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So is there optimism in commercial real estate in New York? I think so.
Well in the market, people are a bit concerned. Are we in a recession? Are we going into a deep recession? Are we going towards a depression? All these words are thrown out on TV, on the news, and in different mediums, but what does that mean to you as a commercial real estate investor?
To you it means maybe there’s more opportunity. If people are having financial challenges keeping their assets liquid enough and/or keeping their assets making income, a lot of times they make decisions to transact before things get worse.
So that may mean long-time owners are just tired of being in the business and they’re thinking, “well let me just take this time to sell off my assets and look to see what my next phase of this business is going to be.”
So how do you find these? Number one, you can walk around the neighborhood, talk to different supers, talk to different property groups and find the secret transactions that are happening off-market every day or you can work with a broker that may have a pulse of the community whether it’s a block, whether it’s 10 blocks but understands who’s transacting, why they’re transacting, and what the future of their real estate journey is going to be.