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Posted: December 31, 2024
2024 Year in Review: Michael Hunter Coghill,
Adirondack Capital Partners
Managing Partner
Adirondack Capital Partners
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024?
One of our most notable transactions of 2024 was the sale of the Cartier Mansion at 102 Greene St. in SoHo for $46 million for a staggering 4.2% cap rate and over $5,000 per s/f. Our team had the privilege of representing both the seller and procuring the buyer, a multinational Japanese corporation, underscoring our ability to serve as a vital conduit between global private capital and trophy assets in gateway markets. This milestone reflects our unparalleled expertise in bridging the gap between international investors and iconic properties, solidifying our reputation as a trusted partner for cross-border transactions.
What emerging trends will drive investment and development in 2025?
Stabilization in the bond market well help to increase transaction volumes across asset classes, with multifamily and industrial properties continuing to be a preferred destination for institutional capital. Retail will continue its nascent recovery with minimal new development and the dual challenges of e-commerce and the COVID-19 pandemic in the rear-view. Increased liquidity in the office sector and a significant basis reset in conjunction with the sunsetting of work-from-home mandates will help usher in a new cycle for the beleaguered asset class.
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