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.

@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?

@TheRealEstateG6 It’s kind of funny that a see the architecture and know what part of the country this is. Also congrats to your client.

How one of my clients bought a great deal with only $10k of his own capital: Sean entered the Acquisitions Bootcamp as a complete beginner. He ranked his real estate knowledge as a 5 out of 10 when the program started We spent our first weeks together reviewing the basics of real estate financial modeling to get Sean up to speed. Once he was able to navigate the back of envelope model, we started looking for a market Sean lives in a major metropolitan area, which meant the number of driving-distance markets available to him was limited With this in mind, correct market selection was going to be critical. We settled on an area that was further than we would have liked, but still accessible for day trips We analyzed a number of deals together within the target area, honing in on his buy box A 6-unit deal popped up that checked all the boxes, and he moved fast on it. The sellers rejected his initial offer, but countered, and he accepted All of this in just a few months Result: Sean closed on the deal for $600k (all in for $706k) and executed the business plan. He was able to raise the majority of the capital for the deal, so only had to put in $10k himself. The deal is stabilized, is listed for sale and should sell in the $900k to $950k range, which would be roughly $200k in profit on his first ever deal If you’re ready to start buying profitable deals like Sean, you can apply to the Acquisitions Bootcamp below