Name: Shay Zach
Title: CEO - Founder
Company Name: Gaia Property Group
What was the most challenging part of working during the pandemic?
Coming down with COVID while negotiating around 10 contracts and closing around 70% of them amidst the crisis, also keeping our investment sales associates focused and assuring them that this is just a hiccup and we will prevail.
What was your most notable project, deal, or transaction in 2020?
171 North 10th St.: Selling of a multifamily luxury elevatored building in prime Williamsburg originally at a 4.8% cap and after renegotiations at a 5% cap, negotiating and working with buyer and seller to close during COVID pandemic on such a large deal was definitely not an easy task.
What was your greatest professional accomplishment in 2020?
Maintaining our company’s direction, and transacting over 30 transactions in a pandemic year.
What are your predictions for commercial real estate in 2021?
- Manhattan is going to face many challenges, prices would be trending down, but the fear of the 1031 disappearing due to new administration, might spark more sales.
- Brooklyn: Residential going strong, commercial from the aspect of development and value add, would grow strong, retail will continue to suffer across the boroughs.