2022 Year in Review: Rodney Nassimian, Highcap Group

What person, project, transaction or market trend had the greatest impact on your industry this year? The expiration of the 421a tax abatement had the greatest impact on the development sector. My developers had been in a hurry to purchase these empty parcels of land as they planned to get a footing into the ground. The footing would make them eligible for the expiring 421a. 

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2022? My most notable accomplishment this year was closing on three separate development sites in one week for a total of $22.75 million in early February. My client purchased an assemblage in Astoria with 60,000 BSF. I had also sold a highly sought-after site in LIC with 33,500 BSF.

How has your career path changed in 2022? With the laws of rent stabilization still looming and the expiration of the 421a tax abatement, I intend to follow the asset class mostly sought after at this time. My clients are in search of Flushing retail properties with an opportunity for future development.