What was your most notable project, deal or transaction in 2011?
We sold a 40 family apartment house located on east 82nd St. for over 13 times the rent roll. This sale left our firm with only a hand-full of apartment house properties to manage.
What was your greatest professional accomplishment in 2011?
We changed the focus of our business model to almost only ownership of commercial properties from our prior status of concentration which was mutifamily apartment houses.
What are your predictions for commercial real estate in 2012? I firmly believe that commercial real estate in better located urban centers will continue to improve. Mortgage financing will become more available and that will fuel higher prices for most commercial properties. The one possible fly in the ointment is global or domestic unrest which seems to be growing worldwide. One cannot discount the profound effect that us elections in november 2012 might have on business's in every field depending on the results.
What are your resolutions for 2012?
After 40 plus years in the real estate business, i leave making resolutions to those individuals who are naive enough to think they can succeed in keeping whatever resolutions they may have made to start the new year. Tags: