Clarence J.

Greetings all, Is commercial lending for multifamily apartment building loans in NYC drying up? Where is the money going? Tried to finance a 70-unit brand new building with a double net lease to a non-profit organization ($21 million loan on a $1,940,000 NOI) yet all the local banks do not want to touch it. It's amazing! It seems that banks are looking for deposit money instead of lending money. #CommercialLending #NYCRealEstate #FinancialIndustry #BankingTrends

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Is a bird in the hand really worth it? Maybe!! But you have to prove it!! A good client comes to us which owns 325 Exterior Street in the Bronx and says that their tenant has approached them and wants to acquire the fee position of the property they are leasing. Simple deal, right? No, not so simple. How do you deal with this situation? As a broker, you could advise the owner to simply make the deal. The downside is that the owner will never know if they could have gotten a better price. So how do you deal with this situation? What we suggested to the owner is that we put the site on the market, get a bunch of offers, establish what “market” is, and then let the chips fall where they may. Another option would be to go get an appraisal and decide what to do based upon that appraisal. This approach has several potential negative outcomes associated with it. Who is going to rely on the appraisal? Is the appraiser conflicted? Who picks the appraiser? Neither party wanted this approach. The seller agreed with our approach to put the site on the market, get competitive offers, and then see if the buyer was still interested. In situations like this we have had before, especially when the buyer was not the lessee in the property, the price obtained dissuaded the buyer on the table from increasing their offer to allow them to be the successful bidder. In this case, we went to the market to obtain competitive offers. There were several folks who were interested in this great site and would bid on it. Many offers came in and at the end of the process, the lessee had the funds available and paid the highest price being offered by the bidders. Here, yes, the buyer was on the table at the beginning of the process, but the seller did not have confidence that the price being offered was the best possible price. After our program was implemented, the bids pushed the lessee’s offer up and a deal was made with the seller feeling 100% confident that the absolute top of the market price was obtained for the site. One of the main reasons why we have been so successful over the years is our ability to maximize the sale prices we get for our seller.  The initial offer was $63 million. We closed at $74,700,000! Find out what the seller had to say in the comments... #tuesdaytestimonial #bkrea #nycrealestate

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Real estate update: NJ home prices and housing inventory continued to increase in July Contact me to discuss the latest scoop in real estate! #RealEstateSuccess #PropertySales #HouseHouseTeam #SellingDreams #RealEstateGoals #CallUsNow #SothebysRealty #SignificantSale #RealEstateExcellence #BuySellWithConfidence

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🚨 New Listing | Store Space | New Bedford, MA 🚨 💲 $14,900,000 💲 🏦 88,817 SF | 802 Units 🏦 🖥 Offering Website: https://lnkd.in/eX_wEVY5 🖥 🔹 Priced Below Replacement Cost - The $14,900,000 asking price equates to just $167.76 psf and is a Stabilized 7.5% cap rate 🔹 Desirable Unit Layout - This conversion consists of 100% 1st-floor units with multiple unloading areas, providing short pull distances and premium ground-floor rental rates 🔹 Low Saturation - The 5-mile saturation is just 5.33 SF per capita, with just 3.48 SF of that being climate-controlled square feet. 🔹 Class "A" Amenities - This property was completely renovated in 2023 and features a professional on-site leasing office, multiple loading areas, 23 video surveillance cameras, coded access control system, and motion-activated LED lighting throughout the facility. 🔹 Strength of Demographics - The 5-mile population is 149,695 individuals with an Average Household Income of $81,955.  Additionally, 75% of the 11,629 housing units within one mile are renter-occupied. 🔹 Potential Expansion - The parcel has several areas where portable drive-up units could be added for additional revenue.

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Land values in the Bronx are going to continue increase…..my prediction is by the end of year 2025 the average price will be $100/BSF (Currently $87/BSF). My rationale for this is as follows; -Anticipating rate cuts.  -Positive market sentiment with the city of Yes and East Bronx re-zoning demonstrating the Bronx is pro-development. -Establishment of free market rents of $55/psf range, section 8 rents have been increasing 9% year over year for the past few years. -Lower land values in comparison to other boroughs. A lot of Brooklyn/Queens/ Manhattan developers are looking at this market's increasing competition and demand. -Bronx land values have increased 7% on average over the past 5-years.   -Hearing from developers there has been a reduction in Construction costs. Our team has sold/under contract/marketing $100mm worth of Bronx land over 10 transactions during 2024. Contact me if you would like to discuss further 917 348 0242 / [email protected]

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