Deal flow in the spotty New York market has slowed to a frustrating trickle for some, but Marcus & Millichap investment specialist Joe Koicim is not one to let deals languish in the pipeline. He says deals are getting done, but sees the timeline, from inception to close, slowing for many.
Yet somehow his deals remain resistant to this lethargy. Last week, he signed a contract, and closed in one day, on a fully rent-regulated building on the Lower East Side.
The following day, he negotiated a signed contract for a $30M elevator building in Queens, and he closed on the sale of a walk-up building in the East Village commanding approximately $1,600/SF.
So what’s his secret? What are the characteristics of brokers who can close quickly? It comes down to three things: due diligence, specialization and outside-the-box thinking.
First, careful due diligence is essential, and it is especially important brokers be versed in the particulars of multifamily rent-stabilization laws. If any party skips these vital steps, it can jeopardize the deal.
Next, and closely related: being a specialist is beneficial now more than ever, especially within the context of multifamily and rent regulation.
“It’s hard to keep playing the game when they keep changing the rules,” Joe says. He and his team excel because they focus solely on the sale of multifamily and mixed-use buildings in New York City, and they have a strong handle on what needs to be done to execute.
Finally, Joe and his team are known for bringing out-of-market and 1031 buyers to perform at record-setting prices. The unique structure of Joe’s team, coupled with Marcus & Millichap’s national platform, give him a competitive edge. The team has already transacted approximately $1B in sales since 2016 began, a testament to the team’s powerful command of the market.
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