Learn how this new development expert got his start and what he’s predicting for the year ahead, including commercial conversions and branded rentals.
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As EVP at Douglas Elliman Development Marketing, Matthew Villetto leads a multidisciplinary team with a focus on every aspect of new development, from initial underwriting and feasibility to product planning, design development, financing, branding and pre-marketing, through leasing and sales.
Villetto and his team are unique in that they are “engaged from conception through completion,” he said, involved in the entire lifecycle of a new development, spanning multiple markets and collaborating with some of the country’s most prolific developers. Find out how he got his start and where he sees the industry going next.
Name: Matthew Villetto
Title: Executive Vice President, Douglas Elliman Development Marketing
Location: New York, New York
How did you get your start in real estate?
I started out as an analyst, analyzing different properties and understanding why some buildings outperformed others. This provided me with an acute understanding of how to design a building and what it takes for a property to stand out in the marketplace.
From there, I transitioned into project management and rose through the ranks to executive leadership roles overseeing new developments across multiple markets.
What do you wish more people knew about working in real estate?
How much time it takes to make a project come to life. It can take years of planning, designing, financing, etc. before getting to represent the final product.
Tell us about a high point in your career
Representing Summit New York, which at the time was the highest profile and most successful rental development in Manhattan. It defined Midtown East as a truly desirable residential location.
At the time, I was an up-and-coming, young executive and while there were more seasoned teams vying for that job, I was able to successfully secure the position and lease out the building. It was a major, resume-building moment.
What’s your top prediction for 2025?
I think in 2025 we will see a lot more conversion projects. Right now, we’re focusing a lot of our business on analyzing the viability of converting office space to residential stock.
I also think we will see the evolution of branded residences coming into the rental space. Rental projects will capitalize on hospitality and elevated amenity space. In fact, Chelsea Canvas, which is a new ground-up rental building in Manhattan’s Chelsea neighborhood, already underscores the focus on elevated design standards.
This project is currently leasing and in terms of performance, has set a new mark in the area. The design of the product is superior to much of the marketplace, giving it a desirable edge. The amenities have also really resonated with renters, with the building’s resident lounge constantly being used as both a meeting and co-working space. We expect this trend to continue as many people continue to work from home.
In Downtown West Palm Beach, we’re also in the process of launching marketing and leasing efforts at a new luxury rental tower in the Clear Lake neighborhood, Lumaire, which is going to resonate quite well with the market. Its expansive 40,000 square foot of indoor-outdoor amenities including a pickleball court, a resort-style pool and lounge, and a world-class fitness center, make it a fantastic option for those in the area who are craving the work-life-play lifestyle at their fingertips.
What’s your top tip for newly formed teams?
It’s important for everyone on a team to have defined roles, but there should be synergy and shared responsibility. Culture and respect for one another are critical in developing a team for the long term.
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