In the Chicago SMSA, many, if not most municipalities, impose certain requirements on the parties to a purchase and sale, as well as a condition to recording the deed.
Brokerage
Advice From the Ice #25: Know the Rules of Engagement
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In every setting- business, sports, whatever- there are rules of engagement. Knowing those rules and applying guardrails in those situations can be the difference between success or failure. In a hockey game, I always ask the coaches at the beginning of the game about the history between the two teams. That allows us to gauge…
Crafting An Office Space Vision: Strategizing BeyondThe Tangible
Navigating office leasing in the post-COVID-19 world requires a new paradigm in strategizing. It’s not merely about square footage and lease terms; it requires a deeper understanding of the tenant’s business culture, ambitions, and evolving needs. As SIOR office tenant representatives guide their clients through this journey, they must go beyond the tangible and delve into nuanced layers of organizational…
Urgency & Optimism
“It’s not the market I care about, it’s the deal.”
Last week, I was in the office of a Billionaire real estate investor, who was discussing all of the deals he has in progress. He’s currently acquiring hundreds of millions of dollars of NYC real estate through purchasing distressed debt, partnership buyouts, recapitalizations, and outright building sales.
New York has…
A Shared Optimism
Retail vacancy across the nation is down to 4.7%, the lowest it has been since 2007. One retail asset manager of over 100 shopping centers told me, “The only spaces I can’t rent are the ugly spaces, and even those are starting to get a little attention.” Add in the continuing rise of retail sales (up .02% year over year,…
Advice From the Ice: Reading the Ice = Reading the Room
In a hockey game, things can be going along fine, until suddenly, one player body-checks an opponent violently into the boards. Now what? A potentially disastrous situation exists. IN A SPLIT SECOND, we officials must assess the situation, impose the correct penalty if appropriate and keep the game moving forward. In a CRE deal, things can be going along great…
A Shared Obstacle Between Buyers & Sellers of NYC Retail Property (What is Driving the 10 Year Treasury)
Right now, a shared obstacle which is completely out of the control of both buyers and sellers of retail property is the volatility of the ten-year treasury, which is how a lot of retail property is financed. The unknowns can outnumber the knowns in this arena. Interest rates increases are fairly easy to understand, but the question of what is…
How to building a $2,000,000,000 real estate portfolio
Last week, I asked an older gentleman how he built his $2B (B for BILLION) retail real estate empire. His answer: “Slowly”—no pause for effect—“and I bought the right locations.” As this guy sees it, the extraordinary success of his portfolio boils down to that. He kept his focus on buying top-tier locations, and still does. Right now, he is…
Pricing Guidance for NYC Retail
Pricing guidance remains a moving target for all asset classes all over the country. And for good reason, transaction volumes are down across the board. The headline YoY is a 63% decline, therefore, if there are less transaction, there are less comparable comps to gauge pricing. New York City is the same but different. The number of retail property sales…
Velocity of Retail Properties Sold in Manhattan. This Year vs. the Last Five Years.
At the halfway point of the year, sellers and buyers are starting to accept that higher interest rates are here to stay, with at least one more rise indicated by the Fed. Some sellers who made moves early are reaping the rewards, while some who have waited are looking at increasing competition. However, that doesn’t mean that waiting was necessarily…