The Hot Seat: David Maundrell

Welcome to The Hot Seat, where we talk to folks who work in Brooklyn real estate, development, architecture, and the like. In this installment, we chat with David Maundrell, the founder and president of Aptsandlofts.com.

Brownstoner: What neighborhood do you currently live in, and how’d you end up there?
David Maundrell: I currently live in a loft building in DUMBO, Brooklyn. My search started mainly because my wife and I wanted an authentic loft space and a building with a private terrace, so we casually began looking for an apartment. The first loft we saw, we completely feel in love with the space and the large roof terrace. I started comparing the price versus other areas of Brooklyn and knew I had the allure of DUMBO, which in 2001 was about to explode, but also had the safety of knowing that Brooklyn Heights, which at the time the highest prices in Brooklyn, was one street over with its great school options. We saw the loft in November of 2001 when the market was non-existent after the 911 attacks. I knew this was an opportunity to apply my knowledge of the marketplace and of Brooklyn overall, and just closed my eyes and went for it. It has worked out well since; Brooklyn Bridge Park is now a reality and DUMBO currently has the highest price psf in Brooklyn.

BS: How’d you get started in real estate?
DM: When I was a freshman in college I was introduced to the owners of real estate appraisal firm Mitchell Maxwell & Jackson by my mother for a summer job. After graduating I worked for a multinational insurance company until I had an opportunity to get back into real estate by taking a position as a rental agent at a family owned agency in Queens. I was there for two years mainly handling Brooklyn listings for them.

BS: Any recent anecdotes you can share that you think reflect where the market is today?
DM: At our new development 175 Kent Avenue, which is 112 units, nearly 60% of our customer base is moving from Manhattan. Ironically only three people who currently reside in Williamsburg have moved into the building.

Click through for David’s thoughts on the Williamsburg development boom, and why he loves the design of Toren….

BS: Aptsandlofts.com has a huge presence in Brooklyn, especially Williamsburg. What do you see in the future of Williamsburg? After a great freeze-up of many developments, there’s life coming to some, but Williamsburg and Greenpoint still have the highest amount of stalled projects in the borough. How do we best address this problem as we continue to develop the neighborhood?
DM: Yes, many, if not most, of the stalled sites have had new life over the past 18 months as new capital has come in, banks are looking to unload nonperforming assets and steady improvements in the rental and condominium markets have helped boost confidence in the industry. It will take time, but I’m confident most projects will be up and running again and heading toward completion within the next 12 months.

BS: And, finally, your favorites: What’s your top Brooklyn neighborhood; fave new development; and property–not listed by your firm!–on the market?
DM: I choose to live in Dumbo because of the former industrial elements; I love looking at the design of the bridges, and the parks are just phenomenal. I also love being next to Brooklyn Heights / Cobble Hill for the services, shopping, the esplanade and just walking around admiring the brownstones on the tree-lined streets. On the other hand, I also love Williamsburg’s energy, vibe, creative influences and its avant garde entrepreneurs. People talk a lot about the stalled sites, but the social scene and nightlife rivals many Manhattan neighborhoods. From an architectural standpoint I love the design of Toren. Based on location, it’s a tie between 1 Brooklyn Bridge Park and the Edge. In Manhattan, I simply love the design and architecture of One Jackson Square, New York by Gehry, Chelsea Enclave, HL23 and 200 Eleventh Avenue.