News
NAVIGATING THE WATERS
November 26, 2008
| When T. Weiss Realty CEO Ted Weiss is not working, you can find the avid boater on his appropriately named vessel, Risk and Reward, which he navigates between Maine and the Bahamas. “Being a developer is like boating,†he told us Monday during a visit in his Melville, Long Island office. “You have to chart your course andprepare correctly for a smooth trip… otherwise, you can getsmashed up.†|
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| And a planner he is. Ted's been through this real estate market before—twice, to be exact—and knows how to navigate the rough waters. He was one of the smarter investors and shelved a Melvillecorporate office development that was supposed to come online this year; the lofty price of dirt and the multiple re-trading of the property made him rethink the deal, and now the economy is in ahiccup. “It's one of the best things I've done,†he says. |
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| Shelving the project meant freeing up capital for investment opportunities he expects to come out of this market, like after thesavings and loan crisis of the ‘90s, he says. There will be manydistressed assets, and not only on Long Island. He's also looking for opportunities in the coastal areas from Virginia to Florida. Now he's focused on his 600k portfolio's crown jewel, Melville Corporate Center III at 324 South Service Rd. |
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| The unique office building is designed like a resort, including palm trees, artwork and a fountain in the lobby, free wi-fi and an overallrelaxing atmosphere (we felt like we walked into a hotel at first). The building's newest tenant, Ameriprise Financial, is moving into its 3,000-SF space next week; expect another 4,800-SF financial firm to move in by April. Ted's also in negotiations for two public companies to take full-floor leases by mid-'09. Tenant response to the building has been strong, so when the other project comes off the shelf, expect a similar concept, he says. |
