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Posted: December 22, 2014
Nile Lundgren, Dallien Realty
What was the best thing that happened to you or your firm in 2014?
Completing the lease up of fifty (50) units at GRJ's 50-58 East 3rd St. redevelopment project in Manhattan's East Village. Dallien achieved above rents that exceeded ownership underwriting and a quicker than expected lease up. Dallien also announced the exclusive marketing and leasing of 41 W 24th St., a rental project in Manhattan's Flatiron District.
What was your most notable project, deal, transaction or personal achievement in 2014?
Our most notable project was completing the lease up of 50 units at GRJ's 50-58 East 3rd St. redevelopment project in Manhattan's East Village. Dallien achieved above rents that exceeded ownership underwriting and a quicker than expected lease up. Our success at this project allowed us to win the exclusive marketing and leasing of 41 W 24th Street, a rental project in Manhattan's Flatiron District.
What are you looking forward to accomplishing in 2015?
In 2015 Dallien Realty aims to leverage our exclusive marketing and leasing experience at our newest project 41 W 24th Street which will launch in early 2015. Dallien realty is expected to double in size and make a strong push into luxury property resale market as well building out a strong off-market investment sales division.
What are some of your real estate predictions for 2015?
Since New York City by definition is a supply constrained market, consistently low interest rates coupled with low inventory will continue the upward trend in pricing in 2015. This means that for brokers and sellers, the good times will continue but I am hesitant to say the same for the ultra-luxury end of the market where there is an oversupply of current inventory and a wave of inventory expected to come to market. Although the outlook of the immediate future looks bright, I don't think it's out of the question to say that in two or three years pricing will start to decline, especially if interest rates rise.
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