National Standard Abstract (NSA), a full-service title insurance firm, has been active in its first six months. Since launching in March, NSA has closed $17.3 million in commercial and residential deals and launched an office in Harlem to complement its first outpost in Floral Park.
The $17.3 million worth of inaugural transactions include a $6M commercial refinance by an affordable-housing developer in Brooklyn, a $1M commercial refinance by an affordable-housing developer in the Bronx, a $1M commercial refinance in Harlem, and $9.3M in assorted purchases in Brooklyn, Queens and Nassau County.
“While the real estate market is strong across the city, the success we’ve seen in our first six months of business is largely due to the long-standing relationships our staff has nurtured over the years resulting in clients’ eagerness to work with us without hesitation,” said Osei Rubie, founder and president of National Standard Abstract. “Our ability to close multi-million-dollar commercial deals to smaller residential transactions demonstrates the skills of this young firm.”
To this point, NSA’s closed deals have involved tertiary markets, but Rubie told Real Estate Weekly that that the latter portion of 2016 will see the firm become active in markets such as Midtown, Manhattan.
“That particular footprint is exactly what we’re going after,” Rubie said. “That’s the latter part of 2016, he continued, “pursuing Midtown and Downtown deals.”
The opening portion of the coming year is spoken for, as the minority-owned firm has approximately $281M worth of finalized tertiary market deals in the pipeline between now and the second quarter of 2016.
That volume has allowed them to fund the new office.
“Harlem is at the top of the list of urban areas going through major revitalization,” Rubie said of the second location. “Having other business interests here, we are deeply rooted within the fabric of Harlem’s business community and are excited to continue playing a role in Harlem’s second renaissance.”
The deals that NSA has already finalized “encompass the revitalization of a number of communities, specifically in Brooklyn, Harlem and the Bronx,” Rubie told Real Estate Weekly. “It is important that these transactions revitalize communities that need revitalization.”