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Press Release

Aug 16, 2017 13:31 UTC

Analysis of 3-1-1 Data Shows Broad Distribution of Vacant Buildings, Even in NYC’s Priciest Areas

NEW YORK--(Business Wire)--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.

LAKPR
Sharon Horowitz, 212 329 1428
shorowitz@lakpr.com

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