Bob Knakal | NYC Investment Sales
@BobKnakal
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Investment Sales Pro specializing in NYC Real Estate & Development. Writer of Concrete Thoughts for Commercial Observer. Rangers season ticket holder
New York, NY
Joined March 2011
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Hi, friends.
You may have heard that I am no longer with JLL. If you would like to connect with me via email, please contact me at:
bobknakal
@knakalmaproom
.com
I look forward to staying in touch.
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If you have a zero-sum mentality and are afraid someone else might succeed, that is a terrible way to live. If you have an abundance mentality - "there is enough to go around for everyone" - your life will be much happier.
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Earlier, my good buddy,
@realEstateTrent
, posted a photo of a vacant lot in Manhattan wanting to know who owned it and what the plans for the site were.
A couple of months ago, we posted a photo of “The Map” which was generated via a 220-hour drive and walking tour of every…
When I see a prime corner parcel in Manhattan that hasn't been developed, I know there's gotta be a story behind it.
Who do I call when I want the backstory of any parcel in Manhattan?
The great
@BobKnakal
of course!
Bob, what's the deal with 49th and 10th Ave?? Strip mall? 😍
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The Darkside of Social Media...
@realEstateTrent
told me this would happen one day. Now it has – and the record MUST be corrected!!!
Please watch this IMPORTANT message:
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My Heroes!!!!
Lots of people have asked me to opine on the experience of working with residential brokers relative to the sale of my apartment. I am happy to say that we closed two weeks ago, and I have to share some thoughts about the experience.
I was surprised that several…
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The 2 most important words: Thank you!
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Exciting News from the Knakal Map Room
Bob Knakal here, and I’m thrilled to share some exciting news about my latest venture. After a period of reflection and immense support from this incredible community, I’m proud to announce the launch of
@BKRealEstateAdv
(BKREA).
BKREA…
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Cheers!!!! 🍾
So I am at my country house in Connecticut this week as I am taking a bit of downtime with my wife and daughter for the 4th of July holiday. One of the things I did over the past few days is a bit of “spring house cleaning” even though we are in the summer. I was…
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When I am cold calling and get hung up on, what is the first thing I do? Call right back and say, "I think we were disconnected". Half of the time the recipient of the call is so embarrassed they hung up on you, they will actually engage in conversation. The other half of the…
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Just a few words on what’s been happening over the last week.
One thing I want to make clear: I appreciate all of you.
Your calls, texts, messages, & DMs of encouragement have been incredible. I could not ask to be part of a greater community.
Thank you.
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A true leader knows that communication solves all problems. Avoidance worsens all problems.
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The best buying opportunity in NYC I ever saw was during the S&L Crisis in the early 1990s. Everyone was scared to death to buy. Those that did, made fortunes.
This same opportunity exists in NYC today. Same values as 20 years ago - are you kidding me? Uber wealthy folks are…
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Congratulations to my good friend Avi Hiaeve of
@aviandco
on his acquisition of 5 East 59th Street for $26 million!!
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Just one of the many reasons why my country house is my favorite place on earth. I built a “saw-horse desk” so I can be on my computer doing emails and working out at the same time!
And, of course, all of the equipment is in the old Massey Knakal color – PMS Green
#348
!!!…
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@TripleNetInvest
@JoeCassandra
The old owner told me he was meeting a potential tenant for 4 floors in the building and in front was a guy with a needle sticking out of his arm and another one taking a dump right in front of the door. The tenant saw this and wouldn’t even go in and look at the space. Our…
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You must do everything you say you are going to do for your people when you say you are going to do it. If you say you’ll call tomorrow, you must.
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Just another night in New York City?…
I think not!
Great time last night at the David Yurman holiday party! The Mrs. and I got to hang out with Sybil Yurman and Scarlett Johansson. I have to say ScarJo was one of the sweetest people in show business that we have ever met. Love…
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Always leave your phone number twice when leaving a VM. If the recipient doesn't get it the 1st time, they don't have to listen to the entire thing again. Once at the beginning & once at the end. I'll say: "Again, it's Bob Knakal at ..." & repeat the number. Make it easy!
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@sweatystartup
Nick, I couldn't agree more. My partner and I started small, (just the two of us and an assistant), implemented a residential farming technique and applied it to commercial real estate brokerage in the largest city in the country, grew slowly, were counterintuitive at times,…
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Here's the scoop: This holdout building is 1301 Third Avenue. A developer "Continental/Premier (CP)" had assembled a site at 1297-1299 Third Avenue. This land parcel was 40' x 110' and included a property at 204 East 75th Street which connected to the site in the rear.…
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I am in the process of helping a younger guy, that I really like and admire, get a job in real estate. He asked me why I am going out of my way to help him. I said, "Because a lot of people went out of their way to help me in the past" and "Because you might be my boss someday!"…
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On this last
#TBT
of the year...
Yes, that is the Bob Knakal OFFICIAL Massey Knakal headshot used from 2006-2008.
The hair was chopped off mainly due to the fact that the Great Financial Crisis brought with it many meetings with bankers who were either not familiar with brokers…
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So I spoke to a potential seller tonight:
Seller: "I had an offer of $100 million five years ago".
BK: "yes, but the site is only worth $50 million today, max!"
Seller: "I should have sold years ago. Please find me a foreign buyer who just wants to park cash in the US. "
(ie,…
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A not-so-obvious development site.
Sometimes the key to making a deal is simply understanding the asset.
5 East 44th Street was a small, 27-foot-wide, six-story office building containing about 16,000 gross square feet. The building was owned and occupied by Overseas Courier…
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Real estate is not the real estate business, it is the information business. If your information is not top notch, you will be out of business.
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This morning I had an amazing breakfast in NYC with
@realEstateTrent
& spent two hours talking about the real estate market, current trends, and who is doing what.
We also spoke about real estate fundamentals and how getting real estate “under your fingernails” is the best way…
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Here is why the hang up prospect is the best long-term prospect: if you call someone for the first time and they talk to you for 30 minutes, they’re talking to everyone. If they hang up on you, they are probably hanging up on most. If you can break through to them, you have a…
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Thanks to everyone who tuned in. Appreciate it!
Per the spaces session tonight, here is a photo of me standing on “The Map.”
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As it turns out, the best management is finding employees that don’t need to be managed.
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July 16, 2023: Today I begin year 40 brokering in NYC.
The journey started full time on July 16, 1984 as I showed up for my first day of work at what was then called Coldwell Banker (soon to be called Coldwell Banker Commercial, then CB Commercial, then CB Richard Ellis, then…
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Lessons Learned: Knakal Knuggets -
#50
: Everything you do creates a personal brand.
In the real estate brokerage business, regardless of what firm you work for, everything you do creates an impression of you by others, and that impression creates a brand. Yes, the firm has a…
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The way you dress is part of your personal brand. 👔
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Create a one-page case study for every deal you do.
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That one time
@RyanSerhant
and I recorded a video together for a property we are exclusively co-listing.
Maybe I should skip the tie 🤔
#ThrowbackThursday
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I’m a restaurant guy; help me!!
It is remarkable to me how many restaurant owners own their buildings. The average restaurant in NYC has an expected longevity of less than 2 years. And those who make it often have issues when their leases expire if their landlord knows they are…
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Play hard and go all-in. It’s much more fun!
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They say a picture is worth a thousand words...
😉
Happy Friday, friends!
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🧵If you doubt specialization works:
Several people have asked me to explain the Massey Knakal Territory System. It was rooted in the belief that specialization is the key to differentiation among brokers w/in any market & that differentiation creates a competitive advantage.
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Great breakfast at the Regency this morning with my good friend, the “Queen of the Skyscraper”, Darcy Stacom!!
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When a social media friend from Park City, Utah says she’s coming into NYC for a few days and wants to see The Knakal Map Room, how could I say no? I was so happy to welcome
@antonia_mdprjct
, recently. Antonia is a developer based in Park City but does deals in a variety of…
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Celebrating Easter with the two loves of my life!!
Happy Easter!
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As some of you may recall, a few weeks ago, I received a call from my good friend, Brian Ray at Alchemy ABR Properties. Brian was driving his son and his son’s friend to school. The boys are in ninth grade and are 14 years old.
The son’s friend knew that Brian was in the real…
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Thanks to the
#cre
and
#retwit
community and
@StripMallGuy
I have gained quite a few followers who may not know who I am, so let me (re)introduce myself.
I have been an investment sales broker in NYC since 1984.
From 1988 to 2014, I owned and ran Massey Knakal Realty Services…
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The fundamentals of brokerage:
☎️ Cold calls
👉 Staying in touch/following up with people
📈 Focusing on market presence
🤝 Building relationships
❤️🔥 Passion
💪 Discipline
It's all about blocking & tackling. What else would you add?
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Here it is! The 2024 Bob Knakal Baseball / Business Card!
Thanks for all of your feedback to help decide that the 1968 Topps card would be the template for this year’s version. Updated with stats through the end of 2023. If you would like one, they should be back from the…
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Trying to straighten things out up here in Albany!! Educating policy makers is the goal!!
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Another great day in The Map Room with my friend and developer,
@aussieflya
Eli Lever.
We literally went over deals in every neighborhood of Manhattan and I even made a few updates to The Map while Eli was there. He witnessed the rubber meeting the road!
So great to look at…
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Setting the record straight (without jumping into a hot tub with a suit on!)
This entire topic is crazy to me. I write every word of my content - always have and always will. Here's why:
Going back to the 1990s, I wrote regular "messages" to my clients updating them on market…
If you hire a social-media consultant, make sure you include language in your contract that prohibits them from publicly discussing the work they do for you. I can’t believe I have to say this, but apparently I do.
Don’t get me wrong:
@BobKnakal
is incredible. His content is…
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In the mid 1990s - The NYC investment sales market is beginning to rock and roll, making a great comeback from the S & L Crisis. The owner of a 60 unit apartment building at 145 East 49th Street wants to sell. He's an older guy who chews me a new one every time i speak to him.…
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Welcome to The Map Room
There has been a lot of chatter recently about The Map Room. Here is a teaser video that will introduce what is in the room, how it was put together, and the reasons someone might want to visit.
A growing share of my brokerage practice has consisted of…
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Realize that your main assets are the teammates around you. Treat them like you need them, because you do.
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Trial and error wastes time. Time is too precious to waste. Ask senior people for guidance to avoid the thousands of mistakes you will make via trial and error.
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Leadership is not a formula or a program, it is a human activity that comes from the heart and considers the hearts of others.
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(Fun Fact!)
By the way, Cushman not only stopped using the MK name after they purchased us in 2014, they gave up the phone number in mid 2015. When I heard this, I immediately secured the number from the phone company. The number below in the ad now rings on my second cell…
My Favorite Massey Knakal Ad Ever!!
Let's go back to March of 1995 and my favorite MK ad of all time.
I will be the first to admit that Knakal is not the easiest name to spell – thank goodness
@PaulJMassey
won that coin flip in the lobby of the Waldorf Astoria hotel to decide…
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Honored the Knakal Map Room made it into the New York Times this weekend.
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If you think you are too experienced to practice your pitch before the pitch, you are not experienced enough!
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Enthusiasm is contagious. People love to be around it.
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How is your marketing going? Here’s an example of one of the marketing pieces we have put together to help show how we do things. Lots of great info, how the deals were put together, testimonials, and of course photos.
If you’d like more info on how we put this together or if…
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SMG, i may catch some fire for this but i wholeheartedly agree that what you are doing by offering someone to come work for you for $70,000 per annum is like paying someone to go to grad school, rather than having them pay for the education.
Most of what is taught in grad…
It's unbelievable.
We have a job opening right now for someone who wants to learn real estate private equity inside and out.
No prior real estate experience necessary.
It's a hands-on role, with daily hands-on training for someone who is smart and hungry.
The person will…
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What is The Knakal Map Room?
There have been a few recent tweets with photos from The Map Room. Several tweets and direct messages have come in regarding what The Map Room was and what was in there. Here is the explanation:
I sell a lot of development sites in Manhattan and…
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Now I’ve seen everything!! A commercial real estate broker signing an autograph for an active NFL player!! So great to have New York football Giant,
@JustinPugh
over to The Knakal Map Room today! As a lifelong,diehard, Giants fan, this was unbelievable!! Thanks so much for…
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Real estate is not the real estate business, it is the information business. If your information is not top-notch, you will be out of business. This is why you need to be building your own "Knakal Map Room." You won't have to rely on other, potentially outdated, data.
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Welcome to the parking business, kids!!
By the end of 1985, Paul J. Massey and I were about a year and a half into our careers. Based upon the recommendation of Louis Brause, we had put together a summary of all parking garages on the Upper East Side. Lou told us that investors…
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I've gotten a few DMs asking to further explain the below.
When I am making cold calls, my expectation is that 1 in 20 calls will result in a lead. Why? Because there are 27,649 buildings in Manhattan south of 96th Street. Since 1984, the average turnover rate has been 2.6%. In…
Understand the probability of success for each and every call. This puts everything in perspective.
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Another Throwback Thursday, another magazine cover.
This one was from 2007 and the “long hair days.” How ironic that the quote pulled out of the article was about our business not being the real estate business, but it being the information business. The same quote was pulled…
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Wow! Hit 18,000 followers on Twitter. Thank you to all of you who like to hear stories about real estate.
Always happy to talk real estate with real estate folks!!
Special thanks
@realEstateTrent
for helping me get there.
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It's all about the relationship, not the deal.
Read it again.
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For many years, I had tried to reach, Richard Reitman, the owner of 351 East 61st Street. The building was a 50’ wide, five story factory building just north of the 59th Street bridge.
There was a small pocket of unusual-for-the-area C8 zoning here that allowed for archaic uses…
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Sometimes, the most rewarding deals aren’t the biggest!
When I first started canvassing in 1984, I called Vincent Guinee who owned a small mixed-use building at 230 East 63rd Street. Vincent was easy to get on the phone and we had a great rapport right off the bat. That is…
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Another reason why I think hard mail is so underrated!
This deal story will not divulge any secret sauce or brilliant negotiating technique. The sale of 333 West 38th Street is an example of simply good old-fashioned “blocking and tackling”.
The building was owned by a Polish…
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One of my Knakal Knuggets was to remember that the two things we can control are our effort and our attitude.
With regard to attitude, I would like to that one a bit further: Never appear stressed in front of a client, a customer, or your boss.
What you are dealing with is…
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Recommended Reading for Real Estate Pros: "Influence: The Psychology of Persuasion" by Robert Cialdini.
Perhaps the world’s leading authority on influence and persuasion, Cialdini explains the psychology of why people say “yes,” how they change their minds, and how to apply…
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Omar, as much as you might not believe it, our meeting was equally thrilling for me!!! I love what you are doing and the way you are doing it. As i frequently say, this is a simple business, but it is very hard. You have discovered the key to success and have the desire and the…
The great
@BobKnakal
in Miami !
[LEFT]
• $20.4 billion in sales (~39YR career)
[RIGHT]
• $3.3 billion in sales (~7YR career)
Not everyday you chat with the person you’re modeling your career after 🙏🏼
Game on!!
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Another thrilling conversation with an unrealistic seller yesterday:
Seller: "That value is too low. You have to bring me a schmuck as a buyer"
Me: "If I try to do that, then I am the schmuck".
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Another "Seller Who Knew Too Much"!
In early 2002, "Richard Cranium" owned 353 East 61st Street, a five story class C office building in poor condition. Cranium ran his business out of the building. He put his building on the market on an open listing basis.
We offered to put…
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What a great holiday surprise I got in the mail last week!! A custom
@CapRateCraig
meme sweatshirt just in time for Christmas!! CRC, what a GREAT gift and now holds a place in the top sweatshirts in my wardrobe!! Thanks again so very much for the thoughtful gift!!!
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1,000,000 buildable square feet…Here today, not there yesterday!
🏛️ 85 Jay Street, Brooklyn, NY
💵 $345,000,000
This deal is a lesson in starting small with a client, nurturing a friendship, developing trust, and then getting a chance at the brass ring when the time comes.…
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If you think appreciation doesn’t matter, why did Napoleon once say, “The most amazing thing I have learned about war is that men will die for ribbons”.
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Hard work is essential. You have to work 12-14 hours per day to get to the top of this business (6 days per week). Without the sacrifice, greatness is a challenge!
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"The other day, a client asked me what I would purchase if I had $1 billion of equity to buy real estate in Manhattan. I answered that I would buy development sites, demolish the buildings, reduce the real estate taxes, and hold those properties until the peak of the next cycle,…
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Speech to graduate students at Columbia!
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Just a reminder for you today: there are no shortcuts. And it's not rocket science. It's blocking and tackling and doing it over and over and over.
#cre
#retwit
#WisdomWednesday
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If the first question a potential client asks you is, “What’s your fee?”, move on. You have been commoditized. (You can ask them if they think every single human being on earth is identical, but why waste the breath?)
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If you want to be successful in Commercial Real Estate you only have to work 1/2 a day - doesn't matter which 12 hours a day you work - you gotta work 12 hours a day.
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So, we hit 25,000 followers last night! A heartfelt thanks to this community for the amazing reception you have given me and all the kind words of support so many of you have shared! I feel lucky to be here, to be part of this community and to both share my experiences and learn…
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Know your client’s portfolio better than they do.
Saying, "Is there anything you want to sell?" vs. "Do you want to sell 123 Main Street ?" is a dramatically different question.
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The thing I am most proud of regarding the legacy of Massey Knakal is that there are currently 14 investment sales brokerages, businesses, or divisions, that are owned by, or run by, folks who learned the business at MK.
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So how did we send 3 million pieces of mail per year and what did we send?
Market reports with data that was all internally generated. We never subscribed to CoStar. Their rep would come into our office once a year and we would say: “ give us your apartment building comps for…
@BobKnakal
@tenantrep1
Bob what would you send? Anyone can print of a costar report, what do you send & how frequently?
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So you may be asking why I am posing with a very old-school painting of George Washington.
Well, that painting has some very special sentimental value to me. When
@PaulJMassey
and I opened the doors of Massey Knakal on November 15, 1988, my two aunts showed up at the office and…
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Did I really say that?
One of the dumbest things I’ve ever said started a great relationship for me.
As a brand new broker starting out in the city in 1984, my first task was to catalog my “territory” which was from 55th Street to 63rd Street between Lexington and First…
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All in the Family
So when I opened Massey Knakal with Paul Massey on November 15 of 1988, we had a very modest 800-square-foot office at 16 East 52nd Street. On the second day the office was opened, a package arrived at my office. It was this photo of George Washington on a…
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“My tenant will never buy the building, NEVER!”
Famous last words.
In the mid-1980s, Paul Massey and I sold 124 East 55th Street, a 25’ wide,10,000 square foot, commercial townhouse between Park Avenue and Lexington Avenue. It was a $5.5 million transaction (a big one for us…
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🧵“Bob, come over to my office. I am going to make your year!”
After getting this message, what would you do? What did I do? I dropped what I was doing and ran over to Harry Macklowe’s office.
It was 2003. The market was recovering from the early 2000s recession.
#TBThursday
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“Get that damn sign down right now!”
Can you believe that back in 1985 I had a buyer actually yelling at me for putting a for sale sign on one of our buildings?
When Paul and I started brokering back in 1984, we wanted to be able to differentiate ourselves from everyone else…
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If you are not comfortable speaking in front of 2,000 people, take a public speaking class.
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Realize your best client is you. Over the course of your career, no one will make more money for you than you will. Invest in yourself constantly.
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Any feedback, even negative feedback, is better than no feedback.
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