Woody Heller on Investment Sales and New Demand for Lower Manhattan
February 29, 2012
By: Jotham Sederstrom
... The Commercial Observer: In 2011, there was quite a bit of activity between the second and third quarters, but then it became sluggish between the third and fourth. Why did that happen?
Mr. Heller: Well, let me say it this way: This is the first time that I’ve gone away for Christmas before Christmas, so …
... Because you anticipated that slow down, or was something else brewing?
It was just the rhythm of the deals we were working on. So it could be completely personal to us, it could be symbolic to what was happening in the rest of the market. I think that it was less year-end-weighted than normal, but I still think it was a pretty powerful year. And I think that this year will continue to be very much the same, perhaps for slightly different reasons. ...
... You were involved in the development sale of 400 Park Avenue South. Considering how few development sites have traded, what made that site stand out?
That’s a site that wasn’t in any way in stress. There wasn’t a lender that was taking a discounted payoff. You know, the owner made an enormous profit based upon what they had paid for the site ...
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