Featured on my blog this month, I will share with you the opportunities this year I was grateful to be part of for 2018 NYC Real estate.
If you read and view market reports for NYC real estate this year it can be a bit overwhelming and also send the wrong message if you are looking to sell or buy.
In the spirit of celebrating Grace and Thanksgiving this November I’d like to share opportunities that were available to me to work with buyers and sellers this year on leveraging the market – regardless of the “doom and gloom” news.
I was working with a family in Tribeca since last year in finding their growing family a condo to purchase or to rent for a 5 year period. They currently lived in Tribeca and I met them at one of our rental exclusives last year. Once I got to learn of their real state needs, I worked with them for around 6 months to see if renting vs buying was an option. At the end of the year, their hearts were at 443 Greenwich, however, at the time the asking prices were quite high. Although I worked hard to negotiate a good deal for them at that time, the sponsor was not willing to move much on price. Therefore, since rents were declining… I found them a great rental at 443 Greenwich and negotiated favorable terms. The unit they leased was asking $37,500 per month and I was able to negotiate the lease down to $35,000 with one-month free rent for 2 years- a savings of $95,000. Although as a broker I would have preferred for them to purchase a home, it was not the right time for them and this rental met their needs.
A few months later, I received a phone call with first to know info that the sponsor was willing to sell a few units in the building at a suggested discount. (I was able to get this inside information due to the relationship I built with the sponsor and broker of the building.) I immediately thought of my customers and knew they would appreciate the valuable investment opportunity. Through a lot of back and forth in negotiations, they were able to purchase an investment unit at a discount of $1MM. That same unit that they purchased I was able to secure a renter at the beginning of the summer for them with favorable terms for them again.
An iconic New Development building in Tribeca.
Having a broker that has built relationships with a heavy knowledge base of inventory can only help you achieve the best terms for you. Advocating for my customer’s best interest and knowing the ins and outs with developers, landlords, sellers and the rest of the brokerage community will only be an asset to you.
In every deal, my customer’s needs are the most important and how they feel in the entire process and experience. I’m grateful to them for giving me the wonderful opportunity of leveraging the market in their favor. THANK YOU, Tribeca family.
Contact me for insight and strategies on how to thrive in this market!