Are you guys seeing anything in NYC?
Hey guys,
Are you guys seeing any activity or deals in value-add real estate market, specifically NYC? I’ve been working in this family investment office (AUM 300mm) for about 2 years and wasn’t able to close any deals. It’s really frustrating and scary at the same time as I have shitty base salary with bonus contingent upon getting deals done. I love the culture and what the company has done for me, but I just think the company is not aggressive enough to get anything done in NYC. So I think I should start looking aggressively for a new position before the market tanks and hiring freezes.
So before I make the move, I wanted to ask you guys what your situation is at your respective firm and would appreciate any insight regarding current status of NYC market.
Thank you!
I work for what sounds like a somewhat similar firm and can say my experience the last two years has been along those lines. Hard to argue with them though right? NYC market makes no sense right now. Almost every deal you see close you cringe and think they are nuts. I think you can maybe get some equity deals done but I do not think you will get rewarded appropriately for the risk you are taking. If you make a move, does that mean you disagree with your firm's sentiment on the market?
Sales volume has slowed prices have remained the same. Sellers only sell if they get the price they want. The Financing market usually is not as cyclical as the sales market.
There is heavy activity in BK and Queens for small sub 10mm for value add. Think Clinton Hill, Bed Stuy.
Damn good place to do business.
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