News:
Spotlight Content
Posted: December 31, 2019
2019 Year in Review: Jacob Namdar, Klosed Properties
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.
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)
.gif)
.jpg)
Columns and Thought Leadership
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”.
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
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)