Analysis of 3-1-1 Data Shows Broad Distribution of Vacant Buildings, Even in NYC’s Priciest Areas
August 16 2017 - 9:31AM
Business Wire
OneTitle identifies 541 specific prospects for
redevelopment located in all five boroughs and 137 zip codes
OneTitle National Guaranty Company, Inc. (www.onetitle.com)
today released a report identifying 541 likely vacant buildings
representing 137 zip codes throughout all five boroughs of New York
City, including the city’s most expensive and desirable
neighborhoods. The report illustrates meaningful development
opportunities, even in high-cost neighborhoods, and indicates the
likely presence of additional untapped prospects for real estate
developers, as well as city agencies and nonprofits seeking
affordable housing solutions.
The OneTitle research team identified the buildings by analyzing
nearly 40,000 complaints reported through the city’s 3-1-1
non-emergency service line and associated digital portals –
information available because of the city’s “Open Data Law” and
newly accessible via the NYC Open Data Web portal launched in March
2017. OneTitle sought to identify entirely vacant structures versus
more easily identified vacant store fronts and empty lots, given
that the former rarely reflect development opportunities, and
developers and the city already focus on the latter properties.
“Our findings show a surprisingly broad geographic distribution
of completely vacant structures in New York City hiding in plain
sight, all while we continually hear from our developer clients
that development sites are becoming more difficult to identify and
acquire on economically reasonable terms,” said Daniel C. Price,
Co-Founder, President and CEO of OneTitle. “In addition, the work
exemplifies how the availability of public data can lead to
crowdsourced solutions of great value to corporations,
municipalities and the public.”
Other key findings of the study include:
- With 155 vacant properties each,
Brooklyn and Queens collectively contain more than half of all the
sites identified.
- There are more vacant properties in
Manhattan (63) than Staten Island (58), and 110 sites in the
Bronx.
- The analysis points to a significant
number of likely-vacant properties in zip codes representing
gentrifying Brooklyn neighborhoods, including:
- 19 in 11221
(Bushwick/Bedford-Stuyvesant)
- 11 in 11233 (Bedford-Stuyvesant)
- Other zip codes with the highest number
of vacant properties include:
- 11 in 11235 (Brighton Beach/Manhattan
Beach)
- 10 in 11434 (Jamaica)
- 10 in 11412 (St. Albans)
- 10 in 10467
(Norwood/Allerton/Williamsbridge)
- 10 in 10458 (Fordham Heights/Fordham
Manor/Belmont)
- 10 in 10456 (Claremont Village)
The full report, “Vacant Buildings, Development Opportunities:
Even in NYC’s Priciest Areas,” is available by request. Please
contact peter.weber@onetitle.com.
About OneTitle National Guaranty Company, Inc.
OneTitle National Guaranty Company, Inc. is a direct title
insurance underwriter that generally saves investors, homeowners,
and homebuyers at least 20% on most transactions thanks to a
combination of premium rates that are 10%-25% lower than OneTitle’s
major competitors, and a decision to eliminate nearly all of the
fees commonly charged in New York. OneTitle is licensed by the New
York State Department of Financial Services. OneTitle policies
above $250,000 are backed by risk attaching, reinsurance coverage
by a $1.5 billion global reinsurer rated A-(excellent) by A.M.
Best. For more information, visit www.onetitle.com.
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LAKPRSharon Horowitz, 212 329 1428shorowitz@lakpr.com