From White Plains to Waikiki, commercial real estate brokers brainstormed about issues their industry is facing in the up-and-down economy and put their properties on the table hoping to hear the words, “I have a taker for that!”
The event was a two-day deal-making session April 7 held by the Hudson Valley Chapter of the New York State Commercial Association of Realtors in Fishkill.
More than $10 million in investor cash was on the board seeking buying opportunities from available properties.
Hotel Sierra in Fishkill played host to more than 50 Realtors who came to trade, talk and commiserate about the marketplace. The first day was made up of work sessions and exchanges among attendees about the challenges of the market, dealing with the SEQRA process, obtaining approvals and financing. The second day was a fast-paced marketing session where brokers each got two minutes to present a property they were hoping to make a deal. “Transactions are often put together right there in the room,” said John LaValle of R.J Smith Realty in Pine Bush.
LaValle and Guy Blake of Pyramid Brokerage in Kingston are about to close on a transaction in Saugerties that resulted from a similar marketing session in Albany in October.
“Everyone is so inundated with emails these days,” LaValle said. “It”™s impossible to sort out the clutter from the opportunities. An event like this gives us a chance to meet face-to-face and focus on the deal at hand.”
“These events are designed to help brokers meet owners”™ objectives,” said James Walker, president of the Hudson Valley chapter of NYSCAR. “In this challenging economy, brokers who go it alone aren”™t providing the best possible service to their clients. We”™re all trying to work together to try and make the deals happen.”
It”™s too soon to tell if any transactions were put together from the meeting. …we”™ll know in a month or two,” LaValle said. “With the way the economy is, everyone makes sure they do their homework before moving forward on a transaction.”
