2015 Year in Review - Matt Garcia

What was your most notable project, deal, transaction or professional achievement in 2015? We successfully sold a $50 million assemblage transaction involving five contiguous buildings at 360-368 Third Ave. in Manhattan. This challenging deal involved strategically coordinating three different long term ownership groups and managing to simultaneously sign and close on all five properties. Moreover, the deal is representative of the type of value add transactions that are highly sought after in today’s heated environment.  While the properties were sold at a sub 2% cap-rate as income producing rentals, there was an underlying 100,000K s/f development angle to be realized in the near term.