Making the Jump to Commercial Real Estate

I see it happen to successful residential real estate investors all the time. They get to a point where they’re doing a little bit of everything – working on rehabs, picking up some residential rentals to hold, assigning some of their contracts when the numbers make sense and looking at bigger deals. They’re in a rat race, they go non-stop all day and night. They’re doing well, financially, but then suddenly it hits them. Continue reading “Making the Jump to Commercial Real Estate”

Developers Pay above Market Rate for Air Rights over Pier 40

Two developers — Westbrook Partners and Atlas Capital Group — recently announced an agreement to pay $100 million to acquire 200,000 square feet of air rights over Pier 40 for a proposed mixed-use development. The amount is 33% above the valuation of the air rights. The air rights were valued at $75 million, based on an appraisal commissioned by the owner, Hudson River Park Trust.

Continue reading “Developers Pay above Market Rate for Air Rights over Pier 40”