Home News Real Estate Titans Share Secrets at TRD NYC Showcase + Forum

Real Estate Titans Share Secrets at TRD NYC Showcase + Forum

by admin
0 comment

It was as if they had never left.

First edition after a pandemic Real deal The New York City Showcase + Forum packed real estate professionals into the Metropolitan Pavilion for afternoon panels, networking, and trading. An annual rally was held for the pandemic, but attendees seemed to make up for the lost time by bustling the venue, catching up with old acquaintances and creating new acquaintances.

About 43 booths meandered around the convention hall when the vendor introduced the future of real estate. StreetEasy and Miele brewed cappuccino, others sold stolen goods ranging from notebooks to hand-rolled cigars.Real estate giants Harry McCrow, Stephen Ross, and Gary Burnette’s cardboard clippings posed in posters TRD Future books, New Yorks in New York..

VIPs were mixed in Thermador Green Room when a series of panels convened the biggest names for housing development, commercial real estate, and Proptech. The highlights are:

Sell, sell, sell

Beth Friedman had a hard time about it. CEO of Brown Harris Stevens believes reality television shows like “Selling Sunset” are bad for home brokers.

“It makes consumers think that all you have to do is look cute, have a luxury car and a boom-you can make a deal,” Friedman said.

Co-panelist Ryan Sir Hunt, the star of the “Million Dollar List,” begged for something different.

The company that bears his name is promoting personality-focused marketing to agents and encouraging agents to increase their Internet followers with high-production videos.

“To give those agents the resources to build their own brand so they can generate leads during their sleep,” Serhant told the audience.

Douglas Elliman CEO Scott Darkin aimed at the city itself. “Clean up the damn city,” he said. “It’s kind of dirty, dirty and full of garbage.”

All three panelists have found a common rival, the compass.Have a technical intermediary Poached top agent Stock prices have fallen by more than 70% since the compass was released last April.

“Many people went to the other side and realized that there wasn’t much,” Darkin said. “Many people are looking back and coming back.”

Mayor’s red carpet

In the event’s keynote, Mayor Eric Adams urged New York business leaders to “stop being ashamed of being a capitalist.” In particular, he advertised the importance of real estate to the city’s economy.

“What is oil for Texas and real estate for New York,” Adams said in one of several applause. “We have to help the police,” said another.

The mayor, whose professional business platform has given him widespread support from real estate, said he wants to “deploy the red carpet” for builders. His plans include further modernizing the Department of Construction and surviving a bureaucracy that delays construction.

Adams did not mention the property tax cut for 421a, which Albany is ready to expire on June 15.Without incentives, apartment rental projects Scheduled to stop..After his speech, Adams Said TRD Kathryn Brenzel He wants state legislators to extend the “at least” program.

The mayor will soon announce his housing plan. He also encourages businesses to return employees to the office and jokes that many people who are still afraid to catch Covid in the office are having a party at a club on the weekends. rice field.

Confuse or die

The Proptech Giants panel sent a bold message to the audience.

“You don’t want to be on the wrong side of what I think is an inevitable and very powerful step forward,” said Clelia Warburg Peters of Era Ventures.

Panelists discussed what they consider to be the biggest transformation of the real estate industry over the centuries, focusing on the challenges that force owners and investors to dive into the digital age. Changing consumer behavior and driving the net-zero carbon economy are not just trends, they are permanent changes that require a whole new approach.

“To adapt to a changing environment, to adapt to changing consumer needs, to adapt to a changing climate. These are factors that previously did not need to be addressed, or at least at the top of the list. “There wasn’t,” said Brad Greiwe, co-founder and partner of. 5th wall..

When they discussed such high goals, panelists dismissed concerns that the recession in technical evaluation suggested problems with Proptech as a whole.

Some old school segments in the industry will probably change as new technologies change what is possible without (many) humans. The brokerage business is already under threat from iBuyers, where Tesla eliminates brokers in a way that eliminates dealers.

“I don’t think agents will be completely mediated,” Peters said. “But I think there is a legitimate question as to whether a brokerage firm will.”

Office forecast

There are many reasons office and retail landlords are worried, but not all of the panels on the future of commercial real estate have fallen into disrepair.Chris Schrank, founder and managing partner of the Savannah Foundation, participated Silverman Secured by Eastdil Bob Nakar Of JLL Capital Markets to talk about the changing world of the New York office.

The group agreed that while some office-to-housing conversions make sense, they are not the silver bullet that some home activists envision because the building codes for homes are so different. However, some dilapidated offices can be different.

“Bottom 20 [percent] It will be ripe for alternative applications, “Shrank said. “I’m thinking I’m in my mid-60s and I’m worried.”

The conversion requires rezoning and complex refurbishment. One of the most popular ideas for panelists was the re-enacted 421g program. This is a tax incentive to achieve the conversion.

“Without that tax cut, the numbers are really, really hard to work,” Knakal said.

The group also discussed what Silberman calls a “downsize upgrade.” With this upgrade, the lessee will get less space but better space than it is now. These moves are especially popular near Grand Central, which heralds the Wonder Built of SL Green.

The focus is on quality and the proximity of the transportation hub, rather than the ping pong table or meditation room, as staff only commute to work for part of the week and are unwilling to change trains.

“In four years, how much money did all of our owners and advisors laugh at each other and spend on amenities that no one uses,” Schrank said.

Skyline construction

At the May 19th event, some of New York’s best developers addressed the audience.

Gary Barnett, Founder and President of Extell Development, participated TRD Publisher Amir Korangy describes tenant holdouts, foreign buyers, rising rents, and the risks of urban development.

The conversation began with some humility as the billionaire builder admitted to discounting his extravagant unit early in the pandemic.

“When Covid hit everything, we dropped prices altogether, but since the beginning of 2021, we’ve seen a tremendous rise in the market,” Burnett said.

While rents are skyrocketing, Burnett argues that they are out of control.

“It’s completely inaccurate to say that rent has risen by 30 percent,” Burnett said. “The only thing it did was get it back to normal.”

Developers need to worry more than dramatic statistics. Barnett touched on holdout tenants. Puzzled him and his rival Miki Naphtali CEO of Naphtali Group.

Mr Burnett said the government’s bureaucracy and court system were too slow to protect the rights of developers as lawyers made a major settlement for clients who interfered with the project. Resident lawyers seeking storms also mean slower housing construction and higher costs.

“He may make a lot of money for his clients, but is that good for society?” Burnett said, pitching tax revenues from his project.

Late afternoon, Naftali and BRP Companies co-founder and CEO Meredith Marshall TRD Editor-in-chief Stuart Elliott About issues Facing development in the city.

The main source of concern was the possibility that the 421a tax cut, which Marshall called a “mistake”, would expire.

Naphtali said his company’s 470 Kent Avenue Williamsburg Development Site , 421a Explains the effects of the demise. The company planned to secure a large rental property at an affordable price, but without tax cuts, Naphtali will sell all units as condominiums.

“What options do you have?” Naphtali said. “We’re going to sell them. We’re going to make money. How does it help someone?”

Marshall warned that construction workers would leave for cities with more active pipelines. “Healthy people aren’t going to hang out,” he said.

You may also like