James Nelson, Massey Knakal Realty Services

Name: James Nelson Title: Partner Company: Massey Knakal Realty Services 275 Madison Avenue, New York, NY Email: [email protected] Phone number: 212.696.2500 x7710 What was your greatest professional accomplishment in 2010? After 2009, when the NYC property sales market was off by almost 90% from the peak, I come back strong, brokering the sale of 37 properties and loans year to date for close to $200 million; I am on pace to once again become the top salesperson at Massey Knakal. Reinventing my business after 12 years, I have picked up key clients including Bank of America, JP Morgan Chase, US Bank and Wells Fargo to close various loan and REO sales. What was your most notable project, deal, or transaction in 2010? Closing recently, along with Robert Knakal, I brokered the sale of New York City's Bleecker Street Luxury Retail Portfolio for $34 million or roughly $6,700 per s/f based on the above grade square footage. The space also benefitted from sellable lower levels. According to REIS, the sale marks the third highest priced per s/f retail transaction in the U.S. on record, since it began tracking such data in 2003. The sale is a testament to the premium pricing which we are achieving in this marketplace. The seller, Beck Street Capital, acquired the portfolio starting in 2003. It included six retail condominiums located at 367-369, 382-384 and 387 Bleecker St. situated in a prime luxury shopping district in the West Village. The portfolio is 100% leased to established, high quality tenants including Burberry, Marc Jacobs, Michael Kors, Mulberry and A.P.C. The buyer will benefit from a premium location and long term, stable income. What predictions do you have for commercial real estate in 2011? I believe there will be a pick up in the number of NYC property sales in 2011. This increase will be attributed to the number of distressed assets being sold by both banks and special services. Last year, only 5% of Massey Knakal's listings were special assets, but that number has more than doubled this year to 12.5%. In addition, Massey Knakal's contract signings for 3Q10 were surprisingly on par with 2Q08 levels before the market shifted. This is a leading indicator suggesting an uptick in sales for 1Q11. We will also continue to see an increase in foreign demand, as overseas buyers will come to NYC seeking stability. Massey Knakal has already seen 8% of our sales purchased by foreign buyers this year, which is more than double last year. Investors are coming from around the world including Russia, France, South America, Israel, Italy, Asia, and Turkey. Massey Knakal's website receives visitors from 131 countries Pricing will remain stable provided that interest rates remain low. Core assets will continue to trade in the 5-6.5% cap range. There will also be more land and conversion sales, as lenders are coming back into the market providing construction financing. What are some of your New Year's resolutions? My wive and I are expecting our third son this month, so I plan to spend as much time with my family as I can.