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NEW YORK CITY-Marcus & Millichap Real Estate Investment Services has hired Marco Lala as an associate vice president of investments in the Manhattan office. In his new post, Lala will handle a variety of property types, including multifamily, commercial, retail, industrial and vacant land investment sales.

Lala–whose first job in commercial real estate was with Marcus & Millichap in 1997 for about two years–tells GlobeSt.com that he first left the firm because he was wanted to experience a smaller one so he joined Queens-based WRA Properties Inc. for a few years. He then left to participate in Massey Knakal Realty’s expansion into the outer boroughs. As a partner at Massey Knakal, Lala spearheaded the company’s expansion effort in the outer boroughs and under his leadership, Lala and his partners grew the office from 20 staff members to nearly 200 brokers and support staff. A Massey Knakal spokesperson tells GlobeSt.com that it has “no comment on Marco’s departure,” except to say that “we wish him the best.”

Lala, who graduated from Manhattan College, tells GlobeSt.com that his local sales experience, which he called his “core business,” has always been in the Bronx, Manhattan and Westchester, and is something he brings to the table at Marcus & Millichap. In his new position, he hopes to not only strengthen that core business, but further it along with expansion into multi-state transactions as well. Lala explains to GlobeSt.com that now, in his new post, he has completely eliminated any management/business responsibilities and says he is able to spread his elbows a bit and work on other areas. “I have more latitude to work on other areas and can focus more on brokerage.”

The Bronx, Northern Manhattan and Westchester are all “final frontiers of double digit returns,” Lala tells GlobeSt.com. He says that with the market correction, we are going to start seeing that again and although they have been attractive to the easy money that was available, “in those areas, this correction is going to bring back a little more sanity in the underwriting process there.”

When discussing the recent news of the treasury/GSEs’ takeover, Lala tells GlobeSt.com that “the whole thing gives people a prospective that banks have to be a little bit more careful.” He explains that the trickle-down effect is that “it’s not just me telling an owner that they should be more realistic when underwriting a property. …”

Lala says that he believes multifamily prices have been affected by the takeover, noting that whether they are going to continue to be affected has a lot to do with people’s perceptions. “When people look at investments, there is a psychological effect…you know the, ‘if I wait three months, will it be better?’ type questions,” he says. “It is not necessarily tangible market data, but there will definitely have an affect on prices.”

Edward Jordan, regional manager of the Manhattan office at Marcus & Millichap, describes Lala as one of the “most active investment specialists in the Bronx, Northern Manhattan and Westchester markets, generating nearly $1 billion in transactions and selling hundreds of properties during the last few years.”

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