Shaun Riney leads and is a managing partner of the New York Multifamily Team at Marcus & Millichap, the largest real estate brokerage firm in the US. The team is highly specialized, capable and focused on mid-market exclusive seller representation of investment sales in New York City. The team facilitates and creates opportunities for a wide spectrum of private and institutional clients. Shaun has transacted over 600 sales throughout his 10 year career at the firm across multiple product types including single-tenant net leased retail, NYC land/development, and mixed-use assets with an extreme proficiency in the multifamily space. He has closed multifamily assets in virtually every sub-category from affordable LIHTC, Section 8 HUD contract buildings to traditional rent stabilized apartments to brand new luxury housing complexes. He serves an investment advisor to several large private equity and institutional buyer groups and has evaluated and consulted on billions of dollars of real estate transactions.
Episode Highlights Here:
Shaun The New York City Market is a grind. It is full of three letter acronyms of Department of Buildings, there’s a whole host of agencies that you constantly have to juggle much more difficult than I’d say any other city in the country. And the flip side, there’s not a lot of voted create new supply. So it’s a highly regulated market. But you’re not going to sit with a vacant apartment unless the government is making sure that it’s vacant, like there’s always more demand than supply, but it comes with a trade off. Brett And let’s dive in right into the topic at hand, which is building New York City multifamily. Well, so Shawn, what would you say is the number one secret to doing just that? Shaun You know, I think having energy for the property that you currently own, I think is a big important part one that you know, New York City owners in particular have to really recognize right now. So I typically say You know, you, you’re not going to prove the value on something that you’re not excited about. And in New York City, there’s a tremendous opportunity right now to get in at honestly very attractive prices that I probably haven’t seen in certain segments of the market since 2011. This is a big byproduct of not anything to do with the city. But the laws the the rent laws that have been passed have severely devalued property made owning complicated. So if you have energy for an asset, you will find a way to improve the value. But also on the flip side, if you don’t have energy for an asset, chances are it’s not going to go up anymore in value, like you’re going to just have a depreciating property and you should take a look at the stock of what it’s worth and maybe explore what you could exchange into that you do have energy for. So the New York City Market is a grind. It is full of three letter acronyms of Department of Buildings, there’s a whole host of agencies that you constantly have to juggle much more difficult than I’d say any other city in the country. And the flip side, there’s not a lot of voted create new supply. So it’s a highly regulated market, but you’re not going to sit with a vacant apartment unless the government is making sure that it’s bacon like there’s always more demand than supply, but it comes with a trade off. So I think having energy like look at your real estate owned look at your PFS statement and just say like, what am I just glossing over every year? What am I thinking about January first? 2024. And what’s my like value add plan because not having energy for something is probably not going to work out in New York City. Brett Yeah, I heard a saying that momentum is more powerful than the sum total of all of our resources, leadership and strategy combined combined. And I think it’s so true what you’re saying right? If you don’t have energy for the property or for the location or for the tenants or for whatever it is, it’s very difficult for some of the headwinds to overcome like owning assets is complicated California, New York, some of these states that are more restrictive and and more ever increasing regulation. Watch the episode here: https://www.youtube.com/live/fSAOcJIVN-k?si=rw-5MqfVWFQ2Z_Ac
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About Shaun Riney
As the top-ranking broker at Marcus & Millichap, Shaun Riney has closed over 700 buildings since starting in 2009 with a selling value of $1.9 Billion Dollars. He is an active member of Greenpeace, UNESCO, and the Polaris Project, an organization preventing human trafficking worldwide. He is also a primary sponsor of Discover Outdoors Youth Foundation, whose mission is to provide life-changing, educational, and outdoor experiences to underprivileged New York City students who need it most. In 2017, Shaun and the New York Multifamily team partnered with the New Dawn Charter School in Brooklyn to provide funding for a year’s worth of programming and adventures. His passions outside of real estate include traveling, scuba-diving, cycling, mountain biking, and spending meaningful time with friends and family. He regularly competes in Triathlons and is a dedicated mountain hiker and has spent considerable time climbing in the Pyrenees Mountain Range of Southwest Europe, the Tramuntana Mountains of Mallorca, The Nā Pali Coast of Hawaii, the Adirondacks, White Mountains of New Hampshire, and the Catskills. He is a sports enthusiast, an avid soccer player and Captain of the Brooklyn Football Club (BKFC). Riney is a graduate of Boston University and currently resides in Williamsburg, Brooklyn.
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