News:
Spotlight Content
Posted: December 22, 2020
David Goldwasser, FIA Capital Partners, LLC
Name: David Goldwasser
Title: Principal
Company Name: FIA Capital Partners, LLC
What aspects of working from home did you enjoy most?
I have worked from home on and off for many years. What was different this time, is that my family was home with me. It was very tough. Many times I had to go to my car to have a conversation. But it gave me time away from traveling. For the past 18 years I have been on an average of 80-100 flights a year. Working from home gave me access to my family. We had family dinners every night and a connection that can never be replaced. I have grown to appreciate my family more working at home and see the beauty for what it is. I now also work at different hours and accomplish more when things are quiet as opposed to people walking in and phones ringing. Setting up a full office in the house has allowed me to better focus on my business and my clients.
What was the most challenging part of working during the pandemic?
The most challenging part of work was that people had true fear. This impacted decisions and the way people thought and acted. The fear was worse than the sickness. Thank G-d, we have gotten past most of the fear and are learning to live and work with caution and respect for others. In my business I am always dealing with the paralysis of fear, albeit financial fears, but nonetheless, fear paralyzes. It takes solid beliefs and understanding that as people we can unite and beat anything. When people coordinate and don’t panic, amazing things can happen.
What was your most notable project, deal, or transaction in 2020?
One of our assignments was for an investor group in a deal gone bad. A nursing home operator syndicated a deal and took the investors’ money and left the deal for dead. FIACP was brought in to stabilize the distressed asset. Through our relationships with the lenders and people in the industry, we saw what went wrong and corrected the issues. We marketed the asset and went to contract and closed in April during COVID in record time. Through the sale we recovered monies for the investors and closed the loop. We do this all the time, but due to COVID, this was very tough. The nursing home facility is doing well and the residents are all happy and safe.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
Quick Hits
.gif)
.jpg)
Columns and Thought Leadership
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
.gif)