Discover the electrifying dynamics of New York City's real estate boom with us, Angelo and Alex Baez, as we explore how a 27% market surge is reshaping opportunities across the Big Apple. What does Floyd Mayweather know that you don't? Uncover the story behind his staggering $402 million investment in affordable housing and learn about the promising prospects in neighborhoods like Yonkers and Westchester County. We also spotlight Governor Hochul's ambitious housing plan to bring 71,000 new homes, including 21,000 affordable units, to the city, reflecting an era of transformation and growth.
Navigating real estate isn't just about numbers—it's about ethics and trust. Get insights into the essential role of integrity in real estate transactions and the dire consequences of unethical practices. We'll share personal stories that highlight the importance of choosing the right professionals to safeguard your investments and provide practical tips to protect yourself from financial pitfalls, such as foreclosure due to unauthorized mortgages. Understanding your property documents can be your best defense. Join us for a conversation that balances investment excitement with the grounding necessity of ethical practices.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:09):
Hello everyone, welcome to Suda with Bias
podcast, and I'm here withco-host Angela Bias, and I am
Alex Bias and we're excited andthrilled to talk about these
great topics for the week.
Speaker 2 (00:20):
Yeah, we can start it off with New York City's small
real estate market surge.
Last podcast, we were talkingabout how the Fed had reduced
rates and how that was going tolead to an uptick in home sales,
and it shows that, from thedata collected, that New York
City's real estate market is up27% since 2021, which is really
(00:41):
big.
Speaker 1 (00:41):
That's huge guys, you know.
So you're saying 27% went updue to these rates.
Speaker 2 (00:47):
Yes, it's a cause of it.
One of the biggest deal spikeswe've seen in a very long time.
Speaker 1 (00:53):
That's amazing, to be honest with you.
You know it's so exciting tosee how much these rates
basically, you know, with justthose rates and the Fed saying
that we're going to go down, yousee how everyone wants to get
involved again into real estate.
Speaker 2 (01:07):
Exactly, and people are taking advantage of those
rates.
Psychologically, they'rethinking like this is the time
to go, because you want to getin the market before rates do go
down a tremendous amount andthen people are going to be in
the market trying to compete forhouses like crazy.
Speaker 1 (01:23):
I'm still getting a lot of calls for about the rates
.
Rates are going down, but it'snot going down drastically Like
we're expecting it right.
I know it's going to be goingdown.
Guys keep calling me weekly soI can ask Heidi about it.
I have a mortgage broker, heidiBaez, but I've been getting
calls Angel left to right aboutthis race still Like is it
already at five?
Speaker 2 (01:49):
Is it still like?
Is it already at five?
Is it at five and a half?
Reality is it's gonna go down.
Right, so we just gotta bepatient and waiting.
Hopefully it'll be down beforethe end of the year.
Yeah, like you said, I think,in the last podcast, it takes
time for them to go down becausethe whole mortgage system, uh,
it needs to go through a wholeprocess of it like slowly going
down to where it's supposed tobe.
So I don't think that this isgoing to be like a overnight
type of thing.
It is going to take months forit to get there.
It's going to get there, it'sdefinitely going to get there.
(02:10):
And in other news, in the UpperEast Side, 39.2 rise in signed
contracts.
That means that there's a lotof activity up there in the
Upper East Side of New York City.
Speaker 1 (02:21):
In.
Speaker 2 (02:21):
Manhattan, yes, in Manhattan.
Having talked about Upper SideFloyd Mayweather, have you heard
the news on him?
Speaker 1 (02:27):
I know I mean Floyd Mayweather.
It's interesting how he'sputting all his fortune into
real estate.
He's always been creating likea real estate portfolio, like
that's always been his thing too.
All right, it's interesting howthese millionaires also look
into real estate.
Right, these millionaires alsolook into real estate and we try
to push everyone to look intoreal estate.
But it's so much beneficial,especially when you see all
(02:48):
these millionaires, rich people,doing it as something they're
doing, right?
Speaker 2 (02:52):
Exactly, I mean Floyd Mayweather.
In this article it states thathe's spending $402 million in
real estate investment in athousand unit affordable housing
portfolio in upper Manhattan.
The portfolio includes over 60buildings and is one of the
city's largest real estate dealsof the year.
Wow.
Speaker 1 (03:09):
Well, thank you, floyd Manweather, for investing
into New York real estate.
We do appreciate it right.
We know New York is what it isat, but the real estate in New
York is always the best in myopinion.
But it's interesting how yousee Fred Morewell doing this and
investing into real estate.
It's so fortunate to it andhe's creating an amazing
portfolio for his kids and hisfamily.
(03:30):
You know that's the route to go.
To be honest, that's the goal Ihave in the future to one day
have so many buildings andcreate that portfolio for my
kids.
Speaker 2 (03:37):
What would you like to buy the buildings if you
could?
I like Yonkers, yonkers.
Speaker 1 (03:40):
Yeah, I'm starting to really like Yonkers.
Yonkers yeah, I'm starting toreally like Yonkers.
To be honest with you, Likebuying buildings in Yonkers and
Westchester County.
I'm starting to like a lot,Maybe because I live in
Westchester County.
Are there any?
Speaker 2 (03:49):
parts in particular of Westchester.
Speaker 1 (03:51):
Like New Rochelle Yonkers.
I like lower Westchester.
Speaker 2 (03:54):
Lower.
Speaker 1 (03:54):
Westchester.
Yeah, that's the ones I'mreally interested in for the
future.
Gotcha hear Floyd Moylerinvesting into New York City,
the largest purchase in New YorkCity of this year, 2024.
Speaker 2 (04:06):
Yep of this year.
I mean, that's quite aportfolio.
Speaker 1 (04:08):
Imagine 60 and older 60 buildings, a thousand units,
408,.
You said 402 million Wow.
Speaker 2 (04:17):
Yeah, that's pretty much half a billion right there.
Speaker 1 (04:20):
Half a billion real estate.
Imagine everything else he hastoo, because I understand Floyd
Moyler he does owns a lot ofskyscrapers too in New York City
.
So he definitely likes the realestate in New York City, maybe
because his benefits are bigger.
His, you know, rental income isbetter, so maybe that's why.
But I know he owns more realestate in New York too.
Speaker 2 (04:38):
Yeah, I mean another person that's investing into New
York real estate.
Well, not investing but givingmore housing is Governor Hochul
and her housing initiative.
She announced 71,000 new homesin New York City, includes
21,000 affordable units and it'spart of the state's landmark
housing.
Speaker 1 (04:58):
There's going to be a lot of buildings coming into
New York City, which they are.
If you look at the Bronx, Iremember I used to live in the
Bronx from Merrill's area.
It was South Bronx where theYankee Stadium is at, by the way
.
Let's go, yankees.
We've got to win.
This is our year 2024.
We're going to sweep theDodgers.
Speaker 2 (05:15):
Yeah, I heard that you wanted to get a suite in the
Yankees oh, it was sold out.
Speaker 1 (05:29):
So I was trying to go after for a suite for a group
of our guys and it was sold out.
I mean sold out within like thehour if you look at it.
It's actually interesting this,this world series.
I'll say why because it's thetwo, one of the two most
expensive states going againsteach other, which is los angeles
and new york.
It's a lot of money there.
New york and los angeles, ohthat's a lot.
I think it's probably one ofthe most expensive world series.
To be honest with you.
Also, look at the ticketsExtremely high.
They're already sold out.
But just sit back and look backbehind it and be like, wow, new
(05:51):
York and Los.
Speaker 2 (05:52):
Angeles, exactly Like the equivalent in basketball
would be the Knicks versus theLA League.
Speaker 1 (05:56):
Exactly.
This actually is going to beinteresting, but going for the
Yankees game, I'm saying Game 7.
Speaker 2 (06:02):
Game 7.
Speaker 1 (06:03):
That's my prediction.
Game seven Yankees win Gameseven.
They have to win.
It's not they want, they haveto win.
We've been waiting for 15 years, by the way.
Speaker 2 (06:12):
Has it been that long ?
Speaker 1 (06:13):
Since 2009.
I'll be honest with you, I waswatching the game and my eyes
got water.
I was like it's 15 years we'vebeen suffering.
Honestly, since George Steinerdied which was the previous on,
his father died Yankees haven'tbeen the same once.
His dad his dad, I believe diedin 2009 when they won the World
Series, and since then theyhaven't gone to the World Series
.
This is something huge for thefamily George Steiner.
(06:34):
He created something big in NewYork.
You know he was remember.
I remember when I used to watchin the early 2000 how George Ste
Stein used to be so strong onhis team, like he will get any
player he wanted and he willfire anyone in the heartbeat.
Like he was so obsessed withhis team and he gave the public
what we wanted, which waschampionships.
Since his son took over, I'msorry he does not have the same
(06:59):
blood, the same running like hisfather did.
Yankees is the Yankees right,but I don't see that George
Steinman's son running like hisfather would, unfortunately.
How's Aaron Judge doing?
He's doing good.
He's getting his homers in.
He definitely needs todefinitely bring his hitting
back up because he's been not sogreat.
(07:19):
Juan Soto, we appreciate it.
I hope you re-sign with theYankees.
Oh, with Jim Carlos.
Who was it that won the MVP?
I wanted Juan Soto to win theMVP.
To be honest with you, he did athree-run home run in the 11th
inning.
Tickets to the World Series inthe 10th inning, wasn't it right
?
We went to the World Series 15years.
Guys, let's go, yankees, let'sgo Yan.
(07:40):
I was saying like when I used tolive in the Bronx right growing
up in the 2000 or late 90s,there was empty lots everywhere,
everywhere.
Now you go to the Bronx youjust see so many buildings left
to right, so much affordablebuildings, and they look
actually really beautiful.
I actually used to live in anaffordable building.
I used to live in one bedroom.
I used to pay only $800.
But I mean, we have laundromat,we have parking.
(08:03):
It was like the amenities weregreat.
You know elevator as well.
The building I was living in, Ithink, had over 100 units.
But I mean, like it was amazing, to be honest with you, to be
paying $800.
You know.
So these affordable buildingsthat they bring into the Bronx,
you know it's very appreciated.
It's great, but I did always saythat the only way I would give
my apartment up is when I myfirst property.
(08:23):
And I did exactly what I saidbecause I was like I ain't going
to be paying all this money ofrent.
Right, Especially now rent isso expensive.
But these affordability giveyou the opportunity to save and
also what they do is like what Irecommend to people that are
getting those affordable ones,because I was in that same
position Right, definitely buy,Don't leave from there to go to
another rental more higher.
You know, definitely, when youleave from there, give up the
(08:45):
unit and definitely go and getyour property.
That's what me and Heidi did.
We used to live in one of those.
Speaker 2 (08:50):
Right, because if you go into another apartment
that's not rent stabilized andall of that good stuff, then you
could just see an increase oflike 100% on your rent at any
given renewal in the lease andit's just like I had to go.
You know, be told that andthere's no way.
There's.
It's just such a hard uphillbattle.
Speaker 1 (09:09):
Whereas in when you buy you have full control over
all yeah, especially when you'rerenting, like for instance.
Like every year when I used torent, I was always like oh, got
to renew my lease, got to signmy lease, and then you see the
increase too every year.
So they increase every year.
The good thing is they got apercentage.
You know they got to follow bylaw.
They can't increase more thanthat percentage.
Speaker 2 (09:26):
It's like 2%.
Speaker 1 (09:26):
I've seen 3 to 4.
They got to increase right Onan affordable, it might be less.
I think you're right.
I think it was 2%.
On the affordable ones.
It all depends on the type ofbuilding.
That for building it is.
I would say from 2% to 4%.
Yeah, it would be like 2% to 4%2% to 4%.
Speaker 2 (09:43):
You were talking about empty lots.
I remember no more.
Speaker 1 (09:45):
Everything is sold.
All the vacant lots are sold,since, like when I started real
estate, when it was like 2016,.
It was so many vacant lots.
Speaker 2 (09:52):
Oh yeah, especially here in the Bronx, in the Bronx.
Speaker 1 (09:56):
I saw a few to developers Like they go after
those empty lots because most ofthose zonings are like R7, r8
in the Bronx man.
They go after them because theycould do man hundreds of units
there.
Speaker 2 (10:07):
Yeah, where I live by Mott Haven everything got
bought up, all of the lots Now,you see, like Even the parking
lots, right.
Speaker 1 (10:13):
I saw that.
Speaker 2 (10:14):
Some of the parking lots have been sold.
Hopefully they don't sell theone in front of my building,
because then I won't findparking anymore.
There's two parking lots infront of my building and they
have been, uh, approached byinvestors but they haven't sold
to them just yet.
But you know, if you come inwith a ridiculous offer,
sometimes money speaks foritself and it's like I just
(10:34):
can't refuse that they developso many buildings.
Everyone in the bronx they'rehuge, like they're huge, huge
problem seven, eight floorsproperties yeah, like that's a
Like that's a lot of units.
More than that, yeah right,probably like 10 or 12.
Speaker 1 (10:47):
Like the one I lived in was eight floors.
No, it's definitely like theBronx has changed a lot.
A lot of nice buildings arecoming in.
Speaker 2 (10:54):
There's no parking.
Speaker 1 (10:56):
No parking?
I don't see no parking nowherein the Bronx.
Speaker 2 (10:58):
Yes, and the South Bronx it's getting so, so hard
to like a vacant lot that isn'tpurchasing being developed on
right now.
Speaker 1 (11:06):
Yeah, man, but I'm happy about South Bronx, where
I'm from.
I always root for South Bronxand I just hope it keeps, you
know, getting better.
Speaker 2 (11:12):
Exactly.
And now on other news not toopositive news on the South Bronx
, there's a little article thatwe have here, that is.
It's basically describing somescams that were happening in the
Bronx.
The head of the scams isactually named Marcia Campo, a
Bronx real estate broker, andessentially her and two
associates are accused ofstealing homes by forging
(11:34):
signatures and taking outfraudulent mortgages.
One case involves a victim wholost her home after the group
secured a $493,000 mortgagewithout her knowledge, leading
to foreclosure.
The group allegedly targetedvulnerable individuals,
including an immigrant couplewho were charged $91,000 in
(11:58):
bogus fees, and another womanwho gave $65,000 for a
non-existent investment, and thelegal consequences that they're
facing are.
Campbell and her associatesface multiple felony charges,
including grand larceny, fraudand falsifying business records.
(12:19):
If convicted, they could serveup to 15 years in prison.
Speaker 1 (12:24):
Wow, so that's a real estate broker in the Bronx In
the Bronx Wow, unfortunate.
I always say do the right thing.
Karma is real guys.
Oh yeah, always do the rightthing because it's going to come
back to you.
You might enjoy the moment, butit's going to come right back
to you.
There's a lot of brokeragesthat work like that illegally.
At the end of the day, it'sgoing to come back to you either
soon or later.
You might do it, for I knowbrokerages.
(12:45):
You know that the reality isthat they don't understand the
principles, right, the ethicsthat we need to have.
I always tell everyone we're alicensed real estate broker,
real estate realtors.
Our job is what?
To protect the public?
That's our job.
You guys are hiring us toprotect the public, to guide you
guys the right way in the realestate industry.
Right, that's what we hire for,right?
And if you're focusing onhurting other people and just
(13:08):
thinking about yourself in yourpockets, you know I hope they
take all the actions they need,right.
Especially, the Department ofState takes all the action on
these people and I hope theyserve so many years, because
it's very unfair.
You know that you come and usesomeone's name and go pull out a
mortgage, do illegal deeds,illegal mortgages.
Speaker 2 (13:28):
It's going to come back to you, sooner or later,
how do you secure a 493 mortgagewithout her knowledge?
That's insane.
Speaker 1 (13:36):
She most likely did illegal signatures.
Of course, I'll tell yousomething when this is happening
, angel, I'm sure there's agroup right behind it, too right
, that's doing it with them,because they're going to need
more support.
They're going to need otherpeople around it, right, right,
my point is, guys, when you'reworking with these guys, ask a
lot of questions.
Do your research on therealtors, on the mortgage
(13:56):
brokers.
Do your research on thesepeople.
Make sure they have any lossesagainst them, anything against
me, because you know, find outexactly who these people are
that you're working with,because it's good to work with
professionals, right, well,people that really work for your
best interest, right, like wedo, we work for your best
interest and we always helpingclients out there with their
best interest.
But doing things like that, wow, I mean that's sad, to be
(14:19):
honest with you.
Yeah, do you know when thishappened, when it started?
Speaker 2 (14:22):
So I believe this article came up in October 9th.
Speaker 1 (14:25):
We don't know how long this has been happening for
, but I would say when someoneis doing this, they might be
doing it for such a long timeuntil they get caught, and that
one person give a call to theDepartment of State, the federal
, then it goes on from there.
But I'm happy that they'regoing to be serving their time.
Yeah, I mean this is afiduciary duty.
Speaker 2 (14:44):
When you sign those, those documents on your license
as a real estate agent, you areclearly told that, hey, you have
a fiduciary duty to yourclients, meaning that you have
to hold their best interest athand.
Speaker 1 (14:56):
For sure.
And you, you know, like us, wesit down with so many clients
that come to you.
I feel for those clientsbecause, like I say to them all
the time, like it's like, Iunderstand your position.
I know this is something youwant to do.
You know your emotions.
It's kind of scary sometimes,right, because you're putting
your lifetime saving into this.
When we help these clients, wefeel for them because myself,
right, I'm also a dad, I'mmarried.
(15:17):
I'm always going to protect andprovide to my household.
I, especially those dads Iunderstand you guys' position,
especially when you come to us,you trust the realtor to help
you out.
But it's really sad.
It's funny that this thing cameup because the other day I was
talking to another client.
She actually did a refinanceand didn't even know that she
was getting a second mortgage.
(15:38):
Like no one really explained toher.
And then when she found outthat she has a second mortgage,
she was really like themodification mortgage.
They didn't explain to her indetails what was she going to do
A modification mortgage and shewas having a second mortgage on
her property.
She actually is losing herproperty, like she's going
through foreclosure right now.
And I told her listen, there'snothing we can do.
What we can do is try to do ashort sale and guess what is?
(16:05):
The banker doesn't want to aska lot of questions.
Go out and do your research.
Speak to two to three peoplebefore you hire someone.
I always give that advice toeveryone.
This poor lady.
Now she's about to lose herhouse.
About three years ago I hadanother client that she did a
modification.
She wasn't aware of it, but wewere able to help her out.
We ended up doing a short salefor her in the Bronx.
(16:25):
I was the one that did theshort sale for her from start to
end and we were able to do theshort sale for her.
But she was about to lose herhouse too.
And this one is actually moreinteresting because it was in
the Bronx.
And guess what?
She was on a vacant list.
She was renting out the houseby bedrooms illegally, and guess
what happened?
The city came, put her on thevacant list.
Guess what happened?
(16:45):
They end up picking up thosetenants.
Angel end up taking thosetenants to like a hotel in New
York City.
And guess what?
These guys were living there, Ithink, for over three years.
And she had to pay for that youknow what was her bill.
It was crazy.
What was her bill?
$80,000.
And guess what?
The city didn't waive anythingfor her.
She, the $80,000.
And she wasn't aware of it.
Right that this was happening.
(17:06):
So you homeowners out there,make sure you read all those
documents that come to your home.
They were mailing her docletters every year for it and
she wasn't.
She didn't understand it.
You know, unfortunately shedidn't read English, but you
have us.
If you guys don't read Englishor need help and read these
documents, contact us.
That's what we're here for.
We can assist you, give you thebest help we can, the best
(17:26):
guidance on this.
That's what we're here for.
She didn't have anyone to readthem and she should just throw
these letters out.
When she came to sell, whenwe're doing the short sale, this
popped up on Tidal guys.
And guess what?
I tried to negotiate with thecity.
City said nope, give me my$80,000.
And she had no choice.
But we were able to do theshort sale.
Thank God that her banks.
But we were able to do theshort sale.
Thank God that her banks thetwo banks that she had.
(17:47):
They were very reliable andthey were able to.
We were able to negotiate withthem.
We ended up getting them, youknow, the job done.
But she got a short sale.
But this is due tomodifications and they don't
understand what they're signing,what they're doing.
They just desperate to not losethe property.
But thank God we were able tohelp do a show.
So I got another client thatactually went through
foreclosure.
Speaker 2 (18:07):
Yeah, Like you said, you have to ask many questions
and have the right people to askthose questions too, because if
they're not able to answerthose questions, there's someone
out there that will and candefinitely help you out much
better than those that can't.
Alex is a great example of it.
He's been in the years for Godknows how many years.
Speaker 1 (18:27):
Yeah, got a decade.
I'm going bald.
I got a lot of grades.
Now my son tells me all thetime like Bobby, I don't want
you to get old.
You got a lot of grades.
Now I'm like, yeah, it's partof life, bobby, but it's the
real estate you know, theexcitement, the emotion, the.
(18:49):
You know real estate is verystressful, Many things.
It's easy, it's not easy, butit's my calling and I'm excited
about that.
I love doing the real estatebut, yeah, you know, it's
exciting.
Real estate is very exciting.
It's a roller.
I always say it's a rollercoaster.
It got ups and downs, but it'smore ups than downs.
To be honest with you, Realestate is fun.
You got to enjoy what you doand we actually enjoy what we do
.
Right, this is actually veryfun for us, Exactly.
Speaker 2 (19:06):
It's also about the people that you surround
yourself with.
When you're surrounded by thosethat are passionate about real
estate, as you are, and it'sjust a treat to come into the
office every day and just likework on it with your whole team.
Speaker 1 (19:17):
Yeah, for sure, it definitely is.
It's great how real estate isbecoming.
Everyone is going after andafter the real estate now right,
and I see that everyone wantsto purchase, wants to sell, buy,
sell.
Speaker 2 (19:28):
After COVID, that was a big thing, right.
Everyone wants to get their own.
Speaker 1 (19:31):
Ever since COVID, I feel like the real estate market
has shifted more into positiveand going up.
Of course, the election of thisyear is very important, right
In November.
I see what Rowan does, butlet's leave it to God's hand.
Hopefully, wherever wins wins,the election is going to be big
guys.
After the election, definitelyin the real estate, you're going
to see the shift where it wantsit to go.
Election is going to be hugeguys.
Speaker 2 (19:55):
I don't want to talk about politics, but something
that everyone should have inmind, about the elections.
Well, with that, I think that'severything that we wanted to
talk about today right, guys?
Speaker 1 (20:00):
please like, share, subscribe, please, guys, ask
some questions.
That's what we're here for.
We're here to talk aboutanything you guys would like to
do with real estate industry andany interesting stories.
We're here for you, guys.
Thank you so much, angelo.
Ending with this with Suit UpWith Byes podcast.
Take care, guys.
Bye guys.
Hello everyone, welcome to Suda with Bias
podcast, and I'm here withco-host Angela Bias, and I am
Alex Bias and we're excited andthrilled to talk about these
great topics for the week.
Speaker 2 (00:20):
Yeah, we can start it off with New York City's small
real estate market surge.
Last podcast, we were talkingabout how the Fed had reduced
rates and how that was going tolead to an uptick in home sales,
and it shows that, from thedata collected, that New York
City's real estate market is up27% since 2021, which is really
(00:41):
big.
Speaker 1 (00:41):
That's huge guys, you know.
So you're saying 27% went updue to these rates.
Speaker 2 (00:47):
Yes, it's a cause of it.
One of the biggest deal spikeswe've seen in a very long time.
Speaker 1 (00:53):
That's amazing, to be honest with you.
You know it's so exciting tosee how much these rates
basically, you know, with justthose rates and the Fed saying
that we're going to go down, yousee how everyone wants to get
involved again into real estate.
Speaker 2 (01:07):
Exactly, and people are taking advantage of those
rates.
Psychologically, they'rethinking like this is the time
to go, because you want to getin the market before rates do go
down a tremendous amount andthen people are going to be in
the market trying to compete forhouses like crazy.
Speaker 1 (01:23):
I'm still getting a lot of calls for about the rates
.
Rates are going down, but it'snot going down drastically Like
we're expecting it right.
I know it's going to be goingdown.
Guys keep calling me weekly soI can ask Heidi about it.
I have a mortgage broker, heidiBaez, but I've been getting
calls Angel left to right aboutthis race still Like is it
already at five?
Speaker 2 (01:49):
Is it still like?
Is it already at five?
Is it at five and a half?
Reality is it's gonna go down.
Right, so we just gotta bepatient and waiting.
Hopefully it'll be down beforethe end of the year.
Yeah, like you said, I think,in the last podcast, it takes
time for them to go down becausethe whole mortgage system, uh,
it needs to go through a wholeprocess of it like slowly going
down to where it's supposed tobe.
So I don't think that this isgoing to be like a overnight
type of thing.
It is going to take months forit to get there.
It's going to get there, it'sdefinitely going to get there.
(02:10):
And in other news, in the UpperEast Side, 39.2 rise in signed
contracts.
That means that there's a lotof activity up there in the
Upper East Side of New York City.
Speaker 1 (02:21):
In.
Speaker 2 (02:21):
Manhattan, yes, in Manhattan.
Having talked about Upper SideFloyd Mayweather, have you heard
the news on him?
Speaker 1 (02:27):
I know I mean Floyd Mayweather.
It's interesting how he'sputting all his fortune into
real estate.
He's always been creating likea real estate portfolio, like
that's always been his thing too.
All right, it's interesting howthese millionaires also look
into real estate.
Right, these millionaires alsolook into real estate and we try
to push everyone to look intoreal estate.
But it's so much beneficial,especially when you see all
(02:48):
these millionaires, rich people,doing it as something they're
doing, right?
Speaker 2 (02:52):
Exactly, I mean Floyd Mayweather.
In this article it states thathe's spending $402 million in
real estate investment in athousand unit affordable housing
portfolio in upper Manhattan.
The portfolio includes over 60buildings and is one of the
city's largest real estate dealsof the year.
Wow.
Speaker 1 (03:09):
Well, thank you, floyd Manweather, for investing
into New York real estate.
We do appreciate it right.
We know New York is what it isat, but the real estate in New
York is always the best in myopinion.
But it's interesting how yousee Fred Morewell doing this and
investing into real estate.
It's so fortunate to it andhe's creating an amazing
portfolio for his kids and hisfamily.
(03:30):
You know that's the route to go.
To be honest, that's the goal Ihave in the future to one day
have so many buildings andcreate that portfolio for my
kids.
Speaker 2 (03:37):
What would you like to buy the buildings if you
could?
I like Yonkers, yonkers.
Speaker 1 (03:40):
Yeah, I'm starting to really like Yonkers.
Yonkers yeah, I'm starting toreally like Yonkers.
To be honest with you, Likebuying buildings in Yonkers and
Westchester County.
I'm starting to like a lot,Maybe because I live in
Westchester County.
Are there any?
Speaker 2 (03:49):
parts in particular of Westchester.
Speaker 1 (03:51):
Like New Rochelle Yonkers.
I like lower Westchester.
Speaker 2 (03:54):
Lower.
Speaker 1 (03:54):
Westchester.
Yeah, that's the ones I'mreally interested in for the
future.
Gotcha hear Floyd Moylerinvesting into New York City,
the largest purchase in New YorkCity of this year, 2024.
Speaker 2 (04:06):
Yep of this year.
I mean, that's quite aportfolio.
Speaker 1 (04:08):
Imagine 60 and older 60 buildings, a thousand units,
408,.
You said 402 million Wow.
Speaker 2 (04:17):
Yeah, that's pretty much half a billion right there.
Speaker 1 (04:20):
Half a billion real estate.
Imagine everything else he hastoo, because I understand Floyd
Moyler he does owns a lot ofskyscrapers too in New York City
.
So he definitely likes the realestate in New York City, maybe
because his benefits are bigger.
His, you know, rental income isbetter, so maybe that's why.
But I know he owns more realestate in New York too.
Speaker 2 (04:38):
Yeah, I mean another person that's investing into New
York real estate.
Well, not investing but givingmore housing is Governor Hochul
and her housing initiative.
She announced 71,000 new homesin New York City, includes
21,000 affordable units and it'spart of the state's landmark
housing.
Speaker 1 (04:58):
There's going to be a lot of buildings coming into
New York City, which they are.
If you look at the Bronx, Iremember I used to live in the
Bronx from Merrill's area.
It was South Bronx where theYankee Stadium is at, by the way
.
Let's go, yankees.
We've got to win.
This is our year 2024.
We're going to sweep theDodgers.
Speaker 2 (05:15):
Yeah, I heard that you wanted to get a suite in the
Yankees oh, it was sold out.
Speaker 1 (05:29):
So I was trying to go after for a suite for a group
of our guys and it was sold out.
I mean sold out within like thehour if you look at it.
It's actually interesting this,this world series.
I'll say why because it's thetwo, one of the two most
expensive states going againsteach other, which is los angeles
and new york.
It's a lot of money there.
New york and los angeles, ohthat's a lot.
I think it's probably one ofthe most expensive world series.
To be honest with you.
Also, look at the ticketsExtremely high.
They're already sold out.
But just sit back and look backbehind it and be like, wow, new
(05:51):
York and Los.
Speaker 2 (05:52):
Angeles, exactly Like the equivalent in basketball
would be the Knicks versus theLA League.
Speaker 1 (05:56):
Exactly.
This actually is going to beinteresting, but going for the
Yankees game, I'm saying Game 7.
Speaker 2 (06:02):
Game 7.
Speaker 1 (06:03):
That's my prediction.
Game seven Yankees win Gameseven.
They have to win.
It's not they want, they haveto win.
We've been waiting for 15 years, by the way.
Speaker 2 (06:12):
Has it been that long ?
Speaker 1 (06:13):
Since 2009.
I'll be honest with you, I waswatching the game and my eyes
got water.
I was like it's 15 years we'vebeen suffering.
Honestly, since George Steinerdied which was the previous on,
his father died Yankees haven'tbeen the same once.
His dad his dad, I believe diedin 2009 when they won the World
Series, and since then theyhaven't gone to the World Series
.
This is something huge for thefamily George Steiner.
(06:34):
He created something big in NewYork.
You know he was remember.
I remember when I used to watchin the early 2000 how George Ste
Stein used to be so strong onhis team, like he will get any
player he wanted and he willfire anyone in the heartbeat.
Like he was so obsessed withhis team and he gave the public
what we wanted, which waschampionships.
Since his son took over, I'msorry he does not have the same
(06:59):
blood, the same running like hisfather did.
Yankees is the Yankees right,but I don't see that George
Steinman's son running like hisfather would, unfortunately.
How's Aaron Judge doing?
He's doing good.
He's getting his homers in.
He definitely needs todefinitely bring his hitting
back up because he's been not sogreat.
(07:19):
Juan Soto, we appreciate it.
I hope you re-sign with theYankees.
Oh, with Jim Carlos.
Who was it that won the MVP?
I wanted Juan Soto to win theMVP.
To be honest with you, he did athree-run home run in the 11th
inning.
Tickets to the World Series inthe 10th inning, wasn't it right
?
We went to the World Series 15years.
Guys, let's go, yankees, let'sgo Yan.
(07:40):
I was saying like when I used tolive in the Bronx right growing
up in the 2000 or late 90s,there was empty lots everywhere,
everywhere.
Now you go to the Bronx youjust see so many buildings left
to right, so much affordablebuildings, and they look
actually really beautiful.
I actually used to live in anaffordable building.
I used to live in one bedroom.
I used to pay only $800.
But I mean, we have laundromat,we have parking.
(08:03):
It was like the amenities weregreat.
You know elevator as well.
The building I was living in, Ithink, had over 100 units.
But I mean, like it was amazing, to be honest with you, to be
paying $800.
You know.
So these affordable buildingsthat they bring into the Bronx,
you know it's very appreciated.
It's great, but I did always saythat the only way I would give
my apartment up is when I myfirst property.
(08:23):
And I did exactly what I saidbecause I was like I ain't going
to be paying all this money ofrent.
Right, Especially now rent isso expensive.
But these affordability giveyou the opportunity to save and
also what they do is like what Irecommend to people that are
getting those affordable ones,because I was in that same
position Right, definitely buy,Don't leave from there to go to
another rental more higher.
You know, definitely, when youleave from there, give up the
(08:45):
unit and definitely go and getyour property.
That's what me and Heidi did.
We used to live in one of those.
Speaker 2 (08:50):
Right, because if you go into another apartment
that's not rent stabilized andall of that good stuff, then you
could just see an increase oflike 100% on your rent at any
given renewal in the lease andit's just like I had to go.
You know, be told that andthere's no way.
There's.
It's just such a hard uphillbattle.
Speaker 1 (09:09):
Whereas in when you buy you have full control over
all yeah, especially when you'rerenting, like for instance.
Like every year when I used torent, I was always like oh, got
to renew my lease, got to signmy lease, and then you see the
increase too every year.
So they increase every year.
The good thing is they got apercentage.
You know they got to follow bylaw.
They can't increase more thanthat percentage.
Speaker 2 (09:26):
It's like 2%.
Speaker 1 (09:26):
I've seen 3 to 4.
They got to increase right Onan affordable, it might be less.
I think you're right.
I think it was 2%.
On the affordable ones.
It all depends on the type ofbuilding.
That for building it is.
I would say from 2% to 4%.
Yeah, it would be like 2% to 4%2% to 4%.
Speaker 2 (09:43):
You were talking about empty lots.
I remember no more.
Speaker 1 (09:45):
Everything is sold.
All the vacant lots are sold,since, like when I started real
estate, when it was like 2016,.
It was so many vacant lots.
Speaker 2 (09:52):
Oh yeah, especially here in the Bronx, in the Bronx.
Speaker 1 (09:56):
I saw a few to developers Like they go after
those empty lots because most ofthose zonings are like R7, r8
in the Bronx man.
They go after them because theycould do man hundreds of units
there.
Speaker 2 (10:07):
Yeah, where I live by Mott Haven everything got
bought up, all of the lots Now,you see, like Even the parking
lots, right.
Speaker 1 (10:13):
I saw that.
Speaker 2 (10:14):
Some of the parking lots have been sold.
Hopefully they don't sell theone in front of my building,
because then I won't findparking anymore.
There's two parking lots infront of my building and they
have been, uh, approached byinvestors but they haven't sold
to them just yet.
But you know, if you come inwith a ridiculous offer,
sometimes money speaks foritself and it's like I just
(10:34):
can't refuse that they developso many buildings.
Everyone in the bronx they'rehuge, like they're huge, huge
problem seven, eight floorsproperties yeah, like that's a
Like that's a lot of units.
More than that, yeah right,probably like 10 or 12.
Speaker 1 (10:47):
Like the one I lived in was eight floors.
No, it's definitely like theBronx has changed a lot.
A lot of nice buildings arecoming in.
Speaker 2 (10:54):
There's no parking.
Speaker 1 (10:56):
No parking?
I don't see no parking nowherein the Bronx.
Speaker 2 (10:58):
Yes, and the South Bronx it's getting so, so hard
to like a vacant lot that isn'tpurchasing being developed on
right now.
Speaker 1 (11:06):
Yeah, man, but I'm happy about South Bronx, where
I'm from.
I always root for South Bronxand I just hope it keeps, you
know, getting better.
Speaker 2 (11:12):
Exactly.
And now on other news not toopositive news on the South Bronx
, there's a little article thatwe have here, that is.
It's basically describing somescams that were happening in the
Bronx.
The head of the scams isactually named Marcia Campo, a
Bronx real estate broker, andessentially her and two
associates are accused ofstealing homes by forging
(11:34):
signatures and taking outfraudulent mortgages.
One case involves a victim wholost her home after the group
secured a $493,000 mortgagewithout her knowledge, leading
to foreclosure.
The group allegedly targetedvulnerable individuals,
including an immigrant couplewho were charged $91,000 in
(11:58):
bogus fees, and another womanwho gave $65,000 for a
non-existent investment, and thelegal consequences that they're
facing are.
Campbell and her associatesface multiple felony charges,
including grand larceny, fraudand falsifying business records.
(12:19):
If convicted, they could serveup to 15 years in prison.
Speaker 1 (12:24):
Wow, so that's a real estate broker in the Bronx In
the Bronx Wow, unfortunate.
I always say do the right thing.
Karma is real guys.
Oh yeah, always do the rightthing because it's going to come
back to you.
You might enjoy the moment, butit's going to come right back
to you.
There's a lot of brokeragesthat work like that illegally.
At the end of the day, it'sgoing to come back to you either
soon or later.
You might do it, for I knowbrokerages.
(12:45):
You know that the reality isthat they don't understand the
principles, right, the ethicsthat we need to have.
I always tell everyone we're alicensed real estate broker,
real estate realtors.
Our job is what?
To protect the public?
That's our job.
You guys are hiring us toprotect the public, to guide you
guys the right way in the realestate industry.
Right, that's what we hire for,right?
And if you're focusing onhurting other people and just
(13:08):
thinking about yourself in yourpockets, you know I hope they
take all the actions they need,right.
Especially, the Department ofState takes all the action on
these people and I hope theyserve so many years, because
it's very unfair.
You know that you come and usesomeone's name and go pull out a
mortgage, do illegal deeds,illegal mortgages.
Speaker 2 (13:28):
It's going to come back to you, sooner or later,
how do you secure a 493 mortgagewithout her knowledge?
That's insane.
Speaker 1 (13:36):
She most likely did illegal signatures.
Of course, I'll tell yousomething when this is happening
, angel, I'm sure there's agroup right behind it, too right
, that's doing it with them,because they're going to need
more support.
They're going to need otherpeople around it, right, right,
my point is, guys, when you'reworking with these guys, ask a
lot of questions.
Do your research on therealtors, on the mortgage
(13:56):
brokers.
Do your research on thesepeople.
Make sure they have any lossesagainst them, anything against
me, because you know, find outexactly who these people are
that you're working with,because it's good to work with
professionals, right, well,people that really work for your
best interest, right, like wedo, we work for your best
interest and we always helpingclients out there with their
best interest.
But doing things like that, wow, I mean that's sad, to be
(14:19):
honest with you.
Yeah, do you know when thishappened, when it started?
Speaker 2 (14:22):
So I believe this article came up in October 9th.
Speaker 1 (14:25):
We don't know how long this has been happening for
, but I would say when someoneis doing this, they might be
doing it for such a long timeuntil they get caught, and that
one person give a call to theDepartment of State, the federal
, then it goes on from there.
But I'm happy that they'regoing to be serving their time.
Yeah, I mean this is afiduciary duty.
Speaker 2 (14:44):
When you sign those, those documents on your license
as a real estate agent, you areclearly told that, hey, you have
a fiduciary duty to yourclients, meaning that you have
to hold their best interest athand.
Speaker 1 (14:56):
For sure.
And you, you know, like us, wesit down with so many clients
that come to you.
I feel for those clientsbecause, like I say to them all
the time, like it's like, Iunderstand your position.
I know this is something youwant to do.
You know your emotions.
It's kind of scary sometimes,right, because you're putting
your lifetime saving into this.
When we help these clients, wefeel for them because myself,
right, I'm also a dad, I'mmarried.
(15:17):
I'm always going to protect andprovide to my household.
I, especially those dads Iunderstand you guys' position,
especially when you come to us,you trust the realtor to help
you out.
But it's really sad.
It's funny that this thing cameup because the other day I was
talking to another client.
She actually did a refinanceand didn't even know that she
was getting a second mortgage.
(15:38):
Like no one really explained toher.
And then when she found outthat she has a second mortgage,
she was really like themodification mortgage.
They didn't explain to her indetails what was she going to do
A modification mortgage and shewas having a second mortgage on
her property.
She actually is losing herproperty, like she's going
through foreclosure right now.
And I told her listen, there'snothing we can do.
What we can do is try to do ashort sale and guess what is?
(16:05):
The banker doesn't want to aska lot of questions.
Go out and do your research.
Speak to two to three peoplebefore you hire someone.
I always give that advice toeveryone.
This poor lady.
Now she's about to lose herhouse.
About three years ago I hadanother client that she did a
modification.
She wasn't aware of it, but wewere able to help her out.
We ended up doing a short salefor her in the Bronx.
(16:25):
I was the one that did theshort sale for her from start to
end and we were able to do theshort sale for her.
But she was about to lose herhouse too.
And this one is actually moreinteresting because it was in
the Bronx.
And guess what?
She was on a vacant list.
She was renting out the houseby bedrooms illegally, and guess
what happened?
The city came, put her on thevacant list.
Guess what happened?
(16:45):
They end up picking up thosetenants.
Angel end up taking thosetenants to like a hotel in New
York City.
And guess what?
These guys were living there, Ithink, for over three years.
And she had to pay for that youknow what was her bill.
It was crazy.
What was her bill?
$80,000.
And guess what?
The city didn't waive anythingfor her.
She, the $80,000.
And she wasn't aware of it.
Right that this was happening.
(17:06):
So you homeowners out there,make sure you read all those
documents that come to your home.
They were mailing her docletters every year for it and
she wasn't.
She didn't understand it.
You know, unfortunately shedidn't read English, but you
have us.
If you guys don't read Englishor need help and read these
documents, contact us.
That's what we're here for.
We can assist you, give you thebest help we can, the best
(17:26):
guidance on this.
That's what we're here for.
She didn't have anyone to readthem and she should just throw
these letters out.
When she came to sell, whenwe're doing the short sale, this
popped up on Tidal guys.
And guess what?
I tried to negotiate with thecity.
City said nope, give me my$80,000.
And she had no choice.
But we were able to do theshort sale.
Thank God that her banks.
But we were able to do theshort sale.
Thank God that her banks thetwo banks that she had.
(17:47):
They were very reliable andthey were able to.
We were able to negotiate withthem.
We ended up getting them, youknow, the job done.
But she got a short sale.
But this is due tomodifications and they don't
understand what they're signing,what they're doing.
They just desperate to not losethe property.
But thank God we were able tohelp do a show.
So I got another client thatactually went through
foreclosure.
Speaker 2 (18:07):
Yeah, Like you said, you have to ask many questions
and have the right people to askthose questions too, because if
they're not able to answerthose questions, there's someone
out there that will and candefinitely help you out much
better than those that can't.
Alex is a great example of it.
He's been in the years for Godknows how many years.
Speaker 1 (18:27):
Yeah, got a decade.
I'm going bald.
I got a lot of grades.
Now my son tells me all thetime like Bobby, I don't want
you to get old.
You got a lot of grades.
Now I'm like, yeah, it's partof life, bobby, but it's the
real estate you know, theexcitement, the emotion, the.
(18:49):
You know real estate is verystressful, Many things.
It's easy, it's not easy, butit's my calling and I'm excited
about that.
I love doing the real estatebut, yeah, you know, it's
exciting.
Real estate is very exciting.
It's a roller.
I always say it's a rollercoaster.
It got ups and downs, but it'smore ups than downs.
To be honest with you, Realestate is fun.
You got to enjoy what you doand we actually enjoy what we do
.
Right, this is actually veryfun for us, Exactly.
Speaker 2 (19:06):
It's also about the people that you surround
yourself with.
When you're surrounded by thosethat are passionate about real
estate, as you are, and it'sjust a treat to come into the
office every day and just likework on it with your whole team.
Speaker 1 (19:17):
Yeah, for sure, it definitely is.
It's great how real estate isbecoming.
Everyone is going after andafter the real estate now right,
and I see that everyone wantsto purchase, wants to sell, buy,
sell.
Speaker 2 (19:28):
After COVID, that was a big thing, right.
Everyone wants to get their own.
Speaker 1 (19:31):
Ever since COVID, I feel like the real estate market
has shifted more into positiveand going up.
Of course, the election of thisyear is very important, right
In November.
I see what Rowan does, butlet's leave it to God's hand.
Hopefully, wherever wins wins,the election is going to be big
guys.
After the election, definitelyin the real estate, you're going
to see the shift where it wantsit to go.
Election is going to be hugeguys.
Speaker 2 (19:55):
I don't want to talk about politics, but something
that everyone should have inmind, about the elections.
Well, with that, I think that'severything that we wanted to
talk about today right, guys?
Speaker 1 (20:00):
please like, share, subscribe, please, guys, ask
some questions.
That's what we're here for.
We're here to talk aboutanything you guys would like to
do with real estate industry andany interesting stories.
We're here for you, guys.
Thank you so much, angelo.
Ending with this with Suit UpWith Byes podcast.
Take care, guys.
Bye guys.
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