Local Commercial Real Estate Data
I have a lot of land in NYC that I would like to develop. It would be mixed use residential with a commercial space on the ground floor for medical space or daycare facility.

I am in the process of developing a Pro Forma Analysis but I also wanted to take a look at the recent commercial developments and how long it took to lease up/sell in my locality.

Where would you guys start in your research?

Would searching through zillow and NYC public records for the developments near me be worth it or is all that data located at these sites anyway? 
[{"id": "degpxtw", "text": "I mean... you should probably just sell the land to a developer.", "replies": [{"id": "degr9rr", "text": "Yeah sell to a developer and give away a nice chunk of return..., why not develop it if you have the asset base to support financing of the development.", "replies": [{"id": "degtwg0", "text": "Exactly this. The opportunity is big to ignore. I want to at least research all options and make an educated decision.", "replies": [], "depth": 3}, {"id": "degxs3y", "text": "Because he obviously doesn't have the experience to do the development?", "replies": [], "depth": 3}], "depth": 2}, {"id": "deo6fnn", "text": "At the very least, find a developer and contribute land as equity in a development. Developers love this, because they don't have to lay out a lot of cash, and you are protected from your own bad assumptions.", "replies": [], "depth": 2}], "depth": 1}, {"id": "degrupv", "text": "This is going to be exceptionally difficult for you to do from scratch without significant development experience. You need to know about financing, zoning, construction, leasing, neighborhood groups, timing, contingencies, etc. etc.\n\nIf you are even thinking about checking out zillow for data to underwrite this deal, you are not ready.\n\nWork with a successful established developer who can properly underwrite this deal and share in the profits of a completed development.", "replies": [{"id": "degu49r", "text": "I have done digging on my own to find what could be built. It will be verified when I choose an architect to complete a study. As soon as that is completed I can move forward to contractors for bids to get an idea of the construction cost. I have been reaching out to banks but they want to see a Pro Forma analysis before anything. Which is why I am reaching out to this sub for accurately researching my area.", "replies": [{"id": "degy57p", "text": "How did you find out what can be built, for example? There is often a world of difference between what is legally allowed and what the reality is in the real world. The only way to know that is through hard experience or hiring someone who has it.\n\nWithout knowing what terms are standard and are important to negotiate, it would be easy for your contractors and tenants to take advantage of you. Even if you know what numbers to use in the pro-forma? What are typical rent concessions in your market? What about lease up time? Carrying costs during permitting and construction? What if they are unforseen delays? Financing options?\n\nI'm not trying to discourage you and admire your entrepreneurial spirit, but you need to go into this eyes open knowing that it is a lot more that goes into it than just deciding what to built and hiring a builder. What rate of return can you expect? Even experienced developers can lose money on a project if they are not careful or if their are unforseen delays or expenses.", "replies": [{"id": "deh021w", "text": "I looked at the NYC zoning and land use guide and read the resolutions concerning my area. From that I made a conclusion for as-of-right development that I ran by architects that I know as well as individuals working for the city department of buildings. All said my assumptions were correct. The only question is if my property which is a corner lot is on a wide street or narrow street. One side street has city land next to it that could be justified to have a wide street which will give more development to the lot. An architect will need to investigate this.\n\nMy current position deals with union contracts so I understand the bidding process, having a solid statement of work, having complete drawings which all minimizes the chance of change orders. You are absolutely right in saying that I do not know the things you mentioned fully and I am aware that there are serious risks to a project if it starts slipping. Maybe I did not make it clear in the original post but what I am also trying to do is to find out what a developer would gain from this project so that I can know better the value of the land as well. If I do go forward with development it would be with an investor that would add value to the project. \n\nWith all that said, do you know the best places to find real estate data to see the performance of other developments in NYC?", "replies": [{"id": "dehhzaa", "text": "Thanks for the detailed response. again, not trying to beat you up, but again my initial thought is that you may be in over your head. My experience is only in downtown Chicago, but I have seen multiple landowners who hired architects to draw up impressive plans for their land who never got farther than that. Realize that architects are generally paid regardless of whether a project gets out of the ground or not. Larger projects will need an anchor tenant (perhaps 30%+ of the SF) signed on before a bank will fund the construction. Banks also look for a successful track record in development.\n\nThe value of the land is also a great question for a broker who would likely provide a valuation for free. They'll know within a very narrow window what the site is worth based on the market trends, zoning and different types of developers (residential, mized use, office, etc.) as well as the specifics of your sites.\n", "replies": [], "depth": 5}, {"id": "deo681j", "text": "&gt; With all that said, do you know the best places to find real estate data to see the performance of other developments in NYC?\n\nThis is what you hire a good appraiser and commercial broker to do for you. Nobody is forthcoming with this information because it puts them at a competitive disadvantage if it is public knowledge. A good developer, appraiser and commercial broker does enough volume and has the network to actually have quality information, and that is how they add value to the deal. If you aren't a land use lawyer active in the NYC market, I would guess that you are 99.5% misinterpreting your land use/zoning research.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "degu8bm", "text": "You could browse loopnet as well.", "replies": [{"id": "demu7c3", "text": "Are there other sites you would recommend as well? What I am trying to do is easily see the data for recent real estate developments and the percentage rate of lease up or units sold.", "replies": [], "depth": 2}], "depth": 1}, {"id": "dehoh1i", "text": "FUCK THAT, take your butt down to permits and spend the entire day going over your basic drawing and concepts. its a fascinating world and there purpose is to get you on the right track. \nyour first research is legality and permits is where the facts come true. \npermit dept, like them love them live them.", "replies": [], "depth": 1}, {"id": "dehqptn", "text": "What is your timeline and expected return? What experience do you have negotiating this type of contract and how much money are you willing to put into learning. Your first deal will be you most expensive since you'll be learning by your mistakes. Fractions of a percent add up throughout the process and eat into your profit. You need to know the parameters of deal points to be able to make your deal profitable. Development is no joke. Just because there is an opportunity doesn't mean that you'll be the one making money on it. How did you determine your end user in a medical facility or daycare for your commercial space?", "replies": [{"id": "demtu5n", "text": "I am in the initial stages of planning so I do not have a hard schedule developed. From other comparable properties, I have been seeing 1.5 to 2 years from demolition to a c/o. This is mainly because my area primarily uses non-union labor. \n\nMy current back of envelope analysis shows a 6.5 million return with a (32% margin). These numbers have to be fine tuned and I am currently working on that. What you are saying is absolutely correct and I am trying to gather as much information that I can so that I can reduce profit margin loss.\n\nThe commercial space end user was researched through NYC zoning  resolution. The current zoning gives a \"community facility\" bonus of which medical offices and daycare service would be the most profitable for my area.", "replies": [], "depth": 2}], "depth": 1}, {"id": "del4i2f", "text": "You should check out Reonomy.com! Tons of data for NYC. ", "replies": [{"id": "demtvnp", "text": "I will definitely take a look.", "replies": [], "depth": 2}], "depth": 1}, {"id": "dexbelj", "text": "If you can find them you could call the owners/managers of these recent developments and ask them first hand. ", "replies": [], "depth": 1}]