In 2009 and 2010 “you could have rolled a bowling ball down the aisle” at the International Council of Shopping Centers’ RECon conference “and it wouldn’t have hit anybody,” Massey Knakal executive vice president of retail leasing Benjamin Fox told The Commercial Observer.
But when an estimated 33,000 real estate professionals converged upon one million Read More
A long list of attractions draws cash from all corners of the world to the money pit that is Midtown Manhattan, making it among the most expensive markets in the world.
Midtown’s continued popularity comes thanks to a tourism boom and high demand for commercial real estate that have blossomed post-recession, creating a melting pot of cultures—and cash.
“It’s like a small city within the city,” said Adelaide Polsinelli, a senior director at Eastern Consolidated. Read More
Eastern Consolidated is marketing two Upper West Side retail condominiums for $5.75 million, The Commercial Observer has learned.
The retail condos are on the ground floor of Trump Place at 120 Riverside Boulevard, an 18-story, 297,850-square, 277-residential unit tower.
Senior Director Adelaide Polsinelli, Associate Director Robert Khodadadian and Director of Financial Services Gary Meese are leading the marketing initiative, which extends to a five-story brownstone apartment building farther uptown at 310 West 109th Street priced at $2.9 million. Read More
If you think the Super Bowl is only about football, think again.
A broker friend of mine, who had little, if any, interest in the game of the year, decided to take heed of some of the comments shouted by the armchair quarterbacks gathered in front of the screen. He realized that there was a similarity between the game and his professional life in real estate.
He was able to see the entire playing field, without the personal attachment to a particular team. This enabled him to peel away some valuable lessons from the fumbles and apply the strategies to his real estate presentations. Read More
After the breathtaking whirlwind of record-breaking deals of 2012, it was easy to get caught up in the heady romance of real estate. However, times like these are opportunities to find the kernels of significant lessons in all that transpired.
One noteworthy occurrence that happened frequently was the old “kiss and tell” routine. Read More
Eastern Consolidated has arranged the sale of a 1,500-square-foot retail condo at 119 Chambers Street, currently occupied by high-end designer thrift shop Housing Works, for $2.5 million, The Commercial Observer has learned.
The condo, located in TriBeCa’s densest retail thoroughfare, features a 1,500-square-foot street level space, with 25 feet of retail frontage, and a renovated 1,500-square-foot basement. Read More
BSJ SoHo let go of 72-76 Greene Street last week for a reported sum of $41.5 million. The buyer—a partnership of Chicago-based L3 Capital and Washington, D.C.’s ASB Capital Management—paid $1,186 per square foot for the building known as “The King of Greene Street” because of its French renaissance-Second Empire architectural styling. It contains two Read More
A 12,600-square-foot retail condominium at 62-66 Thomas Street in Tribeca, home to upscale Japanese restaurant Megu, is on the market after a price reduction and company buyout aimed at expanding the brand worldwide.
The price was reduced to $14.7 million from $16.8 million, as a new ownership group forges big plans for the brand, sources tell the The Commercial Observer. Read More
The glass ceiling needs a shine.
In fairy tales like Snow White, Cinderella and Sleeping Beauty, little girls learn that rewards, like a knight in shining armor, are earned by being passive, demure and quiet. The few women who do speak out were usually witches or evildoers. But unlike what we were told in these fairy tales, women are born for business.
Today, studies show that women process about 20,000 words per day, while men process about 7,000. Women have approximately 11 percent more brain cells responsible for language. Women can speak at a speed of 250 words per minute and have 12 percent more neurons in the area of the brain responsible for memory, feelings and critical thinking. Read More
The International Council of Shopping Centers’ (ICSC) New York conference is over. Meetings were held, retailers were courted, flirtations between players crackled with possibilities. The Commercial Observer asked three experienced New York brokers what they learned at the conference and where the city’s retail hotspots are. This is what they said…
West Side Story
“With Read More
Well, do you?
Real estate has become a very popular career choice. And why not? It’s a business that affords you the unlimited earning potential that few other careers can boast. The financial independence offered by this career allows you the flexibility to make lifestyle choices. Every day is an adventure. There is nothing more invigorating than being in the midst of the elite group of movers and shakers who create the ever-changing skyline of the city.
I polled several veteran brokers who are at the top of their game and have earned the respect of their peers. In addition to being highly organized, tenacious and disciplined, here is what they said is important for a promising future superstar. Read More
With reality shows and the internet glorifying the heady prices of retail condos, skyscraper office buildings, five-star hotels, luxury apartment buildings, trophy apartments and McMansions, it’s no wonder that sideline spectators are enviously calculating the millions of dollars that brokers must make as the gatekeepers of real estate heaven.
Given the high stakes involved in achieving premium prices, how do you get that maestro of a broker to work her magic for you? Not just anyone can convince buyers why they should pay a premium. Not just anyone can get a more qualified buyer on the phone, or source those under-the-radar buyers whom very few brokers have access to. Not just anyone can create a competitive environment while at the same time orchestrating a quiet selling arena where a premium is paid for the privilege of seeing this opportunity. Read More
The ING New York City Marathon-that-wasn’t had something of an ironic impact on the city’s luckier retailers.
There’s no question that those hit heavily by the storm have a long road ahead, especially Downtown, where many stores closed for days and others remain closed and damaged.
Mayor Michael Bloomberg finally called the storied marathon off on Saturday, but not before many of the 47,000 registered marathon runners were already in the city for the race planned for Sunday. Read More
Anyone who has ever dared attempt to make a reservation at Manhattan’s single most elusive and notoriously difficult restaurant to get into, Rao’s, will attest to the acid-like sting of the resounding “NO” coming from the owner, Mr. Pellegrino. His nickname is “Frankie No” because that’s what you get when you call for an appointment.
After years of hearing Frankie No’s negative response, I persisted until I finally got my “yes.” For real estate brokers and many other professionals, the word “no” is par for the course. Sometimes it’s the main and only course. What separates a great broker from an average one is how they go about turning nos into yeses. Turning rejection into acceptance is a highly skilled trait that is worth fine-tuning.
The mother of all rejection sits in the nest of cold calling. Every broker has had to begin in this cold, dark, door-slamming chapter of sales. Eventually most brokers get so numb to the rejection that they give up or become immune. Immunity is good if it turns those nos into yeses. Success is bestowed on those who learn the techniques of positive persistence and relentless tenacity. Read More
“Are you selling your property?”
“How much do you want for your building?”
“I have an offer for you!”
“How fast do you want to close?”
“Make the deal!”
A broker’s most effective tool is a phone call. It’s how we reach out and touch someone. Emails and texts are effective too, but a call can make all the difference in whether a deal goes forward or dies on the vine. The tone, inflection, urgency, pitch and content are all synergistically intertwined to elicit an intended response. Sometimes these invisible catalysts are the reason deals get the response that a broker is looking for. A broker who can use these tools masterfully can make magic happen and bring deals to fruition that may not have had a chance without that call. Read More
