| We bumped into Massey Knakal chairman Bob Knakal (second from left, with Marcus & Pollack's Joel Marcus and Douglaston Development's Ben and Jeff Levine), at the recent REBNY banquet. He gave us his two cents on the investment market: Say goodbye to the to the $50M-plus deals for a while; but despite the sales slowdown, there will still be transactions. The seller-rep firm signed 60 sale contracts in the last two-and-a half-months, including three separate East Village properties for an aggregate $20.8M. Portfolio lenders are now committing up to $30M with 60% LTV for a total of $50M in purchasing power. We'll continue to see upward pressure in retail and office cap rates, and to a lesser degree, multifamily. Bob also has diaper duty to keep him busy, as first-time father to Sophia Rose, born eight weeks ago. Congrats! |
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