News:
Spotlight Content
Posted: December 27, 2022
2022 Year in Review: Ben Normatov, Alpha Realty
Director
Alpha Realty
What person, project, transaction or market trend had the greatest impact on your industry this year? I think we can all agree that the greatest impact on our industry in 2022 was the rapid/aggressive rise of interest rates. The longer a buyer took to underwrite a deal, the less it made sense because of the rising cost of capital. In many cases, buyers signed up deals with hard deposits anticipating to get a much better rate than the one they ended up closing with. Ultimately, a higher interest rate can turn a great profitable deal into a money loser.
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2022? Although it’s not my largest sale of the year, my most notable transaction in 2022 would be a 3-building package I sold in Rego Park back in March. A total of 34 free market apartments & 14 commercial spaces. This one was sentimental to me; I grew up in Rego Park. When my family and I immigrated to America in 2007, I went to the elementary school across the street from those buildings. Selling them is truly a personal achievement for me.
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
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
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
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
.gif)