Portelli of Highcap Grp.: Focus on distressed debt and REO sales

Name: Christen Portelli Title: Managing Principal Company/Firm: Highcap Group Years with company/firm: 5 years Years in field: 11 Years in real estate industry: 12 Telephone: 646-546-5255 Email: [email protected] URL: www.highcapgroup.com How did your company withstand the recession and what changes have you made to succeed during the recovery of the retail market? Fortunately for the N.Y.C. area the recession was a small bump in the road compared to other regions in the country. During that time, the typical transaction volume was down, yet there were incredible creative opportunities. Highcap took reign of the market during the recession with a focus on distressed debt and REO sales. It was this type of liquidity in the market that paved the way for a quick recovery. With top dollar rents on Madison and Fifth Ave.; high end retailers began to look elsewhere which created a dramatic surge in rents, especially in Soho. Highcap forecasted this trend and began to hire more sales associates to focus on prime properties with a retail component and retail condos. With the steep up-tick in rents, owners continue to take advantage of selling; underwriting short term projections on retail rents assist in producing premium sales prices.