2022 Year in Review: Ben Normatov, Alpha Realty

December 27, 2022 - Spotlights
Ben Normatov
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.

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