The Hot Seat: Luigi Rosabianca

Welcome to the Hot Seat, where we talk with folks who work in Brooklyn real estate, development, architecture, and the like. Introducing Luigi Rosabianca, principal attorney and founder of real estate law firm Rosabianca & Associates.

Brownstoner: What neighborhood do you currently live in, and how’d you end up there?

Luigi Rosabianca: I currently live in Downtown Manhattan. Perhaps this is an instinctual magnetic reaction to my Brooklyn upbringing. Born and bred in the Bay Ridge section of Brooklyn, it continues to nurture strong sentiments for me. In coming full circle, our Downtown community offers that same “small town” feel by childhood neighborhood once offered.

BS: And how’d you get started in real estate? How has the field changed since then?

LR: This road course included some hairpin curves and elevation changes. Once a student of architecture, I always fostered the desire to eventually attend law school. The two fields are actually closely related in an obscure, philosophical sort of way. After the prospect to create our law firm arose, these two worlds merged and gave rise to a transactional practice that’s respectful to our roots. I would say that since my joining it, the field has definitely been revolutionized; where professionals once operated with an optimistic reckless abandon, there is now a great deal of prudence and cautiousness taken on their part with every transaction.

BS: What’s changed about your job—specifically in Brooklyn—as more luxury developments move in, and bigger sales happen in the borough? Is it a safe assumption that Brooklyn will continue to see more sales comparable to Manhattan?

LR: The borough, specifically the northwest portion, is changing dynamically. These neighborhoods are growing vertically thus increasing and re-organizing the demographics of neighborhoods almost overnight. As townhouses and 1-3 family homes are replaced with condominiums, the Manhattanization of Brooklyn is in full swing. Our task, as attorneys, adapts to this new reality in the nature we conduct due diligence and title searches. This is true because title searches on townhouses and 1-3 family homes used to often be history lessons on Brooklyn’s origins. However with the new condominiums, they are mere inventories of legalese and documents.
After the jump, Rosabianca talks about the state of the market these days and why he likes the “Fruit Streets” of Brooklyn Heights…

BS: Do you have any recent anecdotes to share that you think reflect where the market is today?
LR: The market is still adjusting to the upheaval from the past several years. The rules of the game have changed and both practitioners as well as participants are still cultivating their gamesmanship. Looking at the current inventory within our city – little has changed. The city is still safe; the property values are stable; rental rates are strong; the city’s economy is stabilizing. The principal reason for current transactional difficulties is the continued lack of liquidity from Lenders. While rates remain comparatively low, access to those loan products is still relatively scarce. The pendulum has swung and we now await its return to more moderate leanings.

BS: Finally, your favorites: What’s your top Brooklyn neighborhood; fave new development; and property on the market?
LR: I liked DUMBO before it was an acronym. Yes, there once was a New York neighborhood without an acronym attached! Leave it to Brooklyn to select the catchiest one in town. As for a development, 80 Metropolitan strikes a keen balance between geography /value/quality. However, if a homeowner can gain access to the “Fruit Streets” in Brooklyn Heights, they’re the best; I’m talking about the section that features a handful of charming, tree-lined streets—Cranberry St., Pineapple St., Orange St., which are reminiscent of the borough in all its glory many years back.