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Posted: December 22, 2014
Mark Misto, Avant Capital Partners
What was the best thing that happened to you or your firm in 2014?
Avant had a great year in 2014. Our team put thousands of hours into making a streamlined and efficient process to quickly underwrite the risk in small balance bridge loans. The result was a turn-around time that worked for our brokers and borrowers combined with transparent pricing that made sense to everyone.
What was your most notable project, deal, transaction or personal achievement in 2014?
I particularly like this mixed-use deal we did in Prospect-Lefferts Gardens. It was on the corner of Flatbush Avenue and Lincoln Road, adjacent to Prospect Park and a block away from the B,Q Subway line. It had an organic foods store on the bottom and creative types in the high-ceilinged apartment lofts above. This was a great deal because rents in the area were still half of what more established Brooklyn neighborhoods were but it was clear that Prospect-Lefferts Gardens could easily see a doubling in its rents and a rise in property value over the next few years.
What are you looking forward to accomplishing in 2015?
In 2015, I'm happy to say we'll be aggressively expanding our platform. Avant wants to offer our brand of small balance bridge loans to borrowers in Philadelphia, Boston, D.C. and Baltimore to name a few of the east coast's great commercial markets, and with a new round of raised capital to deploy, we are openly seeking new talent to join our origination team.
What are some of your real estate predictions for 2015?
To speak specifically about New York City, I see the Manhattan land prices plateauing and remaining steady- Land in prime borough locations, like DUMBO, Williamsburg, Brooklyn Heights and Fort Greene, on the other hand, I see continuing on their upward trend because of their relative value compared to Manhattan. The most increase in land value will be in emerging neighborhoods like Long Island City, Astoria, Greenpoint, and Ridgewood. The "minor millionaire markets" (gentrifying neighborhoods where you can get a nice place for under $1.2 million) are going to continue to do well.
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