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The best view of New York City might just be in a near-windowless conference room on the 12th floor of a Midtown Manhattan office building. Splayed across 10 folding tables, a map pieced together with paper, tape and sticky notes details every block and parcel — 27,649 properties — in Manhattan below 96th Street on the East Side and 110th Street on the West Side. The map is the work of Bob Knakal, who created it by walking every avenue and street during the desolate early months of the pandemic. Updated regularly, the lots are color-coded with highlighters and sticky notes to show which are for sale (green sticky notes), were recently sold (red sticky notes), are owned by the city (pink highlights) or are under construction (green highlights). Orange highlights means a lot is underutilized — and there is a possible deal to be made.
Persons: Bob Knakal Locations: New York City, Midtown Manhattan, Manhattan
The New York City property exec and veteran real estate broker pointed to potential trouble heading for the US office space, thanks to the plunging demand for office buildings since the pandemic, and poor lending conditions across the commercial real estate sector. AdvertisementExperts have been warning of trouble in the commercial real estate sector for the last year as credit conditions in the economy tighten. Many commercial real estate mortgages are financed at interest rates around 3.5%-4%. New York City alone has around 100 million square feet of empty office space, Knakal estimated. Office buildings, meanwhile, could soon double the price decline they saw in 2023, the real estate firm Cohen & Steers estimated.
Persons: , Bob Knakal, Knakal, Banks, Cohen, Steers Organizations: Service, Business, New, CNBC, National Association of Realtors . New Locations: New York City, National Association of Realtors . New York City
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're going to see more office buildings converted to residential or demolished: JLL's Bob KnakalHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Bob Knakal, Brian Sullivan, Organizations: CNBC
Brokers, Davies noted, normally "don't play with this" and the high-placed executive was "just really entertained." He believes AI assistants will become a common tool for salespeople and executives across real estate and the wider business world. Even boosters of the new tech's expanded role in the real-estate business acknowledge that chatbots could become viewed as a nuisance, a gimmick, or worse. "This is and always will be a relationship driven business," Dirkschneider said. But "the more advanced AI becomes, the less some of our services are needed, and that's what can get scary."
Persons: Chris Davies, Davies, Davies's chatbot, , " Davies, flexibly, Rod Santomassimo, he's, Santomassimo, CBRE, Sandeep Davé, Davé, haven't, James Nelson, Nelson, Bob Knakal, Santomassimo's, David Dirkschneider, Dirkschneider, Dirkschneider doesn't Organizations: Business, Massimo Group, National Association of Realtors, NAR, New York, Oklahoma City Locations: Edmonton, Alberta, Canada, CBRE –, New, New York City, Oklahoma
Lisa Simonsen is a New York high-society fixture and a real-estate broker with Douglas Elliman. She has closed over $2 billion in deals since 2005, with over $100 million in sales in 2022. Her day starts at 5 a.m. with cycling and green juice and ends at 10 p.m. with client phone calls. These days she is among the top-selling brokers at brokerage Douglas Elliman, where she heads up the ten-member Simonsen Team. "I'm very passionate about my work," Simonsen said.
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