News:
Spotlight Content
Posted: December 23, 2013
Tom Attivissimo, Greiner-Maltz
What was your greatest professional accomplishment in 2013?
In 2013 sticking to the commercial industrial Real Estate Process and delivering the best possible service for the Industrial market I was able to conclude over $50 million in transactions, for both buyers and sellers.
What was your most notable project, deal or transaction in 2013?
250 Duffy, Hicksville NY. This was a time of the essence deal where the seller had a $1.5 million tax obligation if he did not sell by Dec 31, 2013. We where able to marshal a contract by Nov 20th, concurrently complete due diligence which included engineering, environmental, procure IDA benefits for the buyer and close on Dec 20th ahead of schedule. The seller's attorney could hardly believe we could pull it off. When the buyer and seller are coached not to skip a step in the commercial industrial Real Estate Process the deal gets done and both buyer and seller benefit.
What are your predictions for commercial real estate in 2014?
We will continue to see more industrial buildings coming on the market then coming off. Greiner-Maltz's statistical reports show this has been a trend since 2008. As with all types of real estate, commercial industrial real estate is influenced by area and quality of building. So, a facility with high ceilings and in a good area will sell quickly and sometimes for a premium. However, the low ceiling buildings in a less desirable area will sit on the on the market longer and the price will be driven down to meet market demand. If human capital continue to rise (health care) and fixed cost continue to rise, this makes it hard for the small a business owner to want to hire more people. As a result the commercial industrial market will continue to reflect the trends since 2008.
What are your resolutions for 2014?
My resolutions for 2014 are to show gratitude to all those people who have made a positive impact on my life. To call a friend or family member when they come to mind, because it is no accident when they came to mind, maybe they are thinking of you. Also, be a better husband, father, son and friend.
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)
.jpg)
Columns and Thought Leadership
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
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
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)