News:
Spotlight Content
Posted: December 26, 2023
2023 Year in Review: Jerry Maffia, Project Management Advisors, Inc.
Vice President and General Manager
Project Management Advisors, Inc.
What person, project, transaction, or market trend had the greatest impact on your industry this year? The post-pandemic world has seen a number of market trends that negatively affected real estate and construction, both in the residential and commercial markets. Interest rates skyrocketed and the five-day, in-office work week appears to be a thing of the past. A new model for offices, with more flex space and less dedicated workspaces, is emerging.
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2023? Our company and specifically several individuals from our local office were brought in to rescue a project that had gotten away from the original project team. We were able to turn the project around and deliver it to the developer and operator ready for use and occupancy in the fall.
How has your career path changed in 2023? Personally, it’s been a bittersweet year as I lost my boss, Joshua Rubin, who was a good friend, mentor and colleague to cancer. The result is I was promoted to take over his role, though I’d trade it in a heartbeat to have him back leading the office.
What emerging trends will drive investment and development in 2024? Developers will keep a close eye on the primaries and general election with the hope that interest rates return to earth. Companies will continue to scale back real estate, increasing the inventory of available prime office space. This could turn positive as some of these spaces may be able to be redeveloped for residential, hospitality or life science use.
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
.jpg)
Columns and Thought Leadership
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
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”.
.gif)