Michael Falsetta

The project, with a combined 450 units in both towers, is one to watch both because of its sheer size and because of developer Toll Brothers' willingness "to do whatever they need to do to move product as long as they don't completely lose their shirt," said Michael Falsetta, executive vice president of commercial real estate advisor Miller Cicero, a sister company of Miller Samuel whose specialties include new development.
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"Downtown Brooklyn has done worse than just about any other neighborhood, even worse than Williamsburg, for two reasons," said Miller Cicero's Falsetta.
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Falsetta pointed out that, with the exception of Toren, many towers in this district sold slowly even during flush times.

He estimated that projects like Toren, be@Schermerhorn and Forté should slash their prices by up to a quarter to sell.
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If that were to happen, "I don't think it would do that much [to market prices], because it would just be nibbling around the edges," said Falsetta.

Of all six areas The Real Deal examined, median sales price fell the least over the past year in the neighborhoods of Bed-Stuy, Crown Heights and Prospect Heights, at a combined 5.7 percent.

Unlike the other districts, the bulk of price declines here occurred between 2007 and 2008, when the median sale price plunged from $605,000 to $477,000.

Falsetta said the luxury market in these neighborhoods fell first, probably in early 2008, "because they were fringe neighborhoods that only had recently begun appealing to the higher end of the market.
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"You'll do for the Fourth Avenue corridor what Northside Piers did for the Williamsburg luxury segment; you'll re-price the market," said Falsetta, adding that the heart of Park Slope wouldn't be affected.

The project, with a combined 450 units in both towers, is one to watch both because of its sheer size and because of developer Toll Brothers' willingness "to do whatever they need to do to move product as long as they don't completely lose their shirt," said Michael Falsetta, executive vice president of commercial real estate advisor Miller Cicero, a sister company of Miller Samuel whose specialties include new development.
...
"Downtown Brooklyn has done worse than just about any other neighborhood, even worse than Williamsburg, for two reasons," said Miller Cicero's Falsetta.
...
Falsetta pointed out that, with the exception of Toren, many towers in this district sold slowly even during flush times.

He estimated that projects like Toren, be@Schermerhorn and FortŽ should slash their prices by up to a quarter to sell.
...
If that were to happen, "I don't think it would do that much [to market prices], because it would just be nibbling around the edges," said Falsetta.

Of all six areas The Real Deal examined, median sales price fell the least over the past year in the neighborhoods of Bed-Stuy, Crown Heights and Prospect Heights, at a combined 5.7 percent.

Unlike the other districts, the bulk of price declines here occurred between 2007 and 2008, when the median sale price plunged from $605,000 to $477,000.

Falsetta said the luxury market in these neighborhoods fell first, probably in early 2008, "because they were fringe neighborhoods that only had recently begun appealing to the higher end of the market.
...
"You'll do for the Fourth Avenue corridor what Northside Piers did for the Williamsburg luxury segment; you'll re-price the market," said Falsetta, adding that the heart of Park Slope wouldn't be affected.

Michael Falsetta, senior vice president of the Manhattan-based commercial appraising firm Miller Cicero, said that price is "steep" for the current industrial zoning, but it would be on the low end if it was turned into a mixed-use complex.
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"The city's gotten a reasonably good price, considering what they're going to do with it," Falsetta said.

[The Housing Helix Podcast] Michael Falsetta, EVP, Miller Cicero, Brooklyn New Development Valuation
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I spoke at length with Michael Falsetta, EVP of our commercial real estate valuation firm Miller Cicero, a 17 year expert on the Brooklyn new development space.

The 25 hours, 11 minute record was sent in 1998 [Time for Kids] by Michael Falsetta and his friend Salvatore Babones.
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Michael is a senior executive at our commercial firm, Miller Cicero, LLC.

Falsetta, an executive at a real estate firm, remembers drinking just one liter of water and eating three Power Bars.

Similarly, I couldn't ask for a better group of staff appraisers, especially Michael Falsetta, Executive Vice President, who freakishly remembers every sale that ever took place in Brooklyn since the turn of the century (and knows where to get the best pizza and grilled octopus in every borough), and Steve Manheimer, Senior Vice President, who leaves no stone unturned when researching a project and makes more demands on himself than I ever do.

Michael Falsetta Senior Associate
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Michael Falsetta

Michael Falsetta has over ten years of commercial appraisal experience and has been involved in different facets of the real estate industry since 1988.Prior to his employment with Miller Cicero, LLC, Mr. Falsetta was employed as a Senior Appraiser at a national appraisal firm.He began his appraisal career with the New York City Department of Housing, Preservation and Development (HPD).He is proficient in Argus and Dyna, has considerable knowledge of building design and construction.Mr. Falsetta was educated at Columbia University in New York, and holds a bachelor's degree in Urban Studies.He also completed one year of graduate level coursework in Urban Planning at City University of New York, specializing in both transportation planning and real estate planning.

He is currently working towards his MAI designation.

"The positive for [Harry] would have been to give himself control and flexibility," said Michael Falsetta, executive vice president at Miller Cicero, an appraisal firm.