More than 75 percent of the structures in New York City are over half a century old. This gives commercial real estate investors many opportunities to renovate buildings for adaptive reuse. However, renovating New York City’s older building to bring them up to today’s technological standards can prove to be a bigger headache than most investors can handle.
We’ve Come a Long Way
NYC has access to fiber internet connections, wi-fi, energy-saving appliances, better lighting, plumbing, waste disposal, and much more. Many of New York City’s older buildings do not have these amenities, and what we take for granted in newer structures can require a lot of work during an adaptive reuse project. In some cases, renovations to bring a building’s tech potential up to speed would equate to taking the entire structure apart and putting it back together, piece by piece.
Finding a Balance between Historical and Advanced
Many wi-fi signals cannot penetrate the walls of New York City’s older buildings. Plumbing and electrical between the walls frequently need to be torn out and redone to bring a building up to code. Bringing older buildings into the 21st Century presents a challenge on multiple fronts. First, making too many changes on an order frequently leads to rejection. No one wants to contemplate huge cost overruns on a renovation project. Second, potential buyers want that authentic NYC charm. Too many changes and the overall aesthetic loses its charm. Business tenants, on the other hand, are not as picky about form over function – they are really looking for spaces that meet their needs while offering a foothold in NYC. Even still, commercial real estate investors looking at older buildings in NYC should be prepared to work closely with construction teams and contractors to achieve the balance between modern technology and the charm of New York city’s older architectural offerings, which can range from 1800s industrial to the tail end of Mod-Century Modern.
Future-Proofing NYC’s Older Buildings
New tech is being released every year – from personal devices to construction materials. Commercial real estate investors should renovate buildings to make updates much easier than they are now, so it is not an uphill battle to bring older buildings up to current standards.
At Express Capital Financing, we specialize in capital solutions for NYC property investors. Whether you are taking on an adaptive reuse project to completely overhauling an older building in New York City, our team can provide the capital you need to reach your goals and start generating revenue. Contact our offices today to learn more.