Do you ever wonder how realtors find properties to develop? Jody Kriss talks about buying and buyers in his interview with the New York Times' Commercial Real Estate: Jody L. Kriss.
Q. Could you do rentals?
A. Well be doing larger projects and taking on larger challenges as time moves on, and thatll definitely include some rentals.
Q. Much of what youre doing seems geared to middle-class buyers.
A. I would say theres something aspirational about it, about living in these brownstones. But its also really affordable for a lot of families, by New York standards.
By far, the hardest part of our job is creating the product; the easier part is selling it. Theres no question that theres an extraordinary amount of demand for these brownstones and virtually no competition when we bring them to market.
Q. How do you find properties to develop?
A. Weve just been vigilant about calling everyone in town who we think could have an opportunity for us. New York is a town where you have to move very, very quickly on every opportunity. We used to be buying the building for $250 to $300 a foot; now were buying the land for $250 to $300 a foot.
Having a fund is a big advantage because the one thing you dont have to do is raise the money while youre doing your investigation.
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