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The Fort
#290 - Bob Knakal - Head of the NY Private Capital Group @ JLL - The $24B Broker
Jun 20, 2023
Bob Knakal, Head of NY Private Capital Group @ JLL, shares insights on his $24B business, development in NYC, and market discussions. Topics include prospecting in real estate, cold calling, mapping development sites, bidding wars, financial crises impact, repurposing buildings, and strategic land investments in Manhattan for future prosperity.
01:27:35
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Quick takeaways
- Maximizing development sites in NYC involves expanding through contiguous properties and air rights transactions.
- Air rights in NYC trade for about half the value of land and are transferable investments.
Deep dives
Assembling Development Sites in New York
Assembling development sites in New York involves identifying opportunities to expand the site by buying contiguous properties or air rights from neighboring properties. This process includes maximizing the size and potential of the site through bonus programs, air rights transactions, and massing studies to understand zoning regulations. Additional considerations include environmental reports, dealing with rent stabilized tenants, and assessing future buildable space.
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