In New York City, Brooklyn, Queens and the Bronx have the most parcels within Opportunity Zones. I’ve looked into potential Total Gross Buildable Area for each borough. Together with the NYC Property Use breakdown from last week, I can get a better idea of how big or small I could potentially build, as well at what property use type is most available, based on the quantities of parcels provided to me by the Deepblocks Data team.
Below are the three largest boroughs, broken out by ranges of potential Total Gross Buildable Area for each.
NYC: Potential Gross Buildable
The graph provides me with the following insights:
If I want to develop big, I should target the Bronx. It has 34 parcels zoned for 1M SF of potential buildable area or more, and 202 parcels zoned between 250K-999K SF.
The Bronx also offers by far the most volume of parcels within the 50K-99K range, 738 parcels.
The Bronx has the most overall development potential for the ranges selected.
Brooklyn and Queens have by far the most parcels outside the graph’s ranges (0-49K) with 38,806 and 25,818 parcels respectively, lending themselves to smaller, localized plays. The Bronx seems to hit the sweet spot of all the development ranges targeted above, and has the least amount of parcels within the 0-49K range, at 13,621 parcels.
Knowing the above and coupling that insight with last week’s post, I can develop a strategy for potential sites throughout the five boroughs to begin preliminary development analysis. With hotel being the most scarce use type throughout the city, and residential being the most abundant, it helps focus my development objectives with minimal analysis time and cost, yet gain significant insight into the opportunity zone market in NYC.
Next week, I will zoom in and begin analyzing specific parcels using the data of three previous introductory posts as a guide of what to build and where to build it.