New York City real estate executive Joseph Armato draws upon more than three decades of experience in his role as the owner and operator of Global Realty Development. In his leadership role with the company, Joseph Armato pays close attention to the latest developments in the New York City real estate industry.
The real estate industry has seen a nationwide boom over the past few years, and this trend has extended to Manhattan, one of the world’s premier real estate markets. However, with rents rising across the borough, some retailers and other business owners are having difficulty keeping up with the rates demanded by property owners.
As a result, Manhattan has been experiencing a higher than average vacancy rate, with some neighborhoods hit particularly hard. More than a quarter of storefronts on the Upper West Side sit vacant as of early 2018.
To combat this, Mayor Bill de Blasio and other policymakers have proposed a “vacancy tax” that would be charged to landlords when retail space in their buildings sits empty too long. This fee may encourage landlords to lower rents and consequently fill the empty spaces that some see as a blight on the Big Apple.
A former independent contractor in New York City, Joseph Armato leverages his knowledge of the New York City real estate world as owner of Global Property Development. In addition to maintaining an extensive knowledge of the real estate and property development regulations in New York City and Westchester County, Joseph Armato stays current with real estate news and trends in the city.
Manhattan’s real estate market continues to heat up, driven by infusions of capital from major corporations seeking to park their substantial cash holdings. One of the most noteworthy of these recent transactions involved the tech giant Google, which paid $2.4 billion in cash for the famous Chelsea Market building on Manhattan’s West Side in March 2018. The purchase signifies the second major real estate deal for Google in New York City in recent years, following a $1.77 billion acquisition in 2010.
Google is only one of several corporate behemoths to make significant investments in Manhattan real estate. In February 2018, banking giant JPMorgan Chase announced plans to spend billions on a new 70-story office tower at 270 Park Place. These announcements continue a several-year trend that includes a 2015 deal in which Wells Fargo and Time Warner purchased millions of square feet of office condos in the Hudson Yards complex on the West Side.
For five years, Joseph Armato has led Global Realty Development as its owner and operator. Based in New York City, Joseph Armato enjoys expanding his circle of real estate and investment contacts through networking events.
Networking events are essential for any real estate agent or broker who hopes to be successful in the field. To make the most out of real estate networking events, here are a few tips for you to follow. Strive to attend meetings regularly to increase your name and face recognition, really get to know people, and build trust. Also, make sure to prepare some goals before the networking events. For instance, perhaps you set a goal to expand your reach with wholesalers, contractors, or new investors and plan to talk with one of each at the meeting.
Don’t spend the whole event speaking with people you already know. Plan to speak with at least three or four new people at each event. To really make yourself stand out, volunteer to help with leadership responsibilities or event planning for the group hosting the networking event. Lastly, make sure you don’t dominate the discussion; spend time really listening to others to leave a favorable impression.
New York City
Joseph Armato, the owner and chief operator of Global Realty Development in New York City, spent nearly three decades as an independent contractor based in the Bronx. Working in this position, Joseph Armato has developed unique insight into various construction matters relevant to the city’s commercial and residential property markets.
A number of factors are primed to alter the New York City real estate market in the near future, while home prices are expected to continue to be significantly higher than those of the national average. Over the last 10 years, prices for New York City apartments and townhouses have risen by 27.9 percent and 58.3 percent, respectively. In 2016, Manhattan condominiums typically sold for more than $1 million, with townhouses approaching $5 million. This sales landscape will make it very difficult for buyers who are not already wealthy.
Sales prices are a reflection, in part, of a decrease in expansion and development throughout the city. Significant new developments do appear from time to time, but organizations and investors are becoming increasingly wary of engaging in comprehensive building projects within city limits. The resulting limited inventory is reflected in escalating sales prices.
Despite these growing property values, rent in the city looks to have begun a gradual decline. Average rent in Manhattan recently fell from $3,382 per month to about $3,350. In fact, some areas are seeking to attract new renters by offering several months of rent-free living.
Race Car Driver
Joseph Armato owns and operates Global Realty Development LLC, a real estate development, management, and brokerage firm. An avid car racer in his free time, Joseph Armato appreciates the discipline and skill the sport demands.
When learning to drive race cars, a driver’s first task is to become expert at controlling the vehicle, as race cars handle much differently than stock cars, and the tracks are much different than neighborhood streets. This includes braking, steering, and accelerating in new, more highly integrated ways.
Braking can be difficult for those used to street driving, as race cars require a hard hit on the brakes right before a turn. Then, as the car rounds the bend, the driver gradually lifts the foot off of the brake pedal. This not only reduces speed before the turn but also keeps the front of the car facing down when turning, so as to maintain better contact with the track.
The driver must also learn to steer like a racer. The hands should be held on the wheel at 9:00 and 3:00 positions, in order to give the driver better control and help him or her feel the angle of each turn better. Control is most important going into a straightaway, as these turns require a faster adjustment coming out of a curve.
Once the driver becomes comfortable with the brakes and the steering, he or she can practice making more efficient use of the car’s capabilities and using the accelerator to take the curves at greater and greater speeds. This allows the driver to keep up speed as much as possible throughout the entire course. Awareness and responsiveness become even more important at this stage, so the driver should remain alert and attentive to the road, the feel of the car, and his or her surroundings.