Greenpearl’s 12th Annual NY Multifamily Summit
September 29th to October 9th
Herrick partner, Philip Tucker, moderated a panel at Greenpearl's 12th Annual NY Multifamily Summit on October 5th. This multi-day conference spaned nine weekdays from September 29 to October 9, with panels covering a multitude of topics such as investments, development, tax credits and condo development.
Mid-market and luxury condo development, conversions and sales
1:00 PM – 2:00 PM
With many New Yorkers fleeing the City and a glut of luxury condos on the market, one would think that the for-sale residential market activity would be completely dead, but recent transactions, acquisitions and development plans tell a different story. Many condo developers and converters remain active, although perhaps with more conservative business plans, banking on the perennial attraction of the City. In this session, we take a deep dive into the activity, pipeline, sales data and forecasts that tell the story of where the residential condo market is today and where it’s headed.
- How big is the shortfall between demand and supply?
- What are the new metrics and benchmarks for pricing?
- How are new second home tax laws likely to affect transactions and buyer interest?
- Which neighborhoods and submarkets around the Tri-State area are doing best?
- In what ways are condos being promoted / sold differently in today’s market?
- How do the condo vs rental business models compare today?
- Ken Horn, President of Alchemy Properties
- Bill Scully, Senior Managing Director at Silverback Development
- Joe McMillan, Chief Executive Officer, DDG
- Taryn Byron, President at CJ Dalton
- Philip Tucker, Partner at Herrick - Moderator
A video recording of the conversation can be found here.