NYC RE Development Manager

Allow me to introduce myself. Currently a NYC based development manager building institutional assets. Here to connect with others and discuss all things real estate and development related. Will be sharing thoughts I find interesting along the way.

@Storage_Venture @Jacob_Naviaux Why are whole salers taking loans? Are they using these funds to pay for diligence before assigning the opportunity?

@Jacob_Naviaux We lend to a number of wholesalers 1% for under 30 days 2% for 30-60 days 3% for 90 days

Wholesalers who double close: What are you paying for transactional financing today?

@DoyleCRE This the one near Berwick on the Susquehanna river?

Data center deals… 91 acres next to a power plant sold in 2024 for $450,000. It sold again last month for $19M.

@PerrySolem @rhunterh Did they drop the Robinson Humphrey? When? I had no clue

@rhunterh almost called them suntrust robinson humphrey, surprised you know that name!

SunTrust Special Situations Group, Atlanta, April 2001

@acquisizioni 327

Guess how many units and win a prize.

@LeylaKuni I’ll beat you! I just reviewed a deal with a 4.75% exit. And that same sponsor told me 3 months ago that i was crazy to pitch them (co go) on a 4.75% exit cap in their** city. :) we back!

Saw a pitch deck for a multifamily deal in Dallas with 3% rent growth and 4.85% exit cap rate assumptions We are so back

@acquisizioni I say start our own club. Generally though - i feel like it’s restaurant economics and those suck.

@REDevManager Haha are we? Is it for kids ? Do enough kids have money ? Shoukd we start our own club ?

An industry friend just told me he tried to get into a social club at a new midtown nyc building that was surprisingly cheap ($2k initiation and 500/mo) and got denied because they didn’t want anymore finance bros 😂. Looking for cReAtIvEs Wonder how long that’s going to hold up

@Storage_Venture Had no idea!

@REDevManager Yessir! We lend on most assets - primarily MHP, storage, residential, and industrial

Funded a small loan through our hard money fund today. Existing free and clear asset (industrial) 225k loan 12.25% interest 2 points $900 doc fee 12 month term, with no prepay penalty after 6 months. They needed cash within 1 week. We got it done.

@leo_szac I hope you factored in management fees into your underwriting!

@REDevManager tbh, that's my real pain right now. Instead of spending my hours on acquisitions, I'm dealing with these things. I had to rebuild my entire time since November.

20-unit in Garfield Heights. On market 41 days. Ask: $860,000 Rents: avg $720/unit (market: $875) Current NOI: $62,000 Pro forma NOI at market rents: $91,000 CapEx: 12 of 20 units need kitchen updates. Exterior is solid. Underwrote at $740k. Seller wants $830k. We're talking. Nothing agreed. That $90k gap is normal in this market right now.

@leo_szac Do you find it hard to self manage small 100 year old assets from NYC? I assume you have a local super in each building or for each cluster of buildings? Local mgmt has always been my worry on small multifamily in old buildings

@REDevManager so far, self managing. But i'm thinking of going with a 3PM because of the time invested in it and not in improving my pipeline.

@Jeffdeehan 😂🤷

@REDevManager lol that’s just a screenshot from Google Earth and I have no idea what they are

This post was a test. I built an ai site search tool and gave it the same parameters I put in the post. So far in the same timeframe - the x post has produced less overall sites but much higher signal than the tool. I am legitimately looking and planning on executing a significant amount of development here, so it’s very valuable information. As of today March 19, 2026 … actual humans win the day.

@Jeffdeehan Next question - what do the symbols on your map mean? I’m staring at them trying to figure it out

@REDevManager Inside of that target area, there are really only so many metros. I have some level of resources in each of them, and the product I’m working with is really forgiving.

@leo_szac Do you live local to Ohio?

@ChrisRamsey60 I’m surprised brokers take him seriously if all he does is low ball. Unless you’re telling me every listing is over priced

There is a guy in my area that just offers 50%-60% on every multifamily listing. EVERY SINGLE LISTING. Guy consistently gets some amazing deals. This is just a numbers game.

@credealjunkie If I had my choice, I would do every dev project in cash. Put leverage on after stabilization. I don’t know this for a fact, but I bet returns would be a whole lot better bc you now won’t need to be as worried about Father Time and interest expense clocking my returns to 0

Try modeling a development project all cash to better understand how leverage is the entire story.

@StellaArtworks Further details of what?

@REDevManager Hello, Unfortunatly, your DM is locked. Kindly open your DM and HMU so that we can discuss further details.

@bridgelenderguy Ya but it’s not the broker job to vet credit of tenant.

@REDevManager Tenant default - money gone. Buyer default - no commission paid

Why do brokers get paid for performance on sales but not on leasing?