What a Blundered Property Does to Surrounding Areas – How Greg Singer Views it as Opportunity

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What does a vacant home or empty apartment building, unfinished land development or dying retail center do to the surrounding areas? It causes financial disarray, it increases the crime rates, and most importantly, it vastly impacts the property values of the homes, buildings and land that sit nearby. In short: all residents that live near these areas that have a blundered property are equally affected.

Crime rates are on the rise in areas where people are the hardest hit, and thieves will generally target vacant homes and retail centers to scrap them for high value items like copper; which they then turn and sell on the black market. But there are companies that are striving to make a difference by revamping blundered and blighted properties, rehabilitating them, and creating a new and steady economic heartbeat in the surrounding areas.

One company that’s doing their part is the Greg Singer Financial Corporation, which has been helping to make property values rise since the late 80s, when Greg Singer decided to leave his prestigious position at the Donald Zucker Company in pursuit of starting his own real estate business.

Originally involved in commercial real estate financing as a loan broker in New York City, Singer realized that his full potential to impact communities was not being realized, and so he amicably parted ways with his former employer and founded Greg Singer Financial Corporation in 1986 with one primary goal in mind: revitalize neighborhoods by focusing on deals where he would be able to add a significant amount of value to the revitalized property and to its surrounding areas.

The Greg Singer Financial Corporation has done just that over that past two decades since its founding, placing a specific emphasis on large vacancies, leases that are below market value, properties with deferred maintenance, properties that have tenant problems or management problems, partnership disputes and even land and properties that are involved in litigation. Where other lenders and real estate developers see an untouchable project, Greg Singer hears opportunity knocking.

It’s this unique vision that has enabled his company to revamp entire projects from the West to the East Coast since its inception. Since they purchase for hard cash and quickly, there is no confinement of the traditional red tape, hierarchy or committee required in order to approve deals. Greg Singer Financial Corporation has successfully revitalized blundered properties in Boston, Washington D.C., Florida, California, New York and elsewhere. The latest project is in the East Village in Manhattan, where Greg Singer aims to open the University House that will offer a state-of-the-art student housing facility for multiple universities at affordable rates in NYC.

Affordable Student Housing in Manhattan: From Dream to Reality Courtesy of Greg Singer, New York

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According to Housingnyc.com, the average rent for a studio apartment in Manhattan is $1750 per month, but can climb to almost $3,000 per month depending upon the size and where in Manhattan it is located. This presents a challenge to students who are attending school in New York City, of which it’s estimated that around half a million plus students are seeking housing in New York City each school year while attending New York’s amazing consortium of more than 120 institutes of higher learning.

Also of importance to factor into this metric is the cost of attending a school – which can range from $9,000 per year all the way to $35,000 per year for a four year program, depending upon which school in New York City a student attends. In light of this economic improbability, a premier land and building developer, Greg Singer, and his reputed company, the Greg Singer Financial Corporation, have devised a surefire plan for dozens of schools and hundreds of students to be able to enjoy affordable student housing in Manhattan with the East Village College Dormitory.

Modern Living at Affordable Prices

Since the late 80s, Greg Singer has been behind the scenes of the revitalization of countless building and land projects in and around New York City. At the core of his vision is breathing new life into destitute and troubled buildings, land, and halted developments. When Greg Singer became aware that a vacant building in disrepair in the East Village was zoned for college dorms and centrally located, he formed a solid game plan: remodel the building, offer state-of-the-art facilities and security, and lease it out to provide student housing that could accommodate up to 600 students in the heart of Manhattan.

Considering that most students who attend school in NYC have to usually be bussed in from hours away, or take the train, due to the strict constraints, limitations and high cost of living in the city, it made the most sense to convert this building into a premiere facility for students. The vision behind the East Village dormitory is rather simple at heart: empower students to enjoy a high quality of living while earning their college degrees. Greg Singer was once a student himself, and understands how important our future is. In par with a long standing history of giving back to the community, the greatest gift one can offer to our youth is the gift of education and the chance at a real future.

Gregg Singer’s Revamping Blighted Properties in NYC

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Since 1986, when Greg Singer, a prominent New York City property developer and rehabber, formed Singer Financial Corporation, there has been some rather rotund turn-around to many previously blighted and unsightly properties that used to mar the residential acumen of New York City. The key goal of rehabbing any property is to be able to turn around the property and revitalize it, making it more economically profitable and ultimately contributing to a greater yield in land value in the immediate surrounding areas and to the benefit of all residents. This is a quest that has been more than two decades in the making for Greg Singer in New York City, and one that has yielded some rather respectable showings for his past endeavors as well; developments that benefit all residents nearby and that aid in resuscitating the slow-to-restart New York State economy.

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The Villas in the Lake – located in the Mohegan Lake section of York Town, in Westchester County, had about a third of the property left abandoned by a previous developer who went bust during the economic slowdown. That one-third proved costly to the project and ultimately killed it, as no lending institutions were willing to finance the remaining portions of a failed project, which just sat there empty, like an eyesore. Greg Singer saw opportunity knocking and rebuilt the remaining units, including the parking lots and common areas located throughout the entire complex. The complex was revitalized for a realized increase in equity after it was finished being built-out.

Hackensack, NJ, hit hard by the recession had a stagnant apartment building that was vacant and plagued by a waterproofing problem. The rain would sweep in and flood the units, making them unsafe to occupy. Singer Financial Corporation revamped the entire unit and corrected the water flooding issue, revitalizing an abandoned area of a neighborhood relic that was called the Sussex House.

Manhattan, NYC – On the upper West Side, a popular building called the Chesterfield Condominiums was financially struggling. But seeing a way to rehab this poorly managed property, the Singer Financial Corporation purchased the building and remodeled it into beautiful and modern condominiums that provided free housing and social service for financially challenged seniors.

New Project Pending
The most current project on the ballot is an abandoned old school building that is located in Manhattan. It is commercially zoned and able to be zoned for a dormitory. Greg Singer has sets his sights on this property with hopes of revitalizing it and the surrounding area while providing affordable inner city housing for thousands of students who otherwise would be unable to live and afford to attend college in New York City. The project is being called The East Village Dormitory, and will offer affordable leases to several nearby universities so they can offer their students realistically priced dorms in Manhattan.