 2024 | BASIS Independent Brooklyn
- Project Title: Revitalizing the New York City Real Estate Market
- BASIS Independent Advisor: Mr. Matthias Heilbronn
- Internship Location: B6 Real Estate Advisors
- Onsite Mentor: Alex Woodlief
In the backdrop of a post-pandemic New York City, office vacancy remains at a high 20% due to decreased demand affecting commercial zones city-wide. This has resulted in landlords being left unable to monetize their pre-existing spaces and office-centered neighborhoods being left empty. Additionally, residential renters have struggled to secure housing due to low supply and high demand for affordable living spaces. The current mayoral administration has acknowledged these ongoing trends which are reflected in their MSMX proposal for a rezoning of Manhattan’s Midtown South. Midtown South, a primarily commercial neighborhood containing the Garment District and Koreatown, has received the brunt of the pandemic's lasting effects. Local governments' focus on Midtown South has prompted me to research “What efforts and approaches should be taken by local government and third parties to revitalize Midtown South’s diminished real estate market and liveliness. Additionally, how can these efforts be implemented to ensure sustainability without disrupting the neighborhood's cultural identity?” My research will be centered around an evaluation of the MSMX proposal. I will focus on analyzing the approach taken while critiquing its strategy in hopes of finding new avenues of expansion. I plan to complete this through a literature review, reading case studies, government codes, and industry publications, to develop a background in past revitalization efforts and their strategies. Following this I will review evaluative data-driven studies of various current and potential programs. Finally, I plan to use my onsite internship at B-6 Real Estate, a Manhattan-based real estate brokerage firm, to develop a deeper understanding of the Midtown real estate market and conduct certain stakeholder interviews, developing my understanding of various opinions held. This project has relevance to New York City and its future growth efforts as well as other cities facing similar issues regarding high residential demand and faltering industry.