In episode 27 of Multifamily Hangout, host Adrian Danila and co-host Chris Moreno welcomed Bob Knakal, showcasing his role as a real estate innovator in the industry.
With an impressive 40-year career in New York City, Bob discussed the current real estate market, emphasizing that now is an exceptional time to buy property.
He predicted that in five to six years, investors would regret not seizing this opportunity, as property prices are at an unprecedented low.
Bob's career achievements are remarkable. He has sold over 2,329 buildings, amounting to a market cap of approximately $22 billion.
He co-founded Massey Knakal Realty Services, leading it for 25 years before selling it to Cushman and Wakefield for $100 million in 2014.
His leadership style focuses on empowering and training his team, which has led to significant success.
Growing up in New Jersey, Bob's early life was marked by a love for sports and a strong work ethic.
These traits translated into his real estate career, where his competitive spirit and teamwork skills have been invaluable.
He stressed the importance of finding passion in one's career and working hard to achieve success.
Currently, Bob sees strong performance in the industrial and hotel markets in New York, while the multifamily sector faces challenges due to recent legislative changes.
The office market, especially older buildings, is experiencing significant turnover, creating opportunities for buyers.
He believes that today's market conditions are the best he has seen in his career, presenting unique investment opportunities.
Bob also addressed the impact of remote work on the real estate market, noting the challenges it poses but emphasizing the importance of office presence for company culture and professional development.
He expects a gradual return to the office as businesses recognize the benefits of in-person collaboration.
Balancing work and personal life, Bob finds joy in his career, considering it both a profession and a hobby.
This passion keeps him motivated and dedicated to his work. His insights and experiences provide valuable lessons for both seasoned investors and those new to the real estate market, demonstrating his role as a real estate innovator and highlighting his deep understanding of the industry's dynamics.
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