Jonathan J. Miller Miller Samuel James Nelson: What has happened until now with the New York City condo and co-op market in terms of pricing? Jonathan J. Miller: Nelson: What is the average price per square foot that both resale and new construction units are selling for today in Manhattan? Miller: Nelson: This is still historically fantastic. I think, to your point, this has a lot to do with the size of the unit. Jonathan: Nelson: It sounds like too much of a good thing, but if you are selling land for $800 to $1,000 a buildable foot, you have to sell condos at $2,500 a foot to make it work. Miller: James: How much of the pipeline is rental, how much is condo, and what is it going to take to fill these apartments? Miller: Nelson: Without a 421a, I don't even know how you build rental right now. We are not selling land right now for rental, so we just need to get through this batch of available units. Miller: Nelson: How many years will it take to absorb the luxury units on the market? Miller:
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James Nelson
James Nelson is a Principal and Head of Tri-State Investment Sales in Avison Young’s New York City office.
Since Nelson’s start in the real estate industry 19 years ago, he has played an integral role in the New York City real estate market. He leads a team of professionals in a variety of client service offerings, including asset disposition, asset recapitalization, market research and financial analysis. His proficiency and capability is unmatched in all aspects of the acquisition and disposition of investment-grade real estate, as well as development and redevelopment transactions, on behalf of both institutional and private capital clients across all property types.
Prior to joining Avison Young, Nelson most recently served as Vice Chairman of Cushman & Wakefield, where he ran a successful investment sales team that marketed over $1 billion in deals in New York City and throughout the country over the past two years alone. He was also ranked as the number one Investment Sales broker at the firm nationwide in 2016. Prior to joining Cushman & Wakefield, Nelson was a partner and top producer for Massey Knakal for six of their last eight years and was named the company’s youngest partner in 2004. While at Massey Knakal, James was involved in the sale of over 400 properties and loans with an aggregate value of over $3.8 billion.
