Each industry is currently finding new ways to adjust to a more virtual landscape, and the New York City real estate market is no exception. Below are some of the ways our firm has been adjusting and will continue to adjust in the coming weeks and months.
Tours and Showings
In most cases, real estate transactions aren't going to occur without in-person showings. However, we've been able to get creative over the last several weeks in terms of touring properties, and have been experimenting with a number of techniques and vendors to determine the best options for our owners and buyers, and will continue to do so as we get more feedback from those parties. We have been impressed with the creativity of some of these options and are excited to share more in the coming weeks. We remain available to discuss these options with anyone interested in touring a property.
Getting Deals Done
While closing deals is undoubtedly more challenging right now, it has proven to be feasible. Our firm has closed several deals since Mid-March, with more to come in the weeks ahead. Critical elements to closing deals include total transparency as it relates to due diligence, perseverance in dealing with architects, contractors and the Department of Buildings to close out violations and open permits and secure temporary or permanent certificates of occupancy, flexibility on the part of lawyers and banks as it relates to getting documents signed either in person or virtually, and in some instances, minor concessions on the part of sellers which can go a long way to getting deals done. Fundamentally, avoiding any last second surprises is essential to completing transactions.
As we approach the end of the shelter-in-place mandate in New York, the City as a whole will be working through what the next steps are. Nothing will go back to normal overnight, and each day we continue to adapt more to this new reality. We will continue to post updates, discoveries, and of course, deals as they happen. We remain available to answer any questions and are always open to discussion, suggestions and feedback.