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Adapting, Improving, and wiping off the light switch
Case StudiesAdapting, Improving, and wiping off the light switch 470 Sunrise Highway, West Babylon NY The AssignmentSelling a mixed-use property for Super USA The Strategy 470 Sunrise Hwy was a straightforward “meat & potatoes” mixed-use property; and being valued at just under $1 million, I knew that it would have broad market appeal. There were only two small problems which needed to be overcome: a) 40% of the building was vacant, and b) The Covid 19 lockdown began within a few months of listing the property. Solving the Covid problem was slightly above my paygrade, but I adapted as necessary to the “Covid Protocols” imposed by regulators and common sense to keep business moving. Solving the valuation issue regarding the vacant commercial space was...
Lost & Found in Translation
Case StudiesLost & Found in Translation Ostrowiec Świętokrzyski, Poland The AssignmentAcquire a property at public auction to develop into a regional shopping center in Ostrowiec Świętokrzyski (pronounced “Ah-Stro-Vee-Etz Shvee-Int –Oh – Krisky” The StrategyAs Executive Vice president and partner of Polimeni International, I was tasked with securing properties and planning the shopping centers we were developing in Poland. Our team identified a great site some 90 miles south of Warsaw: Some of the issues were a creek that ran through the property, a raised canal in the back, a new municipal road was needed on one side of the site to connect two main streets, and on the other side a public pool wanted part of the property for parking. The city just...
Wipe the Windows, Check the Oil, (1.5 million) Dollar Gas
Case StudiesWipe the Windows, Check the Oil, (1.5 million) Dollar Gas 23 Heitz Place, Hicksville NY The AssignmentMirabella & Castaldo LLC, purchased 23 Heitz Place in 2003 to run their new spring & brake business. Twenty years later, having sold the business, they no longer needing their 7,225 square foot repair shop, and retained Ron Epstein of RC Commercial Partners to market & sell the property. The StrategyWith myriad challenging property characteristics, regarding parking, access, visibility and building condition, Ron recognized that the property would be more attractive to end-users than investors. Located on the edge of the Hicksville Downtown Revitalization District, outward appearances seemed to suggest that the surrounding property...
Tuning into the Right Deal Channel
Case StudiesTuning into the Right Deal Channel 5018 Express Drive South, Ronkonkoma, NY The Assignment Divesting Ronkonkoma Partners, LLC of their 13,000 square foot office building, the Ronkonkoma Business Center The Strategy I needed to develop a strategy for showcasing a fully stabilized office property with little apparent upside. Although fully leased and built to capacity on the 1-acre site, I was able to draw upon my development & planning experience to identify a means of increasing the GLA within the existing building footprint, offering a prospective buyer with an opportunity to add value with minimal capital outlay. Having tested the market to determine the appetite for B Class office property in a post-Covid office market, the ownership and I...
ANOTHER LOOK AT RISK vs. REWARD: Quantifying Risk
It’s a sure thing, it can’t miss! We’ve all heard it before. We’ve also heard “but no one could have predicted…” and “the odds were a thousand to one that…” afterwards. Words spoken by smart people who were making good decisions based on odds that were strongly in their favor. With that in mind, let’s take closer look at Risk vs Reward. PROJECTIONS It is a given that you cannot have Reward without Risk. The conventional wisdom is that when evaluating the Risk/Reward of a prospective (ie real estate) investment, you calculate the potential dollars of Reward for every dollar at Risk. You do this by analyzing myriad potential investment outcomes and the likelihood – the odds – of each one coming to pass. It usually requires contemplating of a wide array of...
CRE IN DANGER WILL ROBINSON!! (or not)
UPDATED April 10 2023: Since I first posted this blog on March 31st (below), this story has fully moved to the front burner. Does it feel like it is already running out of steam? Maybe someone crunched the numbers like Will Robinson and is ...disappointed? As they try to intertwine these two stories to gin up some kind of apocalypse, an important distinction between the "banking crisis" (aagh!), a term which has already lost its mojo, and the "Demise of CRE" (aagh!) story is this: Office properties which are financed by Wall Street, vis-a-vis REITs and CMBS debt, (or Sovereign wealth funds and family offices) are typically high profile trophy assets (ie 777 Figueroa St in Los Angeles, 660 Fifth Avenue in New York, 650 California Street, San Francisco), and...