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Do you think you would get to where you want to be in life, if the right opportunity presented itself?
We sell commercial real estate.
We have a territory system in place.
We provide you with a database of leads, and teach you how to mine it.
We have objective measures in place to monitor your progress.
You will not be pointed at a desk with a phone, and left to fend for yourself.
You will never have to worry about someone stealing your leads, or your hard work.
We also provide hands-on close mentoring and objective tracking of your progress.
Prime territories will be distributed on a strict first-come, first-serve basis.
Qualified salespeople will also get an ownership stake in this dynamic and growing company.
We don’t care if you’ve had experience selling commercial real estate. (We do prefer candidates who have a NY real estate sales license and 1 year+ telephone sales experience.)
We don’t care about age or background. We do care if you have the talent and raw material. We will train the right candidate to leverage our company and our unique tools. You have to be:
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You can build your empire here with our fine, progressive company. Our integrity is sterling, and we need real stars to bring in the best accounts.
Email resume, **along with a cover letter**, to info@multifamilyinvestor.com explaining:
1) why you are *the* candidate for the position
2) how you have the above 4 qualities
All serious and qualified candidates will hear back from us.
All emails lacking both a thoughtful cover letter and professional resume will be deleted.
PS We strictly enforce a "No jerks" policy. Even if you're a great salesperson with a toxic personality, we are not the place for you.
This week, New York Gov. David A. Paterson signed comprehensive foreclosure legislation into law, providing additional critical protections for New York state homeowners, tenants, and neighborhoods in the wake of the ongoing foreclosure crisis.
“This legislation protects homeowners by providing mandatory settlement conferences and protects tenants from premature evictions,” Gov. Paterson said. “It also safeguards New York neighborhoods from the decay caused by foreclosure by reducing the erosion of area property values and by preventing vacant homes from becoming sites of criminal activity.”
Currently, a 90-day pre-foreclosure notice is sent for subprime loans, but the new legislation will require this letter to be expanded to include all home loans, giving homeowners additional time to work with lenders. Under this law, lenders who serve a 90-day notice on a homeowner will be required to make a regulatory filing with the banking department within three days of that service with specified information. This will allow the banking department and the Division of Housing and Community Renewal (DHCR) to provide targeted assistant to distressed homeowners during the critical foreclosure timeframe.
Additionally, the scope of the early mandatory settlement conference will be expanded to include borrowers of all home loans, not just borrowers with subprime loans. The legislation will establish protections for tenants in foreclosed properties by requiring that they receive written notification of the change in ownership of the property and be permitted to remain in their home for the remainder of the lease term or 90 days, whichever is longer.
Under this new law, plaintiffs in a foreclosure action who obtain a judgment of foreclosure and sale will be required to maintain the foreclosed property. The legislation will also enhance consumer protections to prevent homeowners from falling prey to rescue scams, and it will prevent brokers who perform distressed property consulting services from accepting upfront fees.
Regular readers of this site must be wondering: What does this have to do with Stuyvesant Town?
Politicians score easy points by addressing the concerns of tenants at large-scale apartment complexes. After all, there are more tenants votes than owners'. Likewise, there are more homeowners and tenants than there are bank and servicing company executives. The latter category are less likely to vote against a particular candidate because of this legislation. On the other hand, politicians who fail to take what appears to be decisive action for the benefit of homeowners and tenants will have serious re-election concerns. On top of that, such legislation is easier than the hard choices of dealing with budget shortfalls.
Developer Bruce Ratner now has most of the cash he needs to build a new Nets arena in Brooklyn for his Atlantic Yards project. Ratner sold $511 million in tax-free bonds to pay for the arena.
"The overwhelming support from investors is a good sign of confidence in this project and in the city," he said. Ratner had to beat the clock to sell the bonds because the IRS has barred using such tax-free financing for sports stadiums starting January 1, 2010.
According to the developer, orders from institutional investors across the board were almost four times the supply of bonds, which generated $511 million at a 6.48% interest rate. Co-lead underwriters for the deal were Goldman Sachs and Barclays Capital. Earlier this month, the bond offering, issued through the Brooklyn Arena Local Development Corp., received investment-grade ratings of BBB- and Baa3 from Standard & Poor’s and Moody’s Investor Service, respectively. The agencies cited the poor performance this season of the Nets, which will be housed at the 18,000-seat arena, as one of several factors in their relatively low ratings.
The rest of the $904 million arena will be paid for by state and city subsidies and private investment.
Critics of the Atlantic Yards project found the timing curious. This week, the Metropolitan Transit Authority announced massive service cuts to the subway system. This decision, based on budget shortfalls, directly affects Brooklyn straphangers.
Critics noted that Ratner is only obliged to pay only $20 million of his promised $100 million lump sum for the right to build over the MTA’s Vanderbilt Yards. The $100 million lump sum has already faced scrutiny because the MTA never entertained multiple bids in an auction process that its own bylaws required.
“Transit riders should recognize that the MTA cuts are in large part due to this sweeter, sweetheart deal the authority needlessly cut this summer,” said Develop Don’t Destroy Brooklyn spokesman Daniel Goldstein. “It is not too late … to make the MTA strike a new deal with Ratner that requires him to pay what he committed to paying — $100 million at closing, rather than $20 million.” (Hat Tip: Brooklyn Paper)
Gordon Gekko's favorite military strategist, Sun Tzu, said, "If your enemy is secure at all points, be prepared for him. If he is in superior strength, evade him." Stuyvesant Town owners Tishman Speyer and Black Rock apparently failed to heed that lesson.
With hindsight, the biggest conceptual mistake the buyers (and the lenders to the buyers) made — and we’re talking some very smart people at Tishman Speyer and BlackRock here — is that they forgot about the whole living-in-a-democracy thing. Landlords, in general, are good at asserting their legal rights. But when you’re trying to make life significantly more expensive for 11,000 families all living in the same place, you have to expect that those people will organize and fight back — and that they’ll have local lawmakers on their side.Hat tip: Felix Salmon Indeed, apartment complexes with populations the size of towns can easily unite against an owner-operator. Tenants associations did so way before Al Gore helped create the internet.When 20,000 tenants can be mobilized as a political force, it is wise not to arouse their ire gratuitously. Nevertheless, I don't think Salmon's point has traction in this particular context: even the most generous treatment by owners would not have prevented the tenants' lawsuit. After all, city agencies had issued amd then followed advisory decisions that Tishman Speyer reasonably relied upon. Their underwriting in turn relied on getting those units deregulated. Perhaps Sun Tzu's lesson for large New York multifamily buyers is this: If your potential tenants are in superior strength, buy only fire sales. And even then, use caution...
A tentative legal agreement has been reached that reduces rent for thousands of tenants at a massive middle-class Manhattan complex for the next six months.
The agreement was reached today in state Supreme Court, after the New York State Court of Appeals ruled in favor of the tenants. The tenants successfully argued that the City's J-51 property tax program precluded removing units in Stuyvesant Town from rent regulation.
Rents will be reduced based on each tenant's lease starting in January. The agreement is in place until a formal agreement can be reached following a study on exactly what rents are across the complex. It affects 4,400 out of approximately 11,200 apartments, or about 39%.
The agreement, in the form of an order issued by State Supreme Court Justice Richard Lowe ...was approved this morning, a spokesperson for the Stuy Town owners said in an e-mail. It would also convert the lawsuit filed by a limited number of parties to a class action lawsuit, broadly covering Stuy Town. The East Side complex's owners, Tishman Speyer Properties and BlackRock Realty, negotiated an adjustment to rents in each apartment in the lawsuit to a rent-stabilized level, a statement said. The apartment residents would also be covered by certain rights under rent stabilization laws, including succession and renewal rights. "In addition, Tishman Speyer and BlackRock have reached agreement with counsel for the plaintiffs on a more inclusive, six-month agreement covering a wider range of unresolved issues beyond those addressed in the interim agreement. The six-month agreement, which is intended to achieve an expedited resolution of the Roberts case, is contingent upon consent by CW Capital, the special servicer acting on behalf of the property's senior lenders," a statement by Tishman Speyer and attorneys for the residents said.Hat Tip: The Real Deal
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My partner & I sold over $1 billion worth of commercial real estate. My company focuses on selling multifamily apartment buildings. My weekly multifamily e-newsletter reaches over 6,100 subscribers.
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