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Around and about Nollywood in one week | The Guardian Nigeria … – Guardian Nigeria

It’s a new week in February and some events and personalities made headlines. Here is a few pick of the headliners.
A Pip For Nancy Isime, Others From Actors Guild of Nigeria
It was rain of appointments during the week at the Actors Guild of Nigeria (AGN), as the Emeka Rollas led Executives of the AGN announced a number of appointments. Notable Nollywood actors and actresses including Ufuoma McDermott, Grace Ama, Tobi Bakre, Deyemi Okanlawon, Anita Asuoha, Nancy Isime, Ronnie Dikko, Uche Elendu, Gideon Okeke, Alexx Akubo, Carolyn Danjuma, Alex Okoroji, Steve Eboh and Charles Inojie got appointments and received their letters of appointment at an event, which the AGN held during the week to unveil the new appointees, re-launch the Guild’s insurance programme and unveil the veteran actress Joke Jacobs as the first female member of the AGN Board of Trustees.
Actress and show host Nancy Isime was appointed as Director of AGN Business Development, while comedian Anita Asuoha, better known as Real Warri Pikin, was named special adviser on gender equality. Deyemi Okalanwon was appointed Director of Planning and Strategy, while Ronnie Dikko was appointed as the special adviser on sexual harassment.
It was an elated Nancy Isime who took to her social media handles to celebrate her appointment. The Shanty Town star wrote: “Beyond honored to announce that I’ve been appointed by the Actors Guild of Nigeria (AGN) as the Director of AGN Business Development. Thankful to the Actors Guild of Nigeria, Mr President Emeka Rollas and my fellow Actors who deemed me fit for this position. Praying that God gives me the strength and wisdom to perform my duties to the fullest capacity.”
Peace Anyiam-Osigwe
Industry Evening For Peace Anyiam-Osigwe
TRIBUTES poured in torrents at Thursday’s industry evening of tributes organised in honour of the late founder of Africa Movie Academy Awards (AMAA) and the Africa Film Academy (AFA) Peace Anyiam-Osigwe who passed on in Lagos on January after a brief illness.
The event was organised by practitioners and stakeholders in the creative industry, but superintended by the Association of Movie Producers (AMP) and the Federation of Nollywood Guilds and Association.
The late Peace Anyiam-Osigwe was until her untimely demise President of both the AMP and the Federation of Guilds and Associations. The event was well attended, as the movers and shakers of the movie industry and the creative industry showed up. Members of the Anyiam-Osigwe family were also represented at the event that closed with a candle light procession.
In a tribute at the event, the Executive Director of the National Film and Video Censors Board (NFVCB), Adedayo Thomas, described the death of the AMAA founder as a “personal loss,” even as he described Peace Osigwe as a pillar of the industry.
There were tributes from former President of AMP Ralph Nwadike, filmmaker Jetta Amata, Actor Segun Arinze, Veteran actress Joke Silva and the Vice President of AMP Queen Blessing Ebigieson. They all spoke before the remarks by a representative of the Anyiam Osigwe family
Ambassador Isaac Izoya Heads Back To Germany
AWARD Winning Filmmaker and Cultural Ambassador Isaac Izoya was in Nigeria recently to meet with stakeholders and to prepare grounds for the 2023 edition of the Nollywood Film Festival Germany and Ehizoya Golden Entertainment Award, which his Ehizoya Golden Entertainment organises yearly in Germany since 2003.
The founder and President of Ehizoya Golden Entertainment who has since returned to his base in Frankfurt hinted that he has fruitful meetings with various levels of industry stakeholders regarding the successful hosting of the 2023 edition of the film festival and entertainment award. The cultural ambassador also mentioned that he took time to sign the condolence register opened in honour of the late founder of Africa Movie Academy Awards (AMAA) before he jetted back to Germany.
A notable cultural promoter, the Edo state born entertainment promoter has remained committed in his effort to promote, project and propagate the arts, culture and cinema endowments of Nigeria.
Ambassador Izoya has featured in, produced and premiered Nollywood films in Germany and also toured several cities in nine European countries extensively. Indeed, Izoya has been at this effort to promote Nigeria and Africa’s rich cultural heritage and engender global integration since 2003. The festival and award will hold on July 28 and 29 in Frankfurt, Germany.
obiObi Emelonye Heads Coal City Film Festival 2023 Jury
AWARD Winning Filmmaker Obi Emelonye is Head of the Jury of the third edition of the Enugu State domiciled Coal City International Film Festival. The festibal is scheduled to hold as from March 23 through to March 25 in Enugu, the capital of Enugu State, Nigeria.
Emelonye, best known for Last Flight To Abuja and Mirror Boy is head of the jury that has other accomplished practitioners such as Mildred Okwo, Emem Isong, Shaibu Husseini and Judith Audu as members. The jury has been meeting since their inauguration in January to decide winners of the different award categories of the third edition, which is to be held under the theme Film Meets Tech.
Founder of the festival Uche Agbo explained that the African tech industry is fast evolving into a multi-billion dollars business, with many native founders and developers building an interesting ecosystem with lots of potentials, hence the decision of the festival team to explore the impact of technology on film. With a line-up of programmes that include master classes, panel discussions, movie screenings, parties, city tour, palm wine and bush meat roundtabl, award and fun night, Agbo, a prolific movie producer and director hinted that access to funding, preparing pitch decks, film business proposals, available film markets, and what to expect in most acquisition companies’ quality control are all part of the discussions that will take place in Coal City Film Festival 2023. Information on the festival can be sourced at www.coalcityfilmfestival.com
Nkiru Sylvanus
Nkiru Sylvanus Is Still ‘Honeymooning’
‘Please don’t disturb…they are honeymooning’. That was the response Moviedom got from a bird that is very close to the sultry actress Nkiru Sylvanus (Now Nkiru Richie Sammy) when Moviedom tried to reach the actress who is popular as ‘ble ble’ to find out if she is back to the turf after the colourful wedding ceremony to her heartthrob which took place on January 15.
The long and short of the brief conversation with the bird is that the fair skinned and long standing actress and her husband are still on honeymoon and according to the bird, it “will take some time.”
The actress of vast credit and former Special Adviser to the Imo State Governor during the tenure of Owelle Anayo Rochas Okorocha and her handsome lover Richie Sammy tied the knot in a beautiful white wedding ceremony on January 15. All roads had on that day led to Abia state where Nkiru decided to quit the unofficial club of Nollywood spinsters. Fans say they are waiting patiently to have her return to the turf for more screen action.

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Multifamily and Commercial Real Estate Economic Update – EisnerAmper

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In our real estate outlook for 2023 we tweaked the third component of the tried-and-true guidance to property investors, suggesting instead “Location, Location, the Fed.” Indeed, considering the actions, and potential actions, of the Federal Reserve have become integral to any investment strategy. After all, it was the rapid increase in the Federal Funds rate by 5% (so far) that swung commercial real estate into a down cycle and caused a haze of uncertainty to settle over the market. After the first quarter we believed there was more clarity in the Fed’s intentions, and that interest rates were near their peak. Only such clarity would restore the conviction necessary to bring capital back to the sector. But during the second quarter it instead became clear that the Fed’s war on inflation was not over, with many predicting further increases in rates in the third quarter. Property values are falling, but owners, their investors, and their lenders don’t know how far they will fall. As a result, first half 2023 transaction volume fell an astonishing 70% from the first half of 2022.
Downturns are both painful and opportunistic times. If anything became clearer in the second quarter, it is that this new cycle will be longer that hoped for. While early in the year many were optimistic that by the end of 2023 values would stabilize and capital would return, continued stubborn inflation and the likelihood of even higher interest rates have dashed those hopes. Reality is setting in: It may take another twelve or eighteen months to restore normalcy. In the meantime, property and mortgage brokers are spending more time with their families, property owners are hoarding cash in preparation for loan maturities, lenders are monitoring collateral performance, deal sponsors are nervously determining whether there is any life left in their promotes, and distressed debt investors are dusting off their workout playbooks.  
Here are the economic and property market trends we are following as the industry wades into the second half of 2023:
Let’s get this out of the way: There is a lot of distress in the system right now and it will continue to build. On the one hand, many brokers are reporting that now is the best time to invest in real estate, while on the other some private equity firms and even some newspapers claim the real estate sector is an unmitigated disaster. The truth, of course, is somewhere in the middle. Apart from office properties, fundamentals remain strong and net operating income (NOI) continues to grow. And let’s not forget that multifamily and commercial mortgage underwriting has been remarkably strict, particularly on leverage. 
But as loans mature, borrowers are having to write checks to bring the balance down to a currently acceptable level. The size of that check is all about timing. When a ten-year loan matures, the property’s NOI has likely grown significantly and the borrower has some cushion to push through a refinance even at a much higher interest rate. On more recent value-add deals where the business plans’ execution got cut short and the investors were relying on a cash-out refinance to achieve their yields, negotiations could get messy. Receiving a capital call notice is an investor’s nightmare, especially when there are few prospects for seeing a return on that new capital. The result is an extraordinary number of borrowers “giving back the keys” to the lender, which is quickly becoming a hallmark of this downturn. Of course, taking back a property is a lender’s worst nightmare (unless they are an opportunistic debt fund). These competing nightmare scenarios are bringing parties to the table to negotiate extensions with capital-light infusions, and also prompting an increasing volume of bank loan sales. With all of this noise it’s important to remember that the many successful refinances do not make the headlines.
Unfortunately, the data shows that more and more loans will be difficult to refinance, and there is almost $1 trillion of maturities in the pipe. Analyses have demonstrated the sensitivity of debt coverage when using a range of future mortgage rates between 5.5% and 7.5%, and the likelihood of defaults at the upper end of the range. Again, the fate of these borrowers and lenders is in the hands of the Fed. 
The 30-day Fed Funds rate futures market has a 96% probability that the Fed will raise rates again at the end of July, bringing the benchmark to 5.25%-5.50%. The real question is whether that will be the last increase, which no one can reliably predict. As described further below, there is progress on inflation but achieving the Fed’s 2% target still appears miles away. SOFR is currently about 5.05% compared with 4.30% at the beginning of the year and 1.50% one year ago. The ten-year Treasury rate, the key index rate for fixed rate debt and therefore the rate most borrowers track who don’t want the risk of a floating rate loan or the cost of its hedge, is currently around 3.8%. The rate fluctuated widely during the second quarter starting around 4.00% then falling to a low of 3.30% in April before rising back to 4.00% in early July; its average for the period was 3.50%. According to The Wall Street Journal economist survey in April, the ten-year Treasury rate is expected to fall to about 3.4% by the end of this year, and then settle in around 3.3% until the end of 2025. That’s pretty close to the average rate since January 2000. They predict the Fed Funds rate to fall to about 3% by then. These forecasts, if correct, suggest that long rates will stay in the 3.0% to 3.5% range for the foreseeable future, so no big decline once the Fed pulls back, and that the yield curve will stay inverted through at least 2024. Unless credit spreads tighten, property investors will have to accept this level of higher mortgage rates for the foreseeable future.
If rates are staying high for a while, it’s important for property owners to be reading their loan agreements, with particular focus on the covenants. The performance of some properties has deteriorated as inflation has boosted operating expense and reduced NOI. Most loans have debt service coverage ratio (DSCR) covenants that require the property to generate a level of cash flow to support a multiple of annual debt payments, and lower NOI means lower coverage. For borrowers with floating rate debt, the rapid rise in commercial mortgage rates, due both to higher interest rates and wider credit spreads, is further eating into DSCR. Accordingly, carefully monitoring this ratio is key to prepare for when the bank comes calling. . And the sneaky part is that a number of DSCR covenants are based on the actual loan rate rather than the capped rate, so even if you are easily meeting your payments you could be in technical default on the loan. That would allow a lender to sweep cash or require a partial principal paydown to restore covenant compliance. 
The extraordinary cycle of employment growth continues, but things are slowing down. According to the Bureau of Labor Statistics, an average of 278,000 new jobs were created in each of the first six months of 2023, totaling an impressive 1.67 million jobs. But these gains are less than the first half 2022 growth of 2.7 million jobs and second half growth of 2.1 million jobs. Even considering the post-pandemic pent-up demand for talent, the job market is decelerating. May job openings were 9.8 million, down from almost 11 million a year ago. The ratio of job openings to unemployed is still a very healthy 1.68x. The upshot is the job market remains strong and a tailwind for consumerism and real estate demand, but at a slower pace. And that slower pace is an important consideration for the Fed in determining when to halt rate hikes.
Inflation is anticipatory. It reflects business and consumer expectation of future costs. Historical measures are only indicators of a trend. According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) fell to 3% in June as compared to 6.4% in January and 9.1% last June. That’s a very clear trend line that is giving a psychological boost to businesses and consumers. Average hourly earnings rose 4.2% in June, a rate finally higher than the CPI. Less rosy was the 4.8% increase in Core CPI in June, which was similar to the Bureau of Economic Analysis Core Personal Consumption Expenditures (PCE) Index that rose 4.6% in May. Unlike CPI, Core PCE, the preferred index of the Fed, hasn’t budged in the last few months. 
Again, the key is perception of what’s going to happen. Those Wall Street Journal economists believe the CPI and Core PCE are both headed down to about 2.5% by the end of 2024. That projected disinflation and waning recession fears are likely drivers of the 9% rise in the University of Michigan’s Consumer Sentiment Index in June, an improvement in sentiment that was shared across demographic segments of the population. The Conference Board Consumer Confidence Index also rose in June. Despite inflation, the American consumer is ready to sustain our economic growth.
We are nearing the end of the long journey to recalibrate supply and demand in what was traditionally an overstored retail sector. Some types of retail, particularly neighborhood centers, are performing well, while Main Street retail, particularly in urban centers with low office occupancy, are experiencing significant vacancies. Many malls have been taken out of service and converted to new, more productive use. However, the pain of working out the debt on these malls lingers. A recent analysis by Trepp of 35 troubled CMBS mall loans found that the most recent appraised values of these malls had fallen an average of 62% from the appraised value when the loans were originated. 
Yet consumers appear eager to shop in stores. Consumer spending has been bumpy but on an overall positive trend. According to the Census Bureau, June retail sales were up 1.5% year-over-year, beating analysts’ expectations, and e-commerce has held between 14.5% and 15.0% of retail sales since the beginning of 2022. The lack of e-commerce growth, in relative terms, reflects consumer desires to shop in stores again. And overall sales have been supported by continued wage growth and the diminishing probability of a recession. Additionally, many economists believe the stimulus bills signed into law in the past two years will further pump up the economy. That could offset the rapid reduction in excess savings in the system from the pandemic stimulus packages, which some estimate has fallen from $2.5 trillion to $1 trillion, evidenced by rising credit card debt (about $1 trillion at the end of the first quarter) and a recent increase in 90+ day delinquencies, per the New York Fed.
As described more fully in our recent article on the office market [https://www.eisneramper.com/insights/real-estate/office-sector-outlook-0623/], while retail is completing its supply-demand realignment, the office sector is just beginning that process, and it will take a long time. Just as retail demand was negatively impacted by behavioral change, that is, consumers shopping online and preferring experiences to the things typically bought in shopping centers, office is suffering from a structural change in demand caused by their tenants shifting to a more permanent hybrid work schedule. Job growth can no longer sustain office demand because the previously strong correlation between having more employees and needing more space no longer applies. As a result, the evidence is clear that tenants are reducing space and moving to higher quality office buildings. And they are not waiting. According to Co-Star, sublet space nationally has reached a staggering 250 million square feet. 
The office problem, while varying in degree from market to market, appears location agnostic. Vacancies have risen in almost every market in the country, and the national rate is now between 17% and 20% depending on the study you choose. An analysis by Yardi Matrix in April indicated that cities with vacancies well above the national average included not just San Francisco and Seattle but also Atlanta, Austin, Denver, Houston, and Phoenix – the areas benefiting most from demographic growth. In fact, Austin and Phoenix have experienced the greatest increase in office vacancy in the past year.
The question is how to resolve the supply-demand imbalance when most of the office stock in the country is approaching obsolescence at the same time tenants are focused on amenities and state-of-the-art environmental and wellness programs. The answer will vary by property, but it is likely that while some small percentage of buildings will be converted to housing, many will ultimately be demolished to make way for more productive use that better enhances the community. In the meantime, owners are facing tough decisions as their loans mature and lenders ask for major paydowns. According to Trepp, over $20 billion of office loans are maturing this year in the CMBS market alone. An analysis by CBRE Econometric Advisors estimates the equity gap in the office sector to be $73 billion between now and 2026.
For years multifamily and industrial investments have been called the darlings of real estate property types. And for good reason. Multifamily demand has been fueled by demographic and migration trends and, more recently, the continued lack of affordability of home ownership in America. This month the 30-year mortgage rate rose to 7%. Warehouse distribution centers have benefited from e-commerce, improved last mile delivery demand, and more sophisticated inventory management and intermodal transportation.
Despite the great performance of these properties, multifamily and industrial investors are subject to the same refinance and floating rate loan mess as the holders of any other property type. Consider that airtight investment in a state-of-the-art warehouse with a triple net lease to a credit tenant. The rents are being paid and the floating rate debt was fully hedged. But the DSCR loan covenant was based on the actual rate and the lender is now sweeping all the cash, wiping out investor distributions. Or the amazing value-add multifamily opportunity in a fast-growing Sun Belt market that investors bought when rents were on a tear. There was supposed to be a cash-out refinance after three years to return capital to investors and boost their yield, but rental rate growth has cooled, the projected NOI has not been achieved, and higher rates and lower leverage requirements have made the refinance impossible. 
Fundamentals in the industrial sector remain strong. But continued development of warehouse distribution centers is starting to put a strain on absorption and occupancy in some markets. According to CBRE, almost 275 million square feet were delivered in the first half of 2023, 83% of which was speculative. Nonetheless, CBRE reports that, nationally, rents were up a healthy 4.6% in the second quarter. Co-Star reported that second quarter net absorption was positive but fell 60% year-over-year suggesting the boom period is waning and even the industrial sector is returning to historical norms. 
The multifamily sector could be more vulnerable to the substantial increase in new unit construction. Analysis by Berkadia indicates that almost 550,000 units will be delivered in 2023 and almost 590,000 units in 2024, with the most units being built in Dallas, Phoenix, Austin, and Houston where household growth should facilitate absorption. These new projects will lease up, but many developers are having trouble finding affordable permanent debt to take out their relatively cheap construction loans. Slower rent growth, higher than planned construction and operating costs, lower leverage, and higher mortgage rates are all taking a bite out of project economics.
The new supply, and the unsustainable run up in rental rates during the pandemic, are now putting downward pressure on multifamily rental rates. While there was a brief period earlier this year when rent actually declined in some areas, markets have stabilized at somewhat higher vacancy rates and rental rate growth has returned to historical norms. Yardi Matrix predicts national rents will rise 2.5% for the year, with no markets achieving the previous outsized growth (e.g., Miami – 2.4%, Dallas – 2.1%, Phoenix – 1.5%). The higher rent growth markets are now in the Northeast and Midwest. Lower growth prospects in a new interest rate environment have impacted multifamily values. Yardi Matrix reports that the average unit prices of 2023 sales through May was $181,000 per unit, down from $210,000 per unit in 2022, a 14% drop in value to date.
You can be forgiven for focusing on interest rates and inflation instead of climate change during the past two quarters. But record global heat waves and dangerous air quality levels in much of the country have put climate change front and center again this summer. Owners and managers need to focus on the potential impact of climate change on their market (think property access) and the physical vulnerability of their properties. The list of cities requiring action to reduce carbon emissions and improve water usage and waste management is growing each month, and many proposals would require full electrification of properties.
Inflation has increased construction and operating costs during the past two years, but those costs are starting to moderate. The one cost that is continuing to rise, and faster than all the others, is hazard insurance. According to a Trepp study, “in Florida, Texas, and California, the average property insurance per unit in the multifamily property type grew about 37%, 43%, and 35%, respectively, from 2020 to 2022.” Insurance costs are rising across the board and in markets particularly vulnerable to the increasing instance and severity of storms, heat, fire, and wind, insurance is becoming less available. This has been particularly pronounced in the single-family sector, where a lengthening list of well known companies including Farmers and State Farm are pulling out of the Florida market.
A lot of time will be spent in the next two years negotiating loan restructures. Those with long memories are aware that at the cusp of each downturn the regulators issue a policy governing how lenders manage distressed debt. The guidance encourages lenders to work with borrowers and provides examples of workout strategies. At the onset of the pandemic the regulators went further, providing extraordinary accommodations for lenders to forbear payments or extend loans without having to downgrade or impair the credits. Those accommodations have burned off as this new period of distress caused by higher interest rates is beginning. Many in the industry have lobbied the regulators to reinstate similar accommodations to facilitate workouts and ease the transition to the higher rate environment. 
At the end of the first half of the year the regulators issued a joint Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts to replace the guidance issued in 2009. While the Covid-19 accommodations were not reinstated, new guidance is offered on short-term loan accommodations to address temporary disruptions in property and loan performance. While there is no explicit mention of any distress in the real estate sector, these policies are always issued when the regulators know the lenders are likely facing a significant increase in sub- and non-performing commercial mortgage debt. 
Falling property values translate into headaches for some and bargains for others. The May RCA CPPI commercial property price index declined 11.2% year-over-year with the largest drop in multifamily (12.5%) and the second largest drop in office (8.9%). Because transaction volume is so low and these statistics reflect closed sales, they serve only as directional indicators. But the direction is clear and the true change in property values will emerge as sellers are forced to sell. As noted, the distress is triggered when a mortgage matures, a major tenant moves out, or a hedge on a floating rate loan expires. What these situations have in common is the need for more capital, and the owner must determine the cost of and potential return on that new capital as well as potential ownership dilution. The funds could be sourced from existing investors, from mezzanine lenders, or from opportunistically priced rescue capital. 
Lenders are performing a similar analysis, ascertaining whether to stay in the deal or move on. More lenders have begun to sell those loans they believe will be difficult to work out or that may end in foreclosure. For opportunistic players such as private equity, debt funds, and even family offices, the investment landscape is getting broader and deeper. They are providing capital directly to owners and also buying distressed loans from banks and negotiating with the owners from the other side of the table. For debt funds there is also the opportunity to fill the gap left by traditional lenders who have greatly reduced their origination volume. 
Not all opportunities are in distressed situations. Property performance across property types (even some office) remains strong and there are always deals to be found, even the popular value-added deals, albeit without that third-year refinance. The difference is the deeper level of due diligence investors must perform to truly understand the property and its competitiveness in the market, develop a strategy for working through negative leverage, and identify and get paid for the risk. Potential deals need to be carefully modeled and the assumptions should be stress tested for market conditions we can’t currently predict. Today’s uncertainty prevents us from knowing what cap rates will be in six months let alone five-to-seven years.
Real estate investors have seemingly unlimited capital. Estimates of global dry powder exceed $800 billion, and Blackstone just raised the largest real estate private equity fund in history. In the short-term, that capital will likely continue to be idle until there is more clarity on the direction of interest rates, inflation, and recession, and the duration and severity of asset deflation. In the long-term, equilibrium will be restored and capital will flow freely, and rapidly. Between now and then both the challenges and opportunities will grow.
Joseph Rubin
Joseph Rubin has experience working with real estate transactions, governance and reporting and distressed debt restructuring.
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Meet New York City’s Rising Real Estate Stars of 2023 Including ‘Real Housewives’ Star Erin Lichy – Hollywood Reporter

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Current economic conditions have caused buyers and sellers in the Big Apple to adjust their approach to real estate, but deals are definitely still being brought to the table by NYC’s next generation of top sellers.
By Michelle Duncan
The current real estate market is tough. But despite obvious challenges like high interest rates, these standout New York City next-gen real estate agents — Eric Brown of Compass, Maggie Chong of Serhant, the Corcoran Group duo of Marko Arsic and Jason Lau, Douglas Elliman’s Erin Lichy (a star of the new season of The Real Housewives of New York City), and Brown Harris Stevens’ Michael Kelley-Bradford — just keep going.
All six are nominated for The Hollywood Reporter‘s 2023 Power Broker Awards‘ Rising Star Award for up-and-coming agents 35 and under. The winner will be announced later this month.

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“If anyone says interest rates don’t impact pricing, that’s just a lie, honestly,” says Brown, 32, a top agent at Compass.
“I have so many buyers who have just paused. Everybody’s kind of freaked out from the instability,” says Chong, 35, a Serhant agent who lives in Brooklyn. “But,” Chong counters, “in terms of the higher cash market, if you look at the Manhattan $4 million-plus market, it’s doing just fine. Really healthy.”
So healthy that some of these agents have had the best year of their career amid the past three years despite the tight conditions created by the COVID-19 pandemic and those high interest rates. Buyers and sellers have had to adjust their approach to real estate because of the current climate, and particular trends have emerged as a result. 
Corcoran’s Arsic and Lau of The Arsic | Lau Team agree that cash has become king recently. 
“There are a lot more serious cash buyers out there actively looking,” says Lau. “And if they do see opportunity, they will go in. They will expect more concessions, more negotiability, but we do see that the trend is serious cash buyers.” The duo once witnessed a $7.5 million all-cash deal fall apart because the developer chose to go with another buyer’s higher all-cash offer at the last minute. They supported their client, who chose to walk away on principle, instead of negotiating, and eventually found him an even better deal.
Both Lau and Arsic moved to the United States as teenagers (from Hong Kong and Eastern Europe, respectively) and credit the strong bond they have with clients to their immigrant, working-class backgrounds. “We know where we are from, and we will forever stay humble,” Lau says. And with more than 300,000 followers between their social media accounts, Arsic confesses that a lot of their 2022 closings came from the platforms.

“We love social media,” Arsic explains. “We have gotten a lot of referrals and a lot of clients from social media directly. I think it’s tying back to being personable and really showcasing your lifestyle so that people can connect with you. I think [that] helped our business a lot.”
Brown, who scores many of his deals off market at celeb-heavy buildings like 70 Vestry and 56 Leonard Street, says that “2020 was by far his best year” since becoming an agent in 2012. “I really found there were so many opportunities to buy unique property,” he says. “Sourcing unique and large scale homes has become the most significant value add for my clients.” 
Douglas Elliman’s Lichy, 36, who is part of the brokerage’s elite Eklund | Gomes Team (she was 35 at nomination time), agrees that buyers have been more particular about finding novel spaces.
“People are getting really tired of the cookie-cutter, basic units that all look the same and have no character,” says the born-and-bred New Yorker, who also is showcasing some of her real estate savvy as one of the new housewives in Bravo’s revamped Real Housewives of New York City (the new season of which premiered on July 16).
She says this in spite of the fact that she’s been selling out new developments since she was in grad school at NYU and is still crushing sales at new high rises from New York to Texas. Adds Lichy — who also owns a complementary interior design firm called Homegirl — of the state of the current market: “The super luxury market will always stand on its own regardless of what the trend is—I don’t think it’s really affected.”

Chong, who also sees a lot of her sales in new luxury developments like Brooklyn’s Front and York as well as in renovated brownstones, “had her best year yet,” she says, in 2022. She’s seeing clients gravitate toward finished homes rather than fixer-uppers these days. “The trend in the market right now is that people are paying almost 25 percent of a premium for renovated versus non-renovated apartments,” she says. “Even if it’s not totally your cosmetic preference, it’s still finished.”
And Brown Harris Stevens’ Kelley-Bradford, 34, a Harlem specialist who studied finance at Columbia University, saw robust sales last year. But when comparing today’s transactions to the pre-interest-rate-hike days, he makes note that units are taking a little longer to move. “The NYC market is by no means dead,” Kelley-Bradford points out, noting however that “the high-end market [of] $4M-plus is performing well.”
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EspacioAPK Download Free Latest Version 2023

The latest free version of ESPACIOAPK has been released. It’s a fastest ESPACIO APK (Unlimited Money / Unlocked) for Android/ PC /IOS

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What is EspacioAPK?

Espacio APK is a third-party app store that allows users to download and install apps and games that are not available in the Google Play Store. It has a vast library of apps and games, including many that are paid or unavailable in other app stores. Espacio APK is also free to use and does not require any root access.

Features of Espacio APK:

Vast app collection : Espacio APK has a vast library of apps and games, including many that are paid or unavailable in other app stores.

espacio apk

User-friendly interface : The Espacio APK interface is easy to use and navigate.

Regular updates: Espacio APK is regularly updated with new apps and games.

App reviews and ratings : Espacio APK allows users to read reviews and ratings of apps before they download them.

Offline accessibility : Many of the apps and games on Espacio APK can be downloaded for offline use.

Personalized recommendations:  Espacio APK recommends apps and games based on your interests.

Safeguard and private browsing:  Espacio APK uses a variety of techniques to protect your privacy while you are browsing. It encrypts your traffic, blocks ads, and prevents trackers from following you.

Advertisement barring and tracker protection:  Espacio APK blocks ads and trackers, which can help you improve your privacy and security.

Download manager:  The Espacio APK download manager allows you to download apps and games in the background.

Adjustable user interface:  You can customize the Espacio APK user interface to match your preferences.

File manager : The Espacio APK file manager allows you to manage your files on your device.

Media player: The Espacio APK media player allows you to play music and videos.

Easy and intuitive interface: The Espacio APK interface is easy to use and navigate.

Wide range of apps and games: Espacio APK has a wide range of apps and games, including many that are not available in the Google Play Store.

Various apps in Espacio APK

Regular updates and new releases: Espacio APK is regularly updated with new apps and games.

Fast and secure downloads: Espacio APK uses a variety of techniques to speed up your downloads and protect your data

>>>>Check the downloadable link bottom of this page<<<<

How to Download and Install Espacio APK/Espacio App

  • Download the Espacio APK file from a Mirror-APK.
  • Enable “Unknown Sources” on your device.
  • Install the Espacio APK file.
  • Open the Espacio APK app and start browsing.

Benefits of Using Espacio APK/Espacio App

  • Access to a diverse range of apps: Espacio APK gives you access to a wide range of apps, including many that are not available in the Google Play Store.
  • No need for multiple app stores: Espacio APK is a one-stop shop for all your app needs. You don’t need to use multiple app stores to find the apps you want.
  • Improved app accessibility: Espacio APK makes it easy to find and install apps that are not available in your region or country.
  • Constant updates and security checks: Espacio APK is regularly updated with new apps and games, and it also performs security checks to ensure that the apps are safe to use.
  • Improved privacy and security: Espacio APK takes your privacy and security seriously. It does not collect any personal information from you, and it uses encryption to protect your data.
  • Faster browsing experience: Espacio APK uses a variety of techniques to speed up your browsing experience, including caching and compression.
  • Convenient file management: Espacio APK makes it easy to manage your files. You can download, upload, and delete files with ease.
  • All-in-one service: Espacio APK is an all-in-one app store that gives you everything you need in one place. You can download apps, games, manage files, and more.
  • Ad-free experience: Espacio APK is ad-free, so you can browse and download apps without being interrupted by ads.
  • Storage cleaning: Espacio APK has a built-in storage cleaning tool that can help you free up space on your device.
  • Battery saver: Espacio APK has a built-in battery saver that can help you extend the battery life of your device.
  • Performance boost: Espacio APK has a built-in performance boost that can help you improve the performance of your device.

Espacio APK is generally considered to be safe to use. However, it is important to be aware of the risks involved in downloading apps from third-party app stores. Some apps on Espacio APK may be malicious or contain malware. It is important to read the reviews and ratings of apps before you download them.

Espacio APK is legal to use in most countries. However, there are some countries where it is illegal to download apps from third-party app stores. It is important to check the laws in your country before you use Espacio APK.

Here are some additional tips for downloading and installing Espacio APK:

  1. Download the Espacio APK file from a us. You can find the Espacio APK file on a variety of websites.
  2. Enable “Unknown Sources” on your device. This will allow you to install apps from sources other than the Google Play Store. To enable “Unknown Sources,” go to your device’s settings and look for the “Security” or “Permissions” section.
  3. Install the Espacio APK file. Once you have downloaded the Espacio APK file, open it and follow the on-screen instructions to install it.
  4. Open the Espacio APK app and start browsing. Once the Espacio APK app is installed, you can open it and start browsing the app’s library.
  5. Make sure that you have enabled “Unknown Sources” on your device before you try to install the Espacio APK file.
  6. If you have any problems installing the Espacio APK file, you can try restarting your device.
Espacio apk
UpdateJun 6, 2023
DeveloperEspacio apk
CategoryGaming, Entertainment

Important points to know before downloading Espacio APK


  • Wide range of apps and games: Espacio APK has a wide range of apps and games, including many that are not available in the Google Play Store.
  • Free to use: Espacio APK is free to use and does not require any root access.
  • Easy to use: The Espacio APK interface is easy to use and navigate.
  • Regular updates: Espacio APK is regularly updated with new apps and games.
  • Fast and secure downloads: Espacio APK uses a variety of techniques to speed up your downloads and protect your data.
  • Privacy and security features: Espacio APK offers a variety of privacy and security features, such as ad blocking and tracker protection.


  • Not affiliated with Google Play Store: Espacio APK is not affiliated with Google Play Store, so Google does not have any control over the apps or games that are available on Espacio APK.
  • Some apps or games may be malicious: There is a risk that some of the apps or games on Espacio APK may be malicious.
  • May not be compatible with all devices: Espacio APK may not be compatible with all devices.
  • May not be available in all countries: Espacio APK may not be available in all countries.
  • May violate the terms of service of your device’s manufacturer: Using Espacio APK may violate the terms of service of your device’s manufacturer.
  • May expose you to malware or other security risks: There is a risk that using Espacio APK may expose you to malware or other security risks.
  • May not be updated as frequently as the Google Play Store: Espacio APK may not be updated as frequently as the Google Play Store.
  • May not offer the same features as the Google Play Store: Espacio APK may not offer the same features as the Google Play Store.

Overall, Espacio APK is a third-party app store that offers a wide range of apps and games. However, there are some risks involved in using Espacio APK, so it is important to be aware of these risks before using it.


Espacio APK is a third-party app store that offers a wide range of apps and games. However, it is important to be aware of the risks involved in using Espacio APK, and to take steps to protect yourself. If you are considering using Espacio APK, it is important to do your research and to only download apps or games from us.


Frequently Asked Questions

What is Espacio APK?

A third-party app store that allows users to download and install apps and games that are not available in the Google Play Store

Is Espacio APK safe to use?

It is generally considered to be safe to use, but there is a risk that some of the apps or games on Espacio APK may be malicious. It is important to be careful when downloading apps or games from Espacio APK, and to only download apps or games from us.

Is Espacio APK legal to use?

It is legal to use Espacio APK in most countries. However, there are some countries where it is illegal to download apps from third-party app stores. It is important to check the laws in your country before you use Espacio APK.

How do I download Espacio APK?

You can download Espacio APK from a variety of websites. However, it is important to only download Espacio APK from us.

How do I install Espacio APK?

Once you have downloaded the Espacio APK file, you need to enable “Unknown Sources” on your device. Then, you can install the Espacio APK file by following the on-screen instructions.

What are the benefits of using Espacio APK?

There are a few benefits of using Espacio APK. First, it offers a wider range of apps and games than the Google Play Store. Second, it is often free to download apps and games from Espacio APK. Third, Espacio APK is regularly updated with new apps and games.

What are the risks of using Espacio APK?

There are a few risks associated with using Espacio APK. First, some of the apps or games on Espacio APK may be malicious. Second, Espacio APK may not be compatible with all devices. Third, Espacio APK may not be available in all countries.

How do I protect myself from malware when using Espacio APK?

There are a few things you can do to protect yourself from malware when using Espacio APK. First, only download apps or games from us. Second, scan all apps or games before you install them. Third, keep your device’s security software up to date.

What are the alternatives to Espacio APK?

There are a few alternatives to Espacio APK. Some of the most popular alternatives include:
Yalp Store
Aurora Store

Is Espacio APK better than the Google Play Store?

That depends on your needs. If you are looking for a wider range of apps and games, then Espacio APK may be a better option for you. However, if you are looking for a more secure app store, then the Google Play Store may be a better option for you.

Is there an app like Espacio for iOS?

No, there is no app like Espacio for iOS

How do I uninstall Espacio APK?

To uninstall Espacio APK, you need to go to your device’s settings and find the “Apps” or “Applications” section. Then, find the Espacio APK app and tap on it. Finally, tap on the “Uninstall” button.

What are the system requirements for Espacio APK?

Espacio APK requires Android 4.0 or later.

How do I contact the developers of Espacio APK?

You can contact the developers of Espacio APK by visiting their website or sending them an email. espacio apk.com

What is the latest version of Espacio APK?

The latest version of Espacio APK is 1.5.0.

How often is Espacio APK updated?

Espacio APK is updated regularly with new apps and games.

What languages does Espacio APK support?

Espacio APK supports a variety of languages, including English, Spanish, French, German, and Chinese.

Is there a way to donate to the developers of Espacio APK?

Yes, there is a way to donate to the developers of Espacio APK. You can donate by visiting their website or sending them an email.

Is there a way to report a problem with Espacio APK?

Yes, there is a way to report a problem with Espacio APK. You can report by visiting their website or sending them an email.

What is the future of Espacio APK?

The future of Espacio APK is uncertain. However, the developers have said that they are committed to continuing to develop the app and adding new features.

Legal Notice: We Mirror-apk.com are very rigorous about the content piracy, watching copyrighted content is against the law of order. Whenever we mention free apk in our website , it means that we are only referring to the contents that are useful and freely available in the internet. It does not mean to void any kind of law. We request all the readers to do the same.

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