Manhattan, NY On April 10th, the Young Mens/Womens Real Estate Association (YM/WREA) hosted their monthly luncheon. This time, they held a panel for the speakers, Michael Phillips, principal and president of Jamestown and Glen Siegel, founder of Belvedere Capital, which was moderated by David Falk, president, NY Tri-State, Newmark, their longtime leasing agent for Chelsea Market and Industry City.
Phillips and Siegel told the story of how their vision of Chelsea Market evolved alongside the Meatpacking District, as well as Midtown South. They discussed how they value inclusive ideas for their properties as compared to exclusive concepts. As well as their view on the Brooklyn office market and how Industry City fits.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,