Goulston & Storrs attorneys recently sat down with James Nelson, the highly acclaimed Principal and Head of Tri-State Investment Sales at Avison Young, for a well-attended and engaging presentation that touched on various topics, including a sophisticated analysis of recent trends in commercial real estate, career anecdotes, and a fascinating discussion of his new book, The Insider's Edge to Real Estate Investing: Game-Changing Strategies to Outperform the Market.

Key Takeaways:

• Businesses are contemplating how to reposition themselves in search of opportunities. Attorneys are positioning themselves as creative problem solvers and assets to the investment team.
• In New York, while there is much talk of office building conversions into residential units, only approximately 5% of tracked buildings have been converted to residential units. There are a lot of potential existing bureaucratic roadblocks (allowance for residential zoning) and physical barriers (existing floor plates) hindering creative problem-solving. One recent conversion currently underway is 25 Water Street (converting the former office space by coring out the building to include two internal courtyards).
• The best way to understand the market, deal, or potential investment opportunity is to walk the streets and get a sense of the neighborhood.

Several G&S attorneys have had the pleasure of working with James over the years – most notably, on a 2021 multifamily portfolio acquisition of not just multiple buildings, but separate corporations on the Upper East Side. This deal involved many fascinating components and moving parts.

We are grateful to James for spending time with us to explore real estate investing and discuss current market trends. If you are interested in learning more about James and his experience in real estate investing, check out his book The Insider's Edge to Real Estate Investing or his podcast.