News
REBOUNDS AND POP-UPS
March 4, 2010
| Despite last year’s overall gloom, ’09 was a rebound year for NAI Friedland Realty, following ’08, its weakest in 30 years. The firm, which has 20 brokers, completed over $200M in of deals, including the $20M, 144k-SF sale of 1080 Leggett Ave. in the Bronx, and now the firm’s looking to expand its office and retail business, says COO Tony Lembeck. | |
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| The Westchester and Bronx markets are becoming more local, so the firm has been focusing on becoming a better neighbor and more proactive by staying in regular touch with owners, as well as expanding its Internet capabilities. Many brokerage firms have been downsizing, so Tony anticipates even more business in '10. On the charitable side, NAI Friedland has reached out to Connect to Care through the UJA-Federation to hire people out of work for two to three days a week instead of hiring temporary canvassers from agencies, which has also helped the firm. | |
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| Don’t expect Westchester and Bronx’s office market to get better until ’11, say executive directors Carl Silbergleit and Ellen Benedek. But now is the perfect time for B and C tenants to move into class A space. There’s still a price disparity between the Bronx and Westchester; the former going for $30 PSF with few amenities, while Westchester Class A space with amenities is priced at $25 PSF, they say. Both vacancy rates and sublet space also continue to grow, the latter offering high-end deals for tenants. On the sales side, properties are finally beginning to get priced right, and many investors are searching for product $6M and below. |
