Name: Jacob Namdar
Company: Klosed Properties
What was your greatest professional accomplishment in 2019?
As a team, we closed on 15 acquisitions in 2019, even though the city passed a ton of regulations/legislation half-way into the year.
What are your predictions for commercial real estate in 2020?
I believe prices will continue to decline steadily due to three primary reasons:
- Uncertainty from the new rent regulations.
- A large number of real estate investors exiting the NYC market.
- Uncertainty due to the extremely vital 2020 presidential elections.
What was your most notable project, deal, or transaction in 2019?
We closed on a $17.5 million office/industrial building at 780 E. 135th St. in Mott Haven, where we are planning to do creative office space.