Giro katsimbrakis queens

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Information about Giro katsimbrakis queens

Published on February 18, 2014

Author: girokatsimbrakis

Source: slideshare.net

Queens  Shows  Great  Promise  for   Multifamily  Real  Estate   By  Giro  Katsimbrakis   February  12,  2014     The  New  York  City  borough,   Queens,  has  seen  multifamily   property  sales  triple  over  the   past  four  years.  Additionally,   the  amount  of  money  that   these  properties  have  sold  for   also  increased  fourfold.   Treetop  Development  LLC,  a   New  Jersey  property   investment  firm,  purchased  a   sixteen-­‐story  apartment   building  in  Rego  Park,  Queens   last  year.  They  are  putting   about  seven  million  dollars  of  repair  work  into  the  building,  but  are  confident  about  growth   because  their  in  the  midst  of  investing  in  two  other  buildings  in  the  area.  Queens  has  stayed   behind  Manhattan  and  Brooklyn  in  terms  of  growth,  but  it  is  quickly  catching  up.   Multifamily  home  sales  have  also  continued  to  increase  in  the  other  New  York  City  sectors,   but  Queens  had  the  steepest  growth  in  sales  due  to  its  emerging  market.     Treetop  is  not  the  only  investment  firm  that  has  noticed  this  trend.  Various  investors  spent   over  a  billion  dollars  in  2013  to  snatch  up  apartment  properties.  Investors  are  mainly   buying  in  Queens  neighborhoods  like  Sunnyside,  Astoria,  Jackson  Heights,  Long  Island  City,   and  Elmhurst.  They  are  catering  to  those  who  can  no  longer  afford  rising  Manhattan  and   Brooklyn  prices,  but  they  still  want  to  be  close  enough  to  have  a  thirty-­‐minute  train   commute  into  the  city.     In  2012,  there  were  519  sales  of  investment  properties  in  Queens,  including  Multifamily   Real  Estate.  The  increase  in  sales  and  investment  in  Queens  is  quite  significant  and  has  a  lot   to  do  with  investors  being  driven  out  of  Manhattan  because  of  the  prices.     Additionally,  there  are  some  large-­‐scale  projects  in  the  works  that  will  make  Queens  more   attractive  to  various  populations.  For  example,  there  is  an  850  million  dollar  project  in  the   works  in  Flushing  Queens  called  Flushing  Commons.  Flushing  Commons  will  offer   residential  condo  units,  which  tend  to  be  attractive  to  the  large  Asian  population  in  the  area   that  wants  to  buy  more  often  than  rent.  Flushing  is  also  situated  very  near  to  La  Guardia  and   J.F.K.  Airports  and  easily  accessible  by  public  transportation.     The  bottom  line  is  that  now  is  the  time  to  invest  in  the  steep  upswing  of  multifamily  Real   Estate  in  Queens.    

  Giro  Katsimbrakis  has  twenty  years  worth  of  real  estate  industry  experience.  He  began  as  a   leasing  agent  for  Kiska  Developers  in  New  York  City,  and  quickly  worked  his  way  up  the   company  ladder  to  Director  of  Sales.  After  bringing  the  company  out  of  the  red  and  expanding   its  office  to  over  twenty  agents,  he  started  his  own  commercial  and  residential  real  estate   company,  East  River  Properties.  After  taking  over  the  Las  Vegas  and  Arizona  markets,  Giro   Katsimbrakis  relocated  to  the  Dallas/Fort  Worth  area  and  founded  DPW  Properties,  which  he   is  currently  in  the  process  of  expanding  nationwide.  Throughout  his  long  and  successful  career,   Giro  has  rehabbed  over  four  hundred  properties,  and  bought  and  sold  millions  of  dollars  worth   of  real  estate.  

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