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Posted: December 20, 2016
2016 Year in Review: John Falco, Falco Real Estate Partners, Inc.
John Falco, Falco Real Estate Partners, Inc.Name & Title: John Falco, President
Company Name: Falco Real Estate Partners, Inc.
What was your most notable project, deal, transaction or professional achievement in 2016?
One particular transaction that I handled this year that confirmed my enthusiasm for the industry was the sale of a mixed-use building on Myrtle Ave. in Glendale, Queens.
I had been in contact with the owner for over eight years with monthly mailings, phone calls and an annual opinion of value book. They decided to sell and retain my services.
We priced the property accurately, received over twenty offers and were under contract in forty five days.
The progression of the relationship and confidence they had in my abilities to the ultimate goal of closing the transaction is always inspirational.
What emerging trends will drive investment and development in 2017?
I diligently review the daily deed transfers and look for trends in certain neighborhoods. The volume of trades for existing buildings has been steady all year; however, my continued amazement is how many development sites continue to trade in the outer boroughs. Developers continue to be creative in finding niche neighborhoods with decent zonings. Just when you think that the majority of lots are built upon, a developer purchases an over-sized lot with an existing one-family and twelve months later there is a six-family constructed. Developers are bullish on the density of the outer boroughs. I believe this will continue.
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