SLIDESHOW: THE HUDSON YARDS' TENANCY UPDATES

Traditional companies that in the past would have chosen office spaces in central Midtown are now committing to new and renovated spaces on Manhattan’s Far West Side.

Most recently, EY (the business services firm formerly know as Ernst and Young) and Pfizer announced their future plans to move to 1 Manhattan West and The Spiral, respectively.

Of the westward relocations, 44% relocate from the Plaza District alone, and 92% of the relocations will be from the broader Midtown area.

About a third of the companies drawn west are technology, advertising, media and information businesses. The other two-thirds include a broad range of firms, from finance to law firms to apparel.

On the retail front, Neiman Marcus which originally planned a 250,000SF mega store, recently announced the downsizing of the original plans by 10,000 - 70,000SF.

Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center. The $20 Billion development site will include more than 18 million square feet of commercial and residential space, state-of-the-art office towers,  over 100 shops including New York’s first Neiman Marcus, and restaurants curated by Chef Thomas Keller. The urban development will include approximately 4,000 residences, The shed, a new center for artistic invention, 14 acres of public open space, a 750-seat public school and an Equinox® branded luxury hotel with more than 200 rooms—all offering unparalleled amenities for residents, employees and guests. The development of Hudson Yards will create more than 23,000 jobs.

 

 

5 WAYS TO TELL IF A COMPANY IS THE RIGHT FIT

  1. First Impressions: From the start, one can realize if the company culture is the right. Take notice on how the employees and management communicate with one another. 
  2. Self-Awareness: You have to know what kind of environment you excel in. Ask yourself if the company you're working for has that environment in which you work your best in.
  3. Fun/Work Balance: Although we like to have fun our number priority is getting the work done and producing results. Always take a step back to see if you're hitting your own goals and the company's goals. 
  4. On the same page: Is this what I want to be doing? Will this help me & can I add value? Are we all headed in the same direction? What is something different I can bring to the table? How can I best utilize my time on a day to day basis. 
  5. Time will tell: You won't be able to tell at first, hence why you should give yourself some time at your new company to settle in. You must see how things are working out once you feel you are confident and understand your role. 

We're Hiring!!! Seeking commercial real estate sales and leasing agents interested in the world of Midtown & Downtown commercial real estate transactions.

For information on the types of deals you'd be involved in click here

For information on the company click here

Please submit resumes to alexis@okadaco.com

The Millionaire's Statistic

I had a friend come visit me from out of town and was looking to start a new career. When coming over, we chatted a bit about his ideas, what he would do if money were no object, and then asked me how many millionaires there are in the world. Here's what we found:

-According to Credit Suisse there are approximately 35 million millionaires in the world or 0.05% of the worlds population in the end of 2015.

-In the same study according to Credit Suisse there are 15,656,000 millionaires in the United States which is approximately 4.9% of the US population.

-According to Knight Frank, in 2016 there were 339,000 millionaires in NYC; 180,000 millionaire in San Francisco; 173,000 millionaires in Los Angeles; and 135,000 millionaires in Chicago. 

-In the Knight Frank study these figures would mean that 4% of the NYC population, 5% of the San Francisco population, 1.7% of the Los Angeles population, and 4.8% of the Chicago population are millionaires. 

So what do these statistics mean to you? Why should you care?

A) If financial success and the achievement of being a high net worth individual / millionaire is important to you, then you know that your chances are 1 in 25 in NYC. 

B) It's very possible. If you went to Madison Square Garden, there would be about 900 millionaires watching the Knicks. Or about sections 105, 106, and 107. 

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C) If you commute and work in Midtown Manhattan, you probably walk past, sit next to, talk to, or associate with 35-40 millionaires depending on where you work and the industry you're in. 

D) Millionaires are pretty much every day people. 

So go out there and be better than the 24 other people in the group. However, be warned, to be financially independent in NYC, $1M doesn't cut it. It is said that with inflation and rising cost of real estate (in NYC) you really need $28M of wealth in 2017 to be a "real millionaire". 

 

PENN STATION'S $1.6B FACELIFT: THE PICTURES ARE AMAZING!

New York Governor Andrew Cuomo has announced the closing of the $1.6 billion deal to redevelop a large section of the James A. Farley Post Office into the new “Moynihan Train Hall.”

The project will consist of a new 255,000-square-foot terminal for the Long Island Railroad and Amtrak, increasing Penn's concourse floor space by more than 50 percent, while an additional 700,000 square feet will be developed for commercial, retail and dining spaces to create a new mixed-use civic space for West Manhattan. 

PICTURES BY SOM

HOW YOU KNOW YOU'VE "MADE IT".

In my morning training sessions, my newest associate asked me "When do you know you've made?"

MY ANSWER?....I DON'T KNOW THAT YOU DO.

As the old adage goes, "success is a journey, not a destination." Knowing this, the best thing you can do for yourself is to make milestones.

The first building I ever sold was a $2.38M mixed-use townhouse on East 47th Street off Lexington Avenue. My client's name was George Rokkos, a successful Greek restaurateur who was the first landlord to give me a shot in representing him. I leased his building for him, and then sold it on his behalf. I still remember that he was really sick but never told me, and wanted to give his children money instead of the building. He passed away while we were in contract; it was a very surreal experience being my first sale. When we closed, I went back to the office with $71,400 of which 50% was my share. At 23 years old, $35,700 in a single check was all the money in the world. I felt like a giddy child. This was one milestone I will never forget, and changed the course of my life forever.

Make milestones, and each time you hit one, be grateful that you had the opportunity, and remember, the harder the challenge, the sweeter the victory. The more milestones you hit the closer you are to the all illusive "making it".

 

GREEN IS THE ONLY COLOR THAT MATTERS

A couple of months ago friends at The Real Deal Magazine ran a story on NYC commercial real estate diversity (or lack thereof) and featured me as one of their subjects. In short, I was quoted as saying that because I am Asian, it sets me and my family apart and I use this advantage to do deals.

So why am I writing this today? Because we just closed a deal where our firm represented a very politically conservative non profit organization. Let's just say they fall into the realm of "let's do away with multiculturalism and political correctness". Are you getting my drift here?

They hired us on an exclusive basis to relocate their offices, and during our usual due dilligence and presentation of our services, none of us dove into the political stances or core beliefs of their organization. It was only until after we closed the deal and started drafting our deal announcement that we uncovered some very interesting things about our prestigious clients.

My first thought was, "why did they hire us? I mean we're strait up Asian?" Lol. Not only that, I was on the cover story / feature article on NYC business diversity.

My second thought was, "I guess our presentation was great!" But after all this thinking about who, what, when, where, why, and how did they choose us, I came to the simple conclusion that no... we just find the best deals. That's why anyone works with us... we find the best deals.

This simple fact is what separates us from everyone else, AND people in general want good deals. Whether a good deal on an apartment, an office, or a yacht, people want good value or perceived value. Plain and simple. This is also what's so amazing and beautiful about commerce in NYC. It's an open market and in this global economy... the only color that matters is green!

With that said, maybe we better add a section in our due dilligence called: "Are they extremists?" and maybe I shouldn't invite them to our Reggaeton themed client appreciation cocktail party. #OhWell

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About The Author

Christopher Okada is a prolific deal maker, entrepreneur, and CEO of Okada & Company, a full-service commercial real estate brokerage and investment company in New York City.

Christopher rose to notoriety during the financial crisis of 2009 and its recovery by transacting in nearly $1B commercial real estate sales and leasing transactions in Midtown and Downtown Manhattan. It was also this time that Christopher founded The Okada Acquisition Company to begin acquiring prime office, retail, and multi-family properties in the Midtown and Midtown South submarkets of Manhattan.

Christopher is an avid blogger, speaker, and thought leader relating to entrepreneurship and real estate. He has been featured numerous time in news publications including The Wall Street Journal, The New York Times, The New York Post, The Real Deal Magazine, Crain's NY, The Observer, and many other digital and print news agencies.

Keep in touch with Christopher Okada on Twitter, Instagram, LinkedIn, and Facebook @ChrisOkada

5 WAYS TO CRUSH ICSC LAS VEGAS

If there's one commercial real estate event everyone talks about, its ICSC Las Vegas. This is the one event that real estate brokers and executives come together to network, mingle, party, catch up, deal talk, complain, brag, and blow off steam outside of their home territory. When people say ICSC Vegas, they're not talking only talking about booths and the conventions, they're also talking about the parties, and all the festivities outside of the actual convention. I started going around 6 years ago, and in all my years of fist pumping and hand shaking, I'm pretty sure I got the hang of it all.

THESE ARE THE 5 WAYS TO CRUSH ICSC LAS VEGAS!!

1. FIND JOB OPPORTUNITIES. Whether you're new to the industry, or you've been in it for several years, there is no greater place to meet potential employers in commercial real estate. If you're really smart, you'd know which firm was looking to fill which positions, and approach them during your stay in Vegas.

2. FIND BUYERS AND SELLERS. You may be trying to sell a property and know of a particular purchaser that would be perfect to pick it up, or you heard there was a particular property for sale and you heard the seller was going. This is the perfect time to meet and greet with your potential buyer or seller. I'm sure the principals will be open to hearing about it.

3 FIND INVESTORS & PARTNERS. Found the all illusive 6% Cap in Midtown Manhattan, but need capital to finish the deal up? What better place than ICSC to meet with those potential investors and partners. Just know who you're targeting and try to get some quality face time while out there.

4. FIND TENANTS: In 2017, everyone is looking for tenants. Especially retail tenants. It's great to know which tenants you'd like to approach prior to flying out to Vegas. The key here is follow up, follow up, follow up. They're being bombarded from people from all across the country for potential sites. Make sure you follow up!

5. FIND LENDERS. Another sticking point in 2017 are lenders. As the bank regulations tightened up in January, ground up construction (whether retail, multi-family, or hotel) has become a lot more difficult. Mingle with the lenders! Pick their brains. Buy them drinks.

You should seriously focus your efforts and create clear goals of the top 5-10 people you need to meet at ICSC. That is really how you'll find the convention rewarding, and when a deal is consummated through these efforts... even better.

SEE YOU IN VEGAS!

RELAX..IT'S NOT THE #RETAILAPOCALYPSE

The world is ending and nobody is going to purchase things in stores. This is what the market is telling us. It's simply not true. The only person of creditworthiness that I question is Warren Buffet. I am going on a limb to say that it's not the end of the retail world, but rather It's a supply demand correction.

Rents have tripled over the past few years, so yes retailers aren't going to want to pay these ridiculous prices. Yes, Sears is shutting doors, and JC Penney, and a slew of other people, but that doesn't mean Retail is dead. These companies couldn't adjust to the changing landscape of commerce. That's just it. Retail is just changing. Out with old; in with the new.

Below is a list of store openings to calm your nerves. Also, read this CNBC article.

NEW STORE OPENINGS

# of Stores / Retail Company

1500 / Starbucks (China, through 2019)

1000 / Family Dollar (through 2016)

1000 / Dollar General (2017)

1000 / Wendy's (by 2020)

600 / Dollar Tree (through 2016)

600 /  Forever 21 (through 2018)

900 / Dollar General (2016)

520 / ALDI (globally through 2019)

400 / T-Mobile

350 / Philly Pretzel Factory (by 2020)

338 / Tony Luke's (by 2025)

240 / Walmart (International 2016)

200 / Limited Too (through 2020)

197 / TJX Companies (T.J. Maxx, Marshalls, HomeGoods)

150 / Dick's Sporting Goods (through 2018)

100 / Dunkin Donuts (through 2017 in India)

100 / Johnny Rockets (China, 2016)

100 / Sephora (through 2016)

100 / Starbucks (Malaysia, through 2017)

200 / ULTA (2017)

95 / Walmart Neighborhood Markets

90 / Costco (Internationally through 2018)

70 / Miu Miu

67 / Smart & Final (2016)

60 / unkin Donuts (through 2018 in Houston)

60 / Fresh Thyme Farmers Markets (through 2019)

60 / Pizza Hut (through 2017)

60 / Walmart Supercenters (2016)

50 / Prada Men’s Store

 

 

FIGHT TO BE YOURSELF!!

People hate. People are jealous. People may not be used to your uniqueness. People have inner issues and try to project their shit onto you. People can have motives. People may just be followers. People may be unhappy with themselves. People can be insecure. People may say they don't like this about you or that about you. Loved ones meaning well are afraid of how you will make them look, or feel.

This sounds like something I tell my high school students at Sunday school, but the truth is it happens in elementary school, high school, college, after college, in the work place, behind closed doors, in mass crowds in public, etc. 

I recently met someone that literally told me they didn't like that I raised my pinky when drinking tea or hard liquor. They thought it was feminine. I was offended because I was close to this person and liked them a lot, but what I didn't realize was that it's typically frowned upon not because it's feminine, but because it's seen as a gesture of elitism. We basically grew up very differently and they were using this as an excuse to cover up internal issues they were facing and using me as an excuse.

At work, people used to tell me things like I was a "jack of all trades" ... I used to get offended because I felt they were saying I was unprofessional, but the more success I was fortunate enough to experienced, the more I realized it came from my ability to notice trends early on and jumping on it. Being a well rounded businessperson may actually require you to call upon knowledge that was learned from past lessons that have nothing to do with business. For me, being a good landlord requires me to understand capital markets, residential leasing, commercial leasing, property management, basic law, finance, etc etc. I swapped "jack of all trades" with "full-service" or "multi-faceted". 

Bottom line, regardless of age, sex, race, socio-economic status, living situation, sexual orientation, religious background, political opinion, or how they drink their liquor... fight to be yourself; fight to be authentic; and fight to be who you want to be!! 

Pinky Fingers Up!!!  

THE BUTTERFLY EFFECT: ONE MOMENT CAN ALTER FATE

When I was a young and scrappy broker, I used to go into office buildings in Midtown and convince companies to relocate to other nearby buildings. I made a decent business out of it,  and trained a small squad of brokers to do this.

One day I get a call from a disgruntled landlord representative who saw one of my guys in their building without an appointment. They were furious that we were attempting to poach tenants from their building and asked to meet.

When we met, I basically apologized, and agreed to stay out of their 2 million square foot portfolio. From then on however, we've become good friends, successfully closed dozens of deals together, purchased a property in Midtown together, and for years they've attempted to acquire my company.

The moral of the story is one event (or in this case one meeting) could turn into endless opportunities. This goes for one introduction, one phone call, one networking event, one day deciding to take a different route home, one vacation, one change in routine, one moment in your life could literally change your fate forever. Make each moment count and push yourself to seek out the good. That is the butterfly effect.

5 THINGS TO KNOW WHEN LIFE KNOCKS THE $H!T OUT OF YOU

They say that in life nobody gets off scot free. Whether difficulty in career paths, relationships, family, health, death/loss, natural disasters, politics, war, bad investments, etc. each one of the 7.5 billion people on Earth goes through shit at some point in their lives. Some more than others.

HERE ARE 5 THINGS TO KNOW WHEN LIFE KNOCKS THE $H!T OUT OF YOU.

  1. BREATHE. As cliche as it sounds, when you're in the middle of grieving/mourning/getting the wind knocked out of you, BREATHE. Literally take deep breaths and clear your mind. I promise this will help...1%? Maybe even 10%? Do it long enough and you'll be so winded you'll fall asleep. Just kidding. You get what I mean. When in the middle of a freak out, people tend not to breath...try your best to relax and breath.
     
  2. YOU'RE NOT CRAZY. Do I have to go into detail? You may think you're nuts, crazy, bipolar, need to be placed in a mental institution, but 9 times out of 10, you're just "in it". You're going through some crap and you feel way off, maybe even crazy. Lucky for you, you're not. Repeat step one, and remind yourself that this will all pass. I hope it does quickly.
     
  3. CHILL OUT. Decompress. Relax. Chillax. Loosen Up. Take the steps to make sure you're relaxed as possible. This isn't the time to go crazy with plans and add stress to your life. You may actually automatically want to do this. Probably the best thing to do is to take your time... chiiiiiill. Go on vacation. Go fishing. Go play sports with your non-competitive friends. Go to the spa. Go hang out with friends. You get the point.
     
  4. EVERYONE REACTS DIFFERENTLY. When life beats the crap out of people, people react differently. Some people cry. Some people party their faces off. Some people want to fight random people. Some people crawl into a hole and don't come out for years. Some go extra hard at whatever tasks are in front of them. Some people just give up. Whatever you decide to do... take care of yourself, don't compare yourself to others, and don't judge others either.
     
  5. TIME. Cliche as well. Time heals all wounds. It really does. You may swear it won't. You may be mourning your eyes out. You may be in the eye of the storm and its not letting up.... but guess what. This too shall pass.

SO NOW THAT YOU KNOW THESE 5 THINGS... GET BACK OUT THERE AND FIGHT YOUR FACE OFF.

 

 

THE INCREDIBLE OPPORTUNITIES OF 2017

IN 2017, PEOPLE AROUND THE WORLD WILL MAKE MORE MONEY THAN EVER BEFORE.

People are worried about rising costs, rising wages, job opportunities, technology wiping out industries, robots taking over the world, and world peace. Guess what? They were worried about that in the 1970's and the 1980's and the 1990's and the 2000's. We've been worried and nervous our whole lives! Seriously.  

Compared to where we were just 6-7 years ago, we're doing amazingly. Here are some examples:

Snapchat founders are newly minted billionaires on March 2nd, 2017

Snapchat founders are newly minted billionaires on March 2nd, 2017

Rapper/Singer Songwriter Post Malone's debut album "Stoney" went certified platinum April 12th, 2017. Singles off the album "Congratulations" and "White Iverson" also certified platinum in March and April 2017 respectively.

Rapper/Singer Songwriter Post Malone's debut album "Stoney" went certified platinum April 12th, 2017. Singles off the album "Congratulations" and "White Iverson" also certified platinum in March and April 2017 respectively.

The Nasdaq broke all time high today May 1st, 2017; The S&P 500 broke it's all time high February 9th, 2017; Germany's DAX broke it's all time high today May 1st, 2017.

The Nasdaq broke all time high today May 1st, 2017; The S&P 500 broke it's all time high February 9th, 2017; Germany's DAX broke it's all time high today May 1st, 2017.

Bitcoin breaks the $1,400 valuation mark April 28th, 2017

Bitcoin breaks the $1,400 valuation mark April 28th, 2017

ALSO

 

Interest rates are still at historic lows.

Unemployment rates are also at historic lows.

Home prices around the country have recovered and places like San Francisco, Boston, and New York City have reached record highs.

 

BOTTOM LINE

Bottom line? Find your opportunities. Look for trends. Pay attention to shifts in the market place and shift strategies accordingly. Hustle your ass off... and yes people are crushing it out there. Don't worry though... you'll be next if you continue to search and hustle!!! 


 

Follow Here:

Facebook: @ChrisOkada

Instagram: @ChrisOkada  

Twitter: @ChrisOkada

LinkedIn:  linkedin.com/in/christopherokada

 

 

Want To Crush It? Check Out This Blog!!

Hi my name is Christopher Okada. President & Founder of Okada & Company and Okada Acquisition Company. I'm an investor, real estate developer, entrepreneur, and somewhere between Millennial and Gen X'er. I am self made, and along my journey, I learned a whole bunch of stuff that I thought could be useful to business people, real estate people, and people that just want to elevate themselves to the next level!

Credibility? Started with $30K turned it into a portfolio of properties in Midtown Manhattan, transacted close to a billion dollars in real estate sales, and represented hundreds of companies small and large along the way. ROI? Ten's of thousands. But enough of this boastfulness and onto why this page may be awesome for you. 

These Are 5 Reasons Why This Blog Will Help You Crush It!

1. Motivation. I hope to get those hormones pumping and the emotional reaction out of you. You know what I mean. Once in a while, you come across an article, or a video, or a song, or a movie, that just gets you pumped up and makes you want to get going on whatever it is you're focused on. I hope this can trigger some of that. 

2. Good Advice. I may not be the best source online to go to if you're interested in learning how to cook, or how to fix a car, but I 100% am definitely a good source for real estate matters, business, entrepreneurship, and figuring out how to "make it".  I legit had to learn how to jump hurdles, recover from failure, get out of slumps, celebrate successes, had momentum like crazy, and learned so many things along the way. MAYBE I've come across something that you need help with. Why Not?

3. Encouragement. Remember when you were a kid and you were scared to get on a bike, or try a new sport. Maybe you had someone to help get you through that period of self disbelief. Maybe you didn't. I hope to encourage you to follow your dream and to take that damn leap of faith! Lets do it!

4. Positivity. There's so much damn crap in the world. Literally negative news everywhere. Every social media platform, news channels, most current event websites, friends, family, etc... they all mean well, but maybe just maybe this can be one place that you can turn to for a little bit of sun from all the shade you've received or a bit of optimism when you're feeling like crap. 

5. Relevant. This is dated TODAY. Not in 1955 or 2001. Meaning, it's a lot more relevant to you than a lot of other resources out there. I am a young hustler that's just trying my best to crush it and pay it forward. Does that mean I'm perfect? Nope. Does that mean that I know everything about everything? Nope. Does that mean I'm OG Mac Daddy 3000... YES.. actually I am. If you knew what this all means... <self-five>. 

So that's it. Real Estate. Crushing it in life. Business. and Positivity. Thank You for checking this out AND FOLLOW ME ON THE GRAM / TWITTER @ChrisOkada.