By James Prendamano
Millennials may be the most misunderstood generation since the concept of labeling generations was adopted. That may be due to the fact that Millennials are by nature, “anti-label”. This well-educated, progressive group of young adults born between 1981 and 1997 came of age during a financial crisis which may explain why they are more fiscally conscious than some may believe. Their fiscal awareness is an offshoot of their social responsibility which is what has helped to elevate second hand boutiques, organic coffee shops, farmers markets and community gardens.
According to the US Census Bureau, there are 92 million Millennials living in America, surpassing Baby Boomers by 15 million. 1 of 5 New Yorkers are Millennials. 29% of them are choosing to live at home beyond age 30. They currently spend approximately $600 billion annually and, according to Accenture Consulting, will spend $1.4 trillion by 2020.
Though Millennials are the most technologically connected group, according to iModerate Research Technologies, 82% thought it was important for brands to have brick and mortar stores in which to spend their dollars, even though they use technology to compare prices and product value.
As they come of age, Millennials are changing the way we do business in America, which explains why the nation’s largest financial firms are devoting serious resources to collecting and analyzing data about their habits.
Goldman Sachs and PWC are significantly focusing on Millennials and what makes them tick. According to a Goldman Sachs data story, Millennials owe approximately $20,000 in student loans and are less likely to seek ownership of anything, be it cars, homes or music. According to Goldman Sachs, only 39% of Millennials nationwide own homes.
This generation of “tekkies” are more inclined to share than possess which has retailers, developers and real estate investors rethinking their projects.
Historically, young people seeking to live on their own have left Staten Island due to the lack of rental units available and because the social experience they were seeking was hard to come by. Urby – Staten Island by Ironstate Development Company, may be one of the greatest examples of a multi-unit residential complex that is perfectly geared toward Millennials on or off Staten Island.
This 900 unit mixed use project is located on Front Street – a block away from the Staten Island Railroad and two stops away from the free Staten Island Ferry.
Located in historic Stapleton, an area which was the retail hub of Staten Island a century ago, this socially responsible residential complex will provide young renters with an organic farm and farmer in residence, an organic café with chef in residence, pet friendly apartments with plenty of built in storage to reduce the need to invest in furniture, a sizeable pool and high tech fitness center all located along a beautiful, public waterfront esplanade. In short, Urby Staten Island was designed to make life in New York City easier to enjoy.
Casandra Properties has been working with Ironstate Development Company and BFC Partners to relaunch Stapleton as a place where Millennials will be comfortable living. Our team is working with established restauranteurs, retailers, service providers, investors, government officials and business organizations who understand the value of this emerging neighborhood and are seeking to connect with a generation of forward thinking individuals who pride themselves on respecting the history of the place they call home.
As a company, we have spent the last 30 years promoting Staten Island’s retail potential. With the second highest median family income and the fastest growing population, Staten Island is certainly New York City’s next hot borough and with Staten Island Millennials living at home longer, the north shore is the place to be if you want to capture their attention.