2016 Year in Review: Sophia Valiotis, Alma Realty

Sophia Valiotis, Alma Realty

Name & Title: Sophia Valiotis

Company Name: Alma Realty

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

Alma Realty completed work and is set to open the Red Apple Building at 30-30 Northern Blvd., an eight-story, 213,000 s/f LEED-certified commercial development in Long Island City. Formerly the Apple Tag & Label building, the new $60 million project, which will be home to new businesses likely from the technology, media and other creative industries, as well as non-profits and charitable organizations, is a part of the economic revitalization of the surrounding neighborhood.

The complex will have 7,200 s/f of retail and features LED motion censored lighting, a free tenant fitness center, terraces and a landscaped roof deck complete with benches and views of the Manhattan skyline.

The property is only a two-minute bike ride and 5-minute walk from the Ed Koch 59th St. Bridge pedestrian walkway connecting Queens and Manhattan.

What emerging trends will drive investment and development in 2017?

In New York in particular, we will see a continuation of the trend towards redeveloping and repurposing well-located, older, industrial and commercial spaces for residential and commercial development. While new construction continues apace, this somewhat hidden construction boom is in older parts of our urban landscape, is where we and other companies have invested heavily to rehabilitate and renovate to create new, quality affordable housing.

As older buildings are brought up to date and their useful lives are renewed, significant investments will be made in energy-efficiency from HVAC systems, lighting, windows, facades and other improvements that not only meet new housing codes but are responsive to mandates to help cut down carbon emissions.