Yossi Azour owner of A2Z Realty is continuing building new projects in New York and Manhattan despite the difficult time of COVID-19. A2Z is real estate and development within the New York metropolitan area.
Azour was telling MJT that coronavirus pandemic has had a huge impact on New York City’s residential real estate market. In the wake of the outbreak, renters have been fleeing New York City — Manhattan in particular — in droves. Some are taking up residence in nearby suburbs, while others are moving to more affordable cities in different parts of the country.
All of this has taken a toll on New York City real estate, but that doesn’t necessarily make it a bad time to invest. While New York City rentals may be a harder sell at present, the city is also primed for a major comeback once the coronavirus crisis comes to an end and normal life can resume.
New York City currently has five months’ worth of housing inventory available. That makes for a pretty decent selection given that nationally, the residential market is only sporting a 1.2-month supply of homes. In fact, local inventory is comparable to where it was before the pandemic began. Due to large supply of property. This makes for attractive investment, with substantial returns.
While the median home price in New York City is $550,000, which represents a 10.2% uptick year over year, that hike is reflective of overall housing market inflation — it’s not unique to New York. On a national level, the median home price is up 13.2% year over year.
Rachel Azour, wife of Yossi and managing director in A2Z and playing imporant role in company’s success. Yossi and Rachel are married for
Through years of networking A2Z has become vertical in all aspects of their business.
Yossi Azour and his wife Rachel Azour
New York City has a long history of attracting renters from all walks of life. Its extensive public transportation network makes it one of the most accessible, navigable cities in the country, and its bustling nightlife and tremendous restaurant scene make it a draw for young professionals, retirees, and families alike.
New York City’s distinct boroughs also make it a prime spot for residential real estate inventors. You’ve got Manhattan, where all of the action happens and jobs are abundant. You’ve got Brooklyn, where a host of hip neighborhoods have emerged in recent years. Then there’s Queens, whose diverse neighborhoods range from trendy to full-fledged suburban.
The Bronx, meanwhile, may have a reputation as being home to the tough, but as Manhattan’s more affordable counterpart, it’s a viable choice for renters on more of a budget (plus, it’s home to Yankee Stadium). And we can’t forget Staten Island — perhaps the most residential of all the boroughs and home to a well-known mall.
The company’s owner and primary shareholder Yossi “David” Azour has been active in real estate/development industry since 1998. It’s founder and leader Yossi “David” Azour has been active in the real estate and development industry since 1998. A2Z Realty has completed over 1,000 transactions to date.
For more information about A2Z : http://a2z-capital.com/