Peter Vanderpool, Cignature Realty AssociatesName & Title: Peter Vanderpool, President
Company Name: Cignature Realty Associates Inc
What was your most notable project, deal, transaction or professional achievement in 2016?
Our largest sale this year was the recent five building Riverview Portfolio sale in uptown Manhattan for $101.5 million. On this deal the 341,148 s/f portfolio featured 289 apartments along Fort Washington Ave. and Riverside Dr. and also included 199,000 s/f of air rights.
We represented the buyers in the deal, a group of real estate investors led by Joshua Sternhell and David Katz.
What project, transaction, market trend or product had the greatest impact on your industry this year?
The election and the uncertainty surrounding it. We are glad it is over and we are hopeful for some positive changes in the long term capital gains tax. That would give transaction volume a boost.
How will you be supercharging your productivity in 2017?
We plan to move our offices to accommodate our growing sales team. 2016 was a phenomenal year for us with record sales volume growth and the onboarding of three really great new agents to round out our team of eight agents covering all our Manhattan territories as we begin the new year in brand new larger office space.
What emerging trends will drive investment and development in 2017?
The shortage of affordable rental units in Manhattan multifamily buildings will continue to be a factor. The oversupply of rental units in Manhattan is overstated and confined to the upper end of the market. Despite slight increases in interest rates we are still in a very low interest rate environment and will continue to be in 2017.
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