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.

@robbiehendricks @sweatystartup Ugh I’m sorry. Dead deal costs are real and they unfortunately add up quick in development.

@sweatystartup We are out $900,000 cash on two developments currently. Both look unlikely to happen now. Think I might be out on development 🫠

Everybody wants to be a real estate developer until the down cycle comes! You have to have balls of steel to make it in that business.

@acquisizioni NNN warehouses in port cities with pre leasing

You have unlimited capital, no zoning and are the sole decision-maker. What are you building and where?

@EvanMouhalis @bethanyjbabcock @Tyleralley Will DM you

@REDevManager @bethanyjbabcock @Tyleralley Nice! What are you building?

Everything you need to know about being a real estate investor in one post 😂

@BoringBiz_ If cap mkts in PE is the same as RE it’s an execution role & not sales/relationships. In my experience, cap mkts is one of the easiest roles to replace. Origination less so. But everyone, including the ceo, is replaceable.

Being head of capital markets or origination at one of the large private equity firms is truly the best jobs in the world Your entire job is being wined and dined by investment bankers and lenders who want to be part of your next deal Assuming you have the right relationships, you are essentially irreplaceable to the firm even if you spend all your day at the golf course It takes a certain type of person to reach that stage, but once you have made it, one of the cushiest jobs where you can still easily make millions in comp

@EvanMouhalis @bethanyjbabcock @Tyleralley This one if actually down in your neck of the woods! West coast of Florida.

@REDevManager @bethanyjbabcock @Tyleralley New York tings

@bridgelenderguy @aussieflya Considering the fact that I’m working on it. I still prefer text. Though I don’t want to develop - working on operating asset acquisitions.

@REDevManager @aussieflya Just wait till you go out as a solo developer

I may be the worst texter in the industry; but if you knew my demographic, you'd whatsapp me

@bridgelenderguy @aussieflya If someone sends me a voice note it’s not getting listened to. Takes too long. 🙈

@aussieflya @REDevManager an imessage will never match a whatsapp voice note

@bridgelenderguy @bethanyjbabcock @Tyleralley Two little kids I wanna see at home. Lunch or coffee?

@REDevManager @bethanyjbabcock @Tyleralley next week it is. Drinks Tuesday evening.

@bridgelenderguy @bethanyjbabcock @Tyleralley Check your texts! I was waiting on you! But all good. Shoot me times for this week and next week that you’ll be in the city. I’m in mon-Thursday

@REDevManager @bethanyjbabcock @Tyleralley we still haven't met in person though smh

@bridgelenderguy @bethanyjbabcock @Tyleralley I love this industry. Wouldn’t do anything else. Get to interact w some great people every day. Learn something new. Especially on here - have met great people.

@REDevManager @bethanyjbabcock @Tyleralley We all chose the worst industry

@bethanyjbabcock @Tyleralley We do! Gonna be great. And it’ll probably be the only center we ever do. Way too much headache for us and we are not retail specialists. But the city wanted it-so we did it. And here we are 6 years later. Slogging away at 1500 sf pre leases. But we have our grocer anchor

@REDevManager @Tyleralley That’s a great deal and super smart for developers to do if they can afford to. It shows you believe in the center

@Camp4 I’ll also add - living in NYC I know plenty of folks in finance who worked their way up the ladder to high six figures, low and even mid 7 figures. Saved. Retired by 55.

@REDevManager Senior executive but not C-level.

My college roommate, Chris, has worked for the same company his entire career. For 34 years, he’s punched the clock, lived below his means, and plowed savings into index funds. If I told you Chris’ net worth, you wouldn’t believe the number. 🛩️ He’s in the PJ class—and he took zero risk to get there. People on this app glamorize entrepreneurship and belittle 9-to-5 jobs, but remember: 1) There’s massive survivorship bias. You only hear from the 1% who made it, not the 99% who crashed and burned. 2) Most of the loudmouths here aren’t as successful as they portray. (It’s especially true if they’re selling courses and advice.) For the the vast majority of us, the surest path to success is to be like Chris: 📈 Do ordinary things extraordinarily well for a long period of time. Discipline and consistency compound. The problem is, most people give up before the returns go exponential.

@bethanyjbabcock @Tyleralley it’s interesting. I think it’s dependent. I’m working a retail development now. And bc the pre leasing process is so long, we are paying 50% of the commission as a pre dev cost with the remainder due at opening. We’ve been in pre dev 5 years. Leasing for 3. Will open in 2-3 yrs

This is the part so few understand. I have a residential agent insisting she be paid before preleasing/ construction funding. It is not conceivable to her that the commissions are funded by the loan and she cannot imagine how someone building a $15m center wouldn’t be able to front her the cash

@Storage_Venture Been tracking offers, counters, etc. it’ll be very interesting to see by year end what my stats are. Won/lost/etc

@REDevManager Same as this guy

Everyone’s waiting for rates to drop before they buy. Meanwhile: 38 of the 49 largest metros just flipped to buyer’s markets. Sellers outnumber buyers 14 to 10. Highest spread since 2012. In Miami there are 25 sellers chasing 10 buyers. You don’t need a rate cut. You need leverage at the table - and the data says you’ve got more of it right now than you’ve had in over a decade. Stop watching the Fed. Start writing offers.

@Camp4 @mrfboyer Yup! Especially in places like NYC and SF.

@mrfboyer @REDevManager That said, most people have no idea how many people in big companies make seven figures in total comp without being at the C-level. In any big company, there are hundreds of these people who have worked their way up over many years.

@acquisizioni Texas is very different culturally than the rest of the country. I say this as a north easterner who went to college in the south and many good friends from TX. They all told me I would survive there but the reality is it’s the culture is just different.

A family friend went through exactly this - moved from suburban NY to suburban Dallas in search of a lower cost of living about 5 yrs ago - complained about the heat every summer, about not being near family anymore - then tried to move back to suburban New York last year and couldn’t afford it so settled in suburban DC (close enough for them)

@texasrunnerDFW Texas is very different culturally than the rest of the country. I say this as a north easterner who went to college in the south and many good friends from TX. They all told me I would survive there but the reality is it’s the culture is just different.

I am astounded by the number of millennial families who moved to Dallas, bought a home, then turned around and sold the home to move out of Dallas, in less than a 5 year time span Is Dallas just super transient or is this a post-pandemic phenomenon happening everywhere?