At the end of 2020, we were asked by the New York Real Estate Journal to provide a year in review and our outlook on the future. Our President, Ron Koenigsberg, was asked about his personal and professional accomplishments last year and what his predictions are for commercial real estate and COVID-19.
Here’s what Ron had to say below.
2020 Year In Review & Predictions For 2021
Question: What was your greatest professional accomplishment in 2020?
Ron: The greatest professional accomplishment of 2020 was being able to overcome obstacles and provide results for our clients when they needed it the most. I love owning and operating American Investment Properties so successfully maintaining our workforce and productivity was imperative.
Question: What was your most notable project, deal, or transaction in 2020?
Ron: Our most notable transaction in 2020 was 313 W. Old Country Road, Hicksville. I was able to sell a vacant office building for $476 per square foot to an owner-user, netting a large profit for my seller/client.
I received this assignment in February 2020, only days before COVID-19 began to change the climate on Long Island. We sold two of their properties before and they trusted me to sell this building in a short period of time so they could move out and focus on their business.
Learn more about the sale of 313 W. Old Country, Hicksville.
Question: What are your predictions for commercial real estate in 2021?
Ron: My prediction for 2021 is contingent on Covid-19. As the vaccines take hold, and our workforce and purchasing power returns to normal, our commercial real estate market will strengthen.
My hope is that in Q1 and by Q2 there is meaningful change in the disruption the pandemic has on our country. By then the overall market should be strong on all fronts including leasing, buying, and selling.
With interest rates this low and a strong American economy, I predict very good things once the effects of Covid-19 are in the rear-view mirror.
Question: What is the most challenging part of working during the pandemic?
Ron: As a lifelong commercial real estate broker, I am versatile to change. This pandemic is the most dramatic change in my career by a large margin.
I think the most challenging part of working during this pandemic are the delays in all my transactions due to; teams working remotely, building departments delays, lending institutions delays, attorneys and the list goes on. We are still able to close deals, just at a slower pace.
Question: What aspects of working from home did you enjoy most?
Ron: Working remotely has always been a part of my work week. I always used my home office to ensure transactions can effectively move along as needed. The aspect of working from home I enjoyed most were my my workouts, they increased in both duration and intensity.
How Can We Help You In 2021?
Despite a difficult year for us all in 2020, our team successfully overcame obstacles and produced results for our clients. Are you buying or selling commercial property? Please contact us at 516-393-2300.