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New York & Tri-State  + Outer  + Opportunity Zones  | 

Brooklyn, Queens Will See QOZ Investment, Says GFI

Crown Heights in Brooklyn and Far Rockaway in Queens, along with Harlem in Northern Manhattan, are expected to reap investment benefits from the twin drivers of recent rezonings and newly-identified Qualified Opportunity Zones, according to a GFI Realty Services report. Already, GFI notes, a number of New York real estate players have turned an eye toward developing in these areas.

“As much as New York’s investors expect to gain from this new program, the greatest beneficiary is likely to be residents and businesses located in under-served areas of the city,” said GFI’s Justin Fitzsimmons.

“Many opportunity zones in New York are situated in neighborhoods that were either recently rezoned or have been pegged for rezoning,” he continued. “With the combined benefits of these two programs, we can expect to see developers enhance a wide range of neighborhoods in all five boroughs, which will benefit local residents and businesses alike.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Sale/Acquisition