The real estate industry can be very tough to navigate, especially in a place like New York City where the prices are some of the highest in the country. However, for those who are able to prosper in this industry, the profits can be very sizable. It takes in-depth understanding of the market, expertise, and a vision that goes beyond buying low and selling high.
Solly Assa has been in the real estate business for over two decades, he is the CEO and founder of Assa Properties, a company that targets investment and development into major commercial, residential, and retail properties. Assa currently owns over 3 million square feet of assets in the U.S. and Mexico.
Assa has attained such success because of his approach to his real estate endeavors, as he is always in it for the long game, as opposed to short term ventures- flipping homes being a tangible example. Solly enjoys working in real estate because he wants to be a source of change, he wants to be the one responsible for making a big statement that is vastly different than anything that can be currently seen on the market. Assa does this be identifying how to best position his asset in order to gain a large share of the market, he does this in order to challenge the traditional ways of developing property, making his properties a measuring stick for the luxury markets. Assa says that his formula for success is premised on selling properties for a price that is ultimately higher than the aggregate cost of acquisition of the land, as well as any construction that may be necessary in order to make the property stand out.
Assa is best known for his project, Cassa, a residential-hotel combination in Midtown New York. Cassa reinvents the definition of luxury in the real estate market by providing top-notch living accommodations, combining the best of both worlds by combining luxury housing with high-end hotel living. Cassa NY is a tremendous addition to the dynamic skyline of New York City. It has elegant proportions and dramatically articulated windows, Cassa’s striking exterior both complements and contrasts with the surrounding cityscape. An inspired addition to the architectural fabric of New York City, Cassa will provide an exceptional quality of life for the privileged few who will call it home. Cassa NY has some of the most elite members of society as residents, they include Rihanna, French Montana, Princes from Middle Eastern royal families, just to name a few.
Cassa Hotel and Residences has three ultra-luxury penthouses that can only be that display stunning 360-degree views of Manhattan. The most intriguing component of these penthouses is that they were each designed as part of Showtime’s Showhouse for California Home and Design Awards where some of the best interior designers honored their favorite Showtime series.
Other noteworthy projects of Assa Properties are the acquisition of 15 west and 19 west 55th street for $60M and less than 4 years the sale of a mixed-use property at 19 W 55th Street for $50 million and refinance 15 west 55th with Barclay’s bank for $73 million – following a major revitalization program. Another Cassa project on 45th street valued for approximately $280 million, as well as a project in Time Square that valued for approximately $200 million.
Assa says that a lot of his success is due in large part to fostering powerful and lasting relationships with his clients. Such relationships let Assa go above and beyond to make sure that his clients are happy, and that all their needs are properly met. Assa is always open to new ideas to grow his already vast empire, if anyone has a joint venture proposition with value, Assa is all ears. For anyone who wants to get into real estate, Assa is happy to share his ingredients for success. He says that due to the rapid evolution of the real estate business, educating oneself through research, reading, and various methods of increasing one’s knowledge are paramount to future success.
Sarah Rielly was born and raised in Cleveland. As a journalist, Sarah has contributed to many online publications including The Street and The Inquir. In regards to academics, Sarah earned a degree in business from St. John’s University. Sarah covers economy stories here at Business News Ledger.