Market Overview

New York Developer to Meet Increased Demand in Local Residential Properties


New York builder The Durst Organization is turning its attention to the city’s residential market to meet its “insatiable demand” for upscale housing spaces, the New York Times reported.

According to the NY Times, the real estate titan would be building a “sprawling residential development” in a peninsula in Astoria, Queens which is estimated at about $1.5 billion. 

The Dursts, which was famed for erecting skyscrapers that serve as the headquarters for multi-million dollar companies, is attempting to penetrate the market to tap a pool of ultra-wealthy buyers with a taste for luxury housing.   

“With the cost of land soaring and high-end apartments commanding soaring prices, developers whose reputation and wealth rests on gleaming office towers are leaping into the residential market in the hunt for profits,” the newspaper noted.

Other developers were also jumping the fence and transitioning into residential property development. Brookfield, a commercial developer with portfolios spread across Manhattan, is also spending $1 billion for 4,000 apartments in northern Manhattan and Roosevelt island, the report said. Tishman Speyer Properties, another commercial real estate giant, will be building a rental property complex consisting of 1,600 apartments in Queens. It is also planning to buy a Downtown Brooklyn property that was previously owned by Macy’s.  

The Fisher Brothers, which is also one of the largest builders of office spaces in New York, was also reported to have plans of developing a condominium building in Tribeca and an apartment complex on the East Side, the Times said.

Realtors looking to increase their sales in the lucrative NYC residential real estate market can use disruptive digital technologies developed by Realbiz Media Group, Inc. (OTCQB: RBIZ) to promote their listings to the right clients. Realbiz Media is a Florida-based digital media company that develops proprietary video marketing software that agents and their brokers can use to promote their virtual tour listings online.

Its Virtual Tour Program allows real estate sellers to create virtual tours and presentations that are optimized for mobile viewing and could be syndicated through social media for only $29.95 a month.

The program features a video search engine optimization (VSEO) tool that automatically generates meta tags and descriptions for virtual tours and listings that agents have uploaded to the platform so that they could be found easily by consumers online.

The program also has tools for creating QR codes, e-flyers, and seller reports as bonus features.

Realtors can also make use of the company’s listing platform to market their listings with videos, slideshows and virtual tours. is a consumer site based on Realbiz Media’s patented marketing technology Nestbuilder Agent.

The web site makes a great platform for hosting real estate agents’ listings and for their personalized agent profiles which help them widen their reach and build their online reputation.’s agent and listing pages also feature a contact form as well as social media buttons that connect agents with their consumers easily.

Realbiz Media’s platforms, applications and web sites feature social integration, which allow agents to cross-publish their posts to social networks like Twitter, Facebook, and Pinterest.

To learn more about Realbiz Media and its products, contact or call 1.888.REAL.BIZ (888.732.5249).

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.


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