2015 Year in Review - Richard Maltz

What was your most notable project, deal, transaction or professional achievement in 2015? The public auction of 80% of the commercial district in Fire Island Pines was our most notable for 2015.  Our firm was engaged in late December and only given 30 days to market a summer destination mecca, which would typically warrant a 90 day lead time.  To further test our abilities, the ocean froze and ferry service ceased, making showing the property an extreme challenge.  Our team worked feverishly throughout the holidays to prepare due diligence and marketing materials allowing us to go full speed on January 2nd.   All our hard work paid off when we sold the property for $10.1 million. What real estate project, transaction, market trend or product had a significant impact on your industry in 2015? The lack of quality inventory is continually resulting in extremely strong auction pricing. Investors are often shut out of a deal by not “knowing someone” or not having “the inside track.” We open our bidding forum to everyone and provide potential buyers with a fair and transparent bidding process. How will you be supercharging your productivity in 2016? We are launching an equity advance program.  This will allow estates and others in need of quick capital to borrow against their assets while we market them for auction. What emerging trends will drive investment and development in 2016? We continue to see enhanced foreign interest at our auctions.  There is clearly a flight to safety and many are comfortable with modest yields.  This trend has only increased and we believe it will continue into 2016.