Allow me to introduce myself. Currently a NYC based development manager building institutional assets. Here to connect with others and discuss all things real estate and development related. Will be sharing thoughts I find interesting along the way.

@CoyDavidsonCRE Yes. Happens in NYC all the time. Specifically ground lease renewals with FMV resets based upon ‘highest and best value’. Those are fun when condos began selling for $4K/SF.

@Snowball_Dev Still very much a mistake for NYC to let the deal blow up. The PR fallout was not good and signaled we are not ‘open for business.’ The city needs to become easier to do business in (and develop in).

@resetbasis Had someone respond to me like this once. Totally get it if you’re a big exec (this person wasn’t) but fine. But than they gave me dates 60 days out…and I noped out of there.

@jdmiser NYC biglaw partners are currently $2000 an hour. First yr associates at $1300-1500.

@JamesGuerriero @acquisizioni @ericlach Completion guarantees are a wonderful thing. And even in foreclosure - the lender can’t get out alive if they don’t finish it.

@jacobmorganbiz With that’s said - some days I wish I was a retail leasing broker so I could do just what you said.

@jacobmorganbiz I think it depends on the market. Some future sellers they would rep may view it as a conflict. I see it more where brokers are very open about it in the sub $1.5M space. But I think a lot of institutions would be upset if they found out they are bidding against their brokers.

@DavidPerlleshi When I turn an opp down, brokers first response is: you can buy x/y. Instead of-why doesn’t that work for you. Let’s discuss if something else I am selling may. And once I explain what works - don’t call me daily the following week trying to sell stuff I told you wouldn’t work.

@Bethazor1 Put their number in your phone book. You’ll eventually remember voices.

@JamesGuerriero @acquisizioni @ericlach Can tell you that in the other bldgs it happened it - didn’t effect rents / sales.

@acquisizioni @ericlach They fixed it. Lots of bldgs get ‘leaning stop work orders’ going up. Not totally uncommon. Can name multiple bldgs.

@offmarketguys Probably multifamily over 150 units.

@TheCREStudent They are there & they need to locate somewhere. But a big tenant in Miami is 30-50ksf. That size tenant doesn’t need to commit to space 3-5 yrs out nor is it enough pre leasing for a ground up development. + there are blocks of space a 50ksf tenant can lease now or in 2 yrs.

@KevinDoyleRE How much can you make on this? It seems you believe the assignor is making too much money. Focus on your profit not the assignor. If you thinks it’s a good deal - pay & close. Stop counting someone else’s profit. If you think it’s a bad deal - pass or negotiate.

@acquisizioni Building authority. Don’t see a downside.

@3NDeveloper A few big retail players in my markets have stopped doing development entirely as well. They are seeing stabilized 9%+ yield on cost for value add retail. With that type of return it’s hard to justify development.

Does anyone else amp themselves up when sending cold emails? I always need to tell myself to shoot my shot to remind myself you can’t win if you don’t ask.

@acquisizioni Office leasing tenant rep