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Posted: December 20, 2016
2016 Year in Review: Raymond Mordekhai, Forest Park Properties Inc.
Raymond Mordekhai, Forest Park Properties Inc.Name & Title: Raymond Mordekhai, Principal Broker
Company Name: Forest Park Properties Inc.
What was your most notable project, deal, transaction or professional achievement in 2016?
Our most notable transaction of the year was 129 w. 112th Street New York NY. This Harlem Development site needed Bankruptcy court approval at $6.7 Million and this added to an already complicated deal.
What project, transaction, market trend or product had the greatest impact on your industry this year?
The expiration of the 421-a tax exemption had a profound effect on the sale and listing activity for development sites. Uncertainty, ruled this sector more much of the year and transaction volume was certainly affected.
How will you be supercharging your productivity in 2017?
The most important asset I have is time. Allocating time to aspects of our business that are most profitable is my goal in 2017.
What emerging trends will drive investment and development in 2017?
I don’t want to dwell on the 421-a, but the imminent agreement will change the development sales landscape once again. There are aspects of the new deal that are a double edged sword. I believe the new deal and lack of traditional construction loans will continue to depress transaction volume. And unlike 2016 I believe that this will weigh on per square foot prices in 2017.
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