Acquisizioni
@acquisizioni
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9,336
Ground up multifamily development in the Northeast // @DealNav - a simple, affordable, purpose-built CRE CRM w/ map (Sign up for a demo: )
Joined April 2011
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Last Seen Profiles
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I develop multifamily in the northeast.
Criteria:
- land to build 200-400+ units
- NJ, NY, CT, MA
- subject to approvals
- wood-frame preferred
Our firm:
- vertically integrated
- open to JV’s, partnerships, etc.
- pays fees for off mkt deals
Something in mind? Send me a DM!!
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Serious question what do all these people do for work that they can be doing yoga in a park on a Tuesday at 10 AM?
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Someone pls figure out how to start building these again 🙏🏼
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My friend has been using these Bertazzoni stoves in his spec homes because it’s Italian and he’s Italian and the sales person called it “the Wolf killer”.
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The guy who developed Chelsea Market in NYC died this past December. He had bought 75 9th Ave (the market bldg) and 85 10th Ave in the 1970s for 14m.
In 2018 Google bought 75 9th for 2.4 billion.
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I was creeping along the coast of the Hamptons on LandGlide (my form of scrolling) and came across Jerry’s house. V surprised it’s not in an llc.
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Told my wife I’m going to “strip mall guys”(
@realEstateTrent
) event in the city next month. Her response:
“Is learning about strip malls even going to help you? (technically no). You just want to go to a weird Twitter event with strangers! (exactly right).”
She doesn’t get it.
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Anyone done a prison to multi conversion??
Look at this beauty I just found scrolling. Decent building widths, historic, I assume solid construction…
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My recently retired dad has been trying to convince me to get a back up sump pump in case my current one breaks, a battery backed up sump pump in case the power goes out, and a water powered sump pump in case the battery dies.
I think it’s time for a hobby.
Any ideas for him?
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I raise you with a Lehman Bros quarter zip thing I recovered from the rubble in 08.
My lord 😳
The HOLY GRAIL of real estate merch.
Legend has it….whoever wears this…will have infinite financing abilities (legally or illegally)
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I have never once in my life considered renting a storage unit as an option - I’ve either sold, thrown away or donated any item I wasn’t using anymore.
I know it’s an american consumerism thing but it still boggles my mind that self storage is such a large cre asset class.
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How much more $ per month would you pay for the higher up water view (left) vs lower floor parking lot view, all else being equal?
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Just got caught Googling a guy I am on a video call with as I was accidently still sharing my screen 😂
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Coolest / most novel multifamily amenity I’ve seen in a while: a speakeasy.
Enter a “bathroom” and turn a fake faucet lever to unlatch a door to the room.
Space is available to rent for dinner parties or small gatherings and comes with a kegerator.
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Has anyone been to an H Mart? A friend (former Intern!) is considering them as a tenant for something they just bought and I’ve never heard of them.
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Fun fact about the new 2.5m JPM headquarter in midtown:
They had to reinforce the nearby streets (which are on stilts above metro north train tracks) so they could support the loads from trucks bringing steel to the construction site for the actual tower.
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Imagine: you live in a studio or 1 bed apt and have a family member visiting.
Do you…
1 - put them on your couch
2 - make them get a hotel room down the street, or
3 - rent a one-site “Guest Suite” for $125 / night.
Behold: The v rare revenue generating amenity space.
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Good morning.
Just received back my fully executed “developer agreement”. New gig starts in 3 weeks.
Lots of tweets to follow.
LFG!
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Does anyone else on ReTwit find themselves mindlessly scrolling around Google Maps like normal people do social media?
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Got coffee yesterday w/ a guy (not that type guy) who works for a big nyc RE family. He said:
- they have 40 families to feed (4th gen)
- don’t get out of bed for less than a 500k sf project
- don’t need initial UW to ✏️ bc they hold forever & are betting on appreciation..
Fml
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Does anyone else on retwit spent an exorbitant amount of time watching these “satisfying” landscaping videos.
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Someone told me recently that the owner of a property is “working with FEMA to redraw the map and get their property out of the floodplain” ….
Didn’t realize that was possible. Is it that easy?
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Tenant: Omg, the shower door spontaneously combusted!
Door manufacturer: That’s never happened in our 50 year history. Always from misuse.
Me: You are paying for that.
Tenant: You’re a monster my family could have died!
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Introducing Mezzanine (Mezze) Acquisizioni!!
Please keep her in mind for any summer 2041 commercial real estate internships.
Results are in:
#retwit
says my daughter shall be: Mezzanine
Wife: If you think we are going to make a life decision based on ur Twitter comments ur out of ur mind
Me: you make decisions based on tiktok and Bravo idiots all the time
Wife: it’s different, those are my friends
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Who wants to tailgate this next year with me?
THIS is how we get back to building!
More than 100 high school kids are competing in a masonry competition in North Carolina and are crushing it.
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In my experience, if there is a Boost Mobile store in the vicinity of a multifamily development site, the rents are not high enough for the deal to pencil.
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Went to the gym with a broker last night instead of *doing drinks*.
Into it. Highly recommend.
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Just met an 88 year old broker who was literally writing things down on a napkin and sliding it over to me because he was convinced the guy next to us in the coffee shop had a recording device and was trying to steal deal intel.
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This week I plan to send out LOIs on:
- 300 unit site in NJ
- 450 unit site in CT
- 250 unit site in NJ
- 250 unit site in MA
- 350 unit site in NY
If at least one of these don’t hit I’m quitting real estate.
Pray for me 🙏🏾
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Favorite building in my market. They had a waiting list before finishing construction so never took final marketing pics - only renderings.
1881 felt mill converted to office in 1985 converted to multi in 2021.
Guess what PSF rents are…
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I am drowning in underwriting so many mediocre deals right now idk wtf to do with myself.
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Just pulled into a Costco that opens in 10 minutes and there are multiple lines, dozens of people long….
Is this normal or did day light savings just throw everyone else off as well?? Wtf is going on.
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I really wanted a timelapse video of a project start to finish but my last employer didn’t want to get a construction camera so I took a pic from the same spot ~ weekly for 26 months and ended up with this:
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Anyone know what these circle things are on the new JPM HQ building? I asked an angry looking construction worker and he said “ehhh who the hell knows maybe it’s a design thing”
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Costco must be killing it.
They bought a 265 room 8-story Doubletree on 3.2 acres adjacent to one of their locations and plan to just expand parking and add a tire center… crazy that that’s the highest and best use on a strong retail corridor.
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Just heard about Liquid Death on a podcast and they said the founder came up with the idea by asking himself: “what is the dumbest possible business idea I could think of?”
What’s the real estate version of this?
Self storage?
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Annnd it’s open. One of the largest indoor 🥒courts in the US. took a former Saks fifth Avenue space. Let’s see how long it lasts.
Heard recently about pickle ball courts replacing one of the vacant anchors at my local dying mall, which I thought was absurd.
Just saw my first indoor pickle ball space within a traditional shopping center (adjacent to an
@AtHomeStores
) ….
Guess I’m the a-hole.
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I’ve been doing commercial real estate development for a decade and still have family members asking me if I can sell their house for them.
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I am a horrendous driver mainly because whenever I see a new building, a construction site, a demolition etc, my attention immediately diverts to that (and off the road).
Anyone else on retwit risking their lives due to curiosity?
PS Can’t wait till autonomous cars
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Strip malls with parking on the roof always crack me up. Do you own any of these
@realEstateTrent
??
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My dad recently retired and has found joy in getting breakfast and/or lunch (whether he ate already or not) at the food truck that comes to the construction site next door to my house 6 days a week….
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On train for first day at new job.
Got canned from last job.
Here is a 🧵 on my career path:
1 - Analyst on i - sales team
2 - led a new venture … that died
3 - consulted for Persian billionaire
4 - Aqui & Dev for multi / hotel developer
5 - VP at national multi dev firm
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Can someone please explain to me why “back-in only angle parking” exists?
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Our investment strategy in one sentence:
Buy land at a reasonable basis, in a proven location to build apartments at a lower cost than the comps while achieving the same rents as the comps.
That’s it.
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Move over Miami and your branded towers.
Northern NJ coming in hot with …
~ Fiat House~
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I wonder which of the 3 CEOs gets paid the most at Crow Holdings.
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Leaving a breakfast networking event and they have coffee, juice, water and … soda. What kind of monster has a coke at 8am in the morning?
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What was the FIRST task at your first CRE job? I’ll go first:
Read every lease (which I had never done before) for a 41 story Cleveland office bldg with 100s of leases / amendments many drafted via typewriter aka illegible. V close to quitting the industry after a week of that.
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Got drunk with our Airbnb hosts last night. Pretty sure they are members of a cult but we really like the room so we’re just going with it.
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If my daughter doesn’t fall sleep in the next 4 minutes I’m using her college fund on crypto and she can cold call her way into the school of her choice.
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My boss mentioned DealNav (a real estate CRM I created) to the CEO yesterday and now I might be giving the developers across the country a group demo next week 😳😬🚀
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This is freaking me out now. The architect I’ve never met or heard of who randomly sent me licorice last week to “introduce himself” sent me this “fascinating gadget” today.
wtf is going on 😂
Most interesting holiday gift:
Gourmet licorice, from someone Ive never met, a month after the holidays.
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A 🧵 on my employment agreement (non-compete) negotiation experience.
This was for a development position at a national multi firm.
Enjoy:
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Anyone else use
@LandGlideApp
? I’ve found it to be the most user-friendly and accurate aggregate of high level GIS data (address, acreage, ownership info). Also map focused which I like …
Cheap too compared to all these other racket softwares.
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I despise brokers that laugh and say “you are never going to find that” after telling them my investment criteria.
We’ve got 1,300 units of “that” in the pipeline. Suck it.
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In case anyone is confused about what type of deals I am looking for:
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Industry terms / phrases I’m tired of hearing:
- dry powder
- aspirational
- stay alive till ‘25
- soft landing
What did I miss?
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Whoa. From this morning in CT. Apparently the bridge above it is about to collapse.
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The concierge at this multi building just told me they get new orchids once a week. I know it’s not a lot of $ across 100s of units but I just can’t imagine have “fresh flowers” as a recurring expense line item …
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I have a few weeks left to convince my wife to name our first born child something real estate related. Any suggestions? Ideas so far:
- Juliette (balcony)
- Amenity (space)
- Maisonette
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Does anyone else push it to the absolute limit when making a flight? My flight is starting to board in three minutes and I am going through security now. My goal is to slip onto the plane as they’re closing the doors.
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I really don’t have any serious interests outside of real estate.
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I know everyone complains about new mid rise resi buildings all looking the same but I don’t feel like a green fiber cement accent is the answer.
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Why is a broker texting me all the DD for a deal? Wtf am I going to do with a 1,000 page geotech report on my iPhone? When did this become a thing.
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Being a desk🐒 I rarely get on site. Def have never been on a Manhattan development site.
(345m half acre ground lease from the mta)
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Intern just asked if he needed to cite the info he’s putting in his first rent comp sheet he’s making for me… 😂
You ain’t in college anymore bud, we plagiarize in the real world!!
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For the 2nd time in her career, my wife is starting a new job in Dec. but refuses to ask current employer for a (well deserved!) prorated bonus.
Worst that can happen: they say no.
I’ve done it & it’s worked.
This is why women get paid less than men.
HOW DO I CONVINCE HER??!
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This 10,695 sf CVS on .30 acres sold in 2019 for $30m. 17 yrs left on lease w 10% bumps every 5 yrs
That’s 2,800 psf and 100m an acre…
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Met a developer last week who built apartments a few blocks from the big house in Michigan and said that many of them are rented to parents of students as “game day crash pads”…..
Kids live in the dorms
Parents are paying $4+ psf for an apt they use a few times a year.
🤯
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It’s been almost 3 months at the new gig and I’m still laughing at institutional ground up multifamily underwriting.
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Occasionally, my MD will walk out of his office and make an abrupt announcement. Today's PSA:
"I AM WILLING TO BUY LAND FROM CRIME FAMILIES, NOT PARTNER WITH THEM"
🫡
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Just had lunch in a very quaint cafe that my wife said was “her absolute favorite place ever.”
Didn’t have the heart to tell her that the property owner is waiting for the cafes lease to end to market it as a development site and I plan to be first in line to submit a bid. 🙋🏽♂️
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I told my new coworkers I have an anon real estate twitter account. They laughed and asked if I could tell them what my handle was and I said no.
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Why does northern Virginia have the largest data center concentration in the world?
Geography? Infrastructure? Zoning?
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We designed a 130+ unit multifamily building all electric because of a natural gas moratorium that many thought would be indefinite. It was just lifted.
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Sent a cold email to a ceo about buying a portion of his master planned site at 3:14 today. He responded 8 minutes later that he’s on vacation and to reach out when he’s back on 1/5.
That’s what I ducking like to see for a Friday afternoon before a holiday.
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When I first proposed a sidewalk on my street, several neighbors complained about snow removal so I offered to shovel the entire sidewalk for the 1st year if they'd vote 'yes'. No one accepted the offer and instead a 1.5-year battle ensued. I won. Tonight is the first snow. 🥶
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Exciting day - I am pretty sure for the first time in our 10+ yr relationship, on her own free will - my wife sent me a pic of a construction site! No context but idc. We are making progress. 🥰
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Does anyone else have an overpriced “charcuterie store” in their local strip mall where you can buy 50 dollar blocks of cheese?
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I refuse to look at deals in flood zones from here on out.
Better for the environment … but more important my sanity.
Who wants my scraps?
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The goal of DealNav is to be the simplest and most affordable option on the market. It’s so simple in fact - my 11 month old daughter can use.
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How do we feel about this fence?
That’s not an optical illusion - it gets shorter as the stone wall gets taller.
I personally would have kept it the same height along the entire wall.
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Have a few hours between meetings in the city and a friend at a large brokerage firm is letting me use his office while he’s out of town.
No one else in the office knows who I am and Im getting lotttts of weird looks from the bullpen rn.
Should I call someone in and fire them?
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