2016 Year in Review: Howard Stern, Law Office of Howard Stern

Howard Stern, Law Office
of Howard Stern

Name & Title: Howard Stern, Esq.

Company Name: Law Office of Howard Stern

What was your most notable project, deal, transaction or professional achievement in 2016?

The recent buy-out of a Senior Citizen from her Rent Regulated Luxury Apartment (high floor, working fireplace and two terraces) in Manhattan’s Upper East Side on terms favorable to my client and respecting and factoring in all the tenant’s needs. Negotiating the deal rather quickly, with the buy-out reflecting the advanced age of the tenant, other important immediate housing needs and the unique qualities of the apartment resulted in a reflection of the old proverb that “the best settlement is one where each side is unhappy.” Operating with the utmost professional courtesy on both sides enabled the matter to be handled expeditiously.

What project, transaction, market trend or product had the greatest impact on your industry this year?

The downturn in the upper end luxury market has led to more productive negotiations when representing purchasers. Sellers, many of whom are builders, can no longer present their sale as a “take it or leave it” sale, as many purchasers have pulled back and chosen to “leave it” more so than in the past.

How will you be supercharging your productivity in 2017?

I have gone back to the old-fashioned, excellent productivity tool of calling and speaking to my clients directly on the telephone instead of relying on emails and texts.

Nothing is more important that the inflection or modulation in a person’s voice to better understand what needs to be discussed further or which needs no more discussion. Emails are informal and lack the ability to understand what a client truly means. There are no emoji’s that I am aware of that reflect cynicism, being snide, or other forms of concern or attitude in an email.

I find more can be accomplished in an actual telephone call than in a series of emails, which take longer and are easily misinterpreted by either and, many times, both sides.

What emerging trends will drive investment and development in 2017?

I believe the new Administration will be more friendly to Owners and Lenders and there will be a major change in the tax structure, as well as a loosening of the mortgage purse strings. Loan rates have already risen since the election and The Fed is talking rate hike, but, in my opinion, if profits will be there, purchasers will gladly take slightly higher interest loans, as they will be rewarded in the short and long terms with profits as opposed to stagnation.