News
BACK TO BOOM?
March 23, 2011
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| Overall, there’s a similar interest in quality Manhattan locations as there was in the boom years of ’05 to ’07, and much greater demand from investors than supply, we learned from Eastern Consolidated principals Eric Anton and Ron Solarz. They're on the ground with myriad metro NY properties, and interest is coming from all sides: foreigners from China, Italy, Germany, and Spain looking to make first NYC plays by investing in trophy locations with good cash flow;large real estate funds and established developers evaluating new construction projects; and institutional owners interested in every stripe of multifamily. Retail’s particularly in high demand, and even hotel investment and development has rebounded. One segment that’s “really crying out for supply” is office, Eric says, but they don’t see much for sale, even throughout the Tri-State. (However, they’re marketing a 226k SF office building in Wappingers Falls that allows for an additional 200k SF of development.) |
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| Only in NYC can a manufacturing building built over a century agobe suitable for conversion to a five-star hotel, luxury residential, or a trophy mixed-use building, they say. Brokers must understand and be able to calculate and promote the highest and best use for any given property, and because of this, Eric and Ron don’t want tolimit the types of properties they sell or their geographic reach. Properties they’re currently marketing include: a package of 45 occupied condos at 215 West 88th St (pictured); retail properties at210 Lafayette St, 201 E 25th St, and 200 E 27th St; and seven land deals throughout the five boroughs. How do they have so much energy given all these listings? Plenty of exercise: Ron’s an avid bicyclist and fisherman, while Eric’s into kickboxing, swimming, golf, and tennis. (Of course, each having a young boy and girl to keep them on their toes helps, too.) |
