Long Island is currently in the absorption cycle, vacancy rates are decreasing, rents are stabilizing, excess space is being absorbed and the general economy begins to grow.
Advantages of buying real estate in the beginning of the absorption stage:
1) Actual NOI are low, heavily deferred maintenance is prevalent and the ability to buy real estate below replacement costs
2) Opportunity to stabilize properties as demand exceeds supply
3) Vacancy rates decrease, rental rates increase
4) Ability to sell real estate at the height of the market, low cap rates with high NOI