News:
Spotlight Content
Posted: December 20, 2016
2016 Year in Review: Steven Westreich, Westbridge Realty Group
Steven Westreich, Westbridge Realty GroupName& Title: Steven Westreich, President
Company: Westbridge Realty Group
What was your most notable project, deal, transaction or professional achievement in 2016?
In 2016 our team closed 50 transactions, about one transaction per week. Those in the business understand the complexities and nuances that go into closing just one deal, so I am extremely proud of the fact that our team has closed more deals than most “name brand” brokerage firms did this year.
What project, transaction, market trend or product had the greatest impact on your industry this year?
The most discussed market impact is that with the expiration of the 421a, land has been nearly impossible to trade. The least discussed market trend is that rents are actually going down in many neighborhoods that have recently gentrified; not yet to the point where the economics of a deal completely change, but enough to make seasoned buyers hesitate on deals where a year ago they would have jumped.
How will you be supercharging your productivity in 2017?
We are slowly adding new brokers to our team which I expect will add to productivity as we expand our reach. And we are going to just keep doing what we do, which is trying to be the hardest working, smartest, and most aggressive team out there.
What emerging trends will drive investment and development in 2017?
I think specifically a resolution on 421a will have the most meaningful impact on 2017 as it has the ability to put so many things in play that have been put on hold.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
Quick Hits
.gif)
.jpg)
Columns and Thought Leadership
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
.gif)