concrete thoughts

Why Territory Systems Work

There have been some questions about Cushman & Wakefield’s intent to keep the Massey Knakal territory system in place for our New York City investment sales platform. A reporter called me recently to get my perspective on this. I was surprised that someone would question whether the territory system would survive.

So without discussing or referencing C&W’s plans, I thought I would share some background with you about how the territory system came to be, how it works and why it works so well in a dense urban marketplace. Read More

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How Record-High Demand is Driving New York Real Estate

As we enter 2015 with the wind at our backs in the investment sales market, it seems like a good time to consider the supply/demand dynamics currently driving the industry.

The most important metric for the market is supply. In the 31 years I’ve been a broker in New York City, supply exceeded demand only once, in 1992. That year, the Resolution Trust Corporation dumped hundreds of distressed properties from failed banks. Back then, the few investors who had money were hard-pressed to spend it on commercial real estate. Values at the time were about 70 percent lower than they were at the top of the market in 1988. By comparison, the 38 percent drop in values from 2007 to 2010 was little more than a speed bump. Read More

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Thanks REBNY!

Over the years of brokering investment sale transactions in New York City and running the recently sold Massey Knakal Realty Services, I have observed qualities that top brokers in our industry share. They have a strong passion for the business, work hard (and smart), think positively, effectively manage their time, set goals and display tremendous integrity. Another characteristic of top performing agents is their focus on networking.

While our buildings are made of bricks, mortar, glass and steel, our industry is a people business, and people generally work with people they know and like. The blocking and tackling of the brokerage business is sending out mailings and making phone calls. But there is no substitute for face-to-face interaction. These meetings are the key to networking, and relationships formed in-person are the most meaningful. Read More

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Will 2015 Be More Like 2008 or 1998?

The result of the November elections could have a lot to do with answering that question

Last week, I wrote about the potential fate of the rent regulation system in New York, which is highly dependent upon the outcome of several senate races in our state elections in November. The reaction to this column was Read More

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Multifamily Sales Surprisingly Sluggish

Through the first three quarters of 2013, the activity level in New York City’s building sales market has been lagging behind levels seen in 2012. The multifamily apartment building market has been following suit as volume is also well behind 2012 levels.

For some perspective, we will look at the broader sales market and then Read More

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The Midtown East Rezoning Dilemma

There has been a lot of talk about the recent proposal to change the zoning in Midtown East, and there are three reasons why this initiative would be great for New York City.

The first is the jobs the new development would create. The second is the new tax revenue that this new wave of Read More