News: Spotlight Content

Neil Helman of Grubb & Ellis New York

What are your predictions for commercial real estate in 2012? Real estate will still continue to be a favored investment. With instability in the European markets and a stock market that seems to be constantly up and down, commercial real estate - especially that in premier US markets - will continue to thrive. Banks are lending once again, albeit in a more conservative manner, but there's plenty of money out there for acquisitions - and to some extent to development. As long as interest rates remain low, pricing will continue to rebound. What was your greatest professional accomplishment in 2011? I am proud our team closed many transactions in a somewhat difficult time. While the investment environment is considered robust with numerous transactions occurring across all asset classes, sellers continue to have lofty expectations and buyers continue to look for deals with significant upside. Short of coupon-clipper deals like some retail condominiums, deals that are perceived as worthy deals by the investment community are limited. Continuing to get to the finish line in this environment is an accomplishment. What was your most notable project, deal or transaction in 2011? We were involved with the sale/recapitalization of 104 condominium units at the Printing House Condominium at 421 Hudson St. This was a transaction that involved many moving parts. The units we sold/recapped, were being held as rental units by the entity that converted the building in the 1980s. The deal required that we structured a transaction that permitted the sponsor to stay in the deal with the new buyer/source of capital and participate in the sell-out of the units as they are brought to market for sale. What are your resolutions for 2012? Less carbs.
MORE FROM Spotlight Content

Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin

When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:

Formal Legislative Role

Limited direct lawmaking power: The NYC Council is the primary
The strategy of co-op busting in commercial real estate - by Robert Khodadadian

The strategy of co-op busting in commercial real estate - by Robert Khodadadian

In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
Properly serving a lien law Section 59 Demand - by Bret McCabe

Properly serving a lien law Section 59 Demand - by Bret McCabe

Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
Oldies but goodies:  The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability