News:
Spotlight Content
Posted: December 26, 2011
Rubin Isak of Falco & Isak Realty Services
What was your most notable project, deal or transaction in 2011?
Our firm brokered the only commercial building sale so far this year on Steinway St., in Astoria. On a street that has between 5-10 commercial sales per year since 2005, this is a great accomplishment.
We achieved an aggressive capitalization rate of 5.84% on a single tenant retail property at 30-73 Steinway St.; a cap rate which many market insiders deemed unattainable in that market.
What was your greatest professional accomplishment in 2011?
In a Queens multifamily market with average Gross Rent Multiples in the 10X-11X range, my greatest accomplishments this year was succeeding in attaining a 11.5X GRM for 28-05 33rd St. in Astoria, an elevator Apartment building with 44 Units + three stores; a 12.5X GRM for 25-16 18th St. a 12-unit walk-up in Astoria and 14.1X GRM for 26-07 18th St., a seven-unit, newly built, fully leased, walk-up in Astoria. The marketing program we implemented assured the sellers did not leave any money on the table.
What are your predictions for commercial real estate in 2012?
What are your resolutions for 2012?
My resolution is to continue doing what I do. I am proud of the continued success of only exclusively representing sellers of investment property and achieving premiums above the market for them. That made 2011 an enjoyable year for us and we look forward to continuing this above market sales price culture for our clients in 2012 and beyond.
Tags:
Spotlight Content
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
.png)
Quick Hits
.gif)
.jpg)
Columns and Thought Leadership
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
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
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
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”.
.gif)