2016 Year in Review: Luke Sproviero, Bestreich Realty Group

Luke Sproviero, Bestreich Realty Group

Name & Title: Luke Sproviero, VP Sales / Partner

Company Name: Bestreich Realty Group

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

My team launched Bestreich Realty Group (BRG) in January of 2016. We are currently a 15 person Brooklyn-based investment sales firm. Our team sold over 30 properties for over $110 million this year. We presently have over 30 exclusive listings including multifamily and conversion sites throughout Brooklyn for over $100 million in available exclusive inventory.

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

The biggest market trend this year has been the psychological shift towards free market or conversion sites. We have been actively following this trend and have been fortunate to take advantage of it early on.

How will you be supercharging your productivity in 2017?

We are in the process of hiring a few more analysts to help us become more efficient into 2017. As the number of agents grow at BRG we need the proper amount of support staff.

What emerging trends will drive investment and development in 2017?

Without 421-a, developers are paying premiums for vacant and re-development properties. Without a 421-a program, this will continue to drive the 2017 market.