In this podcast Devin Someck and I discuss the current NYC multifamily rental market and how the current situation with rents and occupancy today compares to what the city has experienced since the start of the COVID crisis. We discuss the outlook for rents, occupancy and collections for the rest of this year and into 2022. Devin’s insight into thousands of units across NYC gives great color not just on the market as a whole, but also on the variation between unit types and markets.
Episode #1 – Scott Plasky
In this episode we hear about the NYC retail market from Scott Plasky, Senior Vice President of Investments at Marcus & Millichap.
Episode #2 – David Lloyd
In this episode we hear about the NYC multifamily market from David Lloyd, Managing Partner and Co-Founder of Davean Holdings.
Episode #3 – Dan Garodnick
In this episode we hear from former City Council Member Dan Garodnick about the seminal moments in recent NYC real estate history in which he played a starring role: the sale, and re-sale, of Stuyvesant Town as well as the re-zoning of Midtown East. We also hear from Dan about his work pursuing social justice and today, running the Riverside Park Conservancy.
Episode #4 – Derek Bestreich
In this episode we hear from Derek Bestreich, President of Bestreich Realty Group, one of the most active middle-market sales brokerage companies in NY. Derek provides a real-time update on the feel of the market for multifamily and mixed-use assets including a look at cap rates, capital flows, and transaction volume.
Episode #5 – Al Mirin
In this episode we hear from Al Mirin, one of Cushman & Wakefield’s most accomplished commercial real estate professionals in Fairfield and Westchester Counties as an executive director of investment sales. With over 20 years in the industry, Al provides insight on how the market and demand has drastically shifted in these suburbs as New York City residents continue to flee, as well as the future of retail and the city’s overall recovery following the recent events that have left a question mark for many residents and business owners.
Episode #6 – Matthew Engel
In this episode we hear from Matthew Engel, president of Langsam Property Services Corp and chairman of CHIP on New York’s recovery from the global pandemic and political unrest of the past six months. Many people have been left to question if New York City is dead forever; Matt Engel provides an optimistic viewpoint. Langsam Property Services Corp. manages over 9,000 apartments and 300 commercial spaces. CHIP is a 4,000-member trade association for owners of over 400,000 rent stabilized apartments in NYC.
Episode #7 – Susan Baumel-Cornicello
In this episode we hear from Susan Baumel-Cornicello, a founding partner of Cornicello, Tendler & Baumel-Cornicello LLP, is a New York City native admitted to practice law in 1989 After working in a general practice for four years and sampling different areas of law, Susan made the calculated decision to concentrate her practice exclusively in the area of real estate and landlord/tenant For more than 30 years Susan has represented landlords in the City of New York in all matters arising out of the landlord tenant relationship Susan takes great pride in strategizing and litigating holdovers and non payments in both commercial and residential arenas. Susan’s greatest passion however is advising and representing landlords in administrative matters regarding rent regulation, such as rent stabilization and rent control coverage issues, overcharge complaints, MCI’s, substantial rehabilitation and demolition applications Susan specializes in performing due diligence for prospective purchasers of rent regulated buildings who are interested in discovering potential overcharge liability and whether apartments properly came out of rent regulation.
Episode #8 – Shimon Shkury
In this episode we hear from Shimon Shkury, the Founder and President of Ariel Property Advisors. In today’s podcast we dive into New York’s comeback from the pandemic, the future of the city, immigration, diversity in the workspace, and the current state of our country with the elections. As President, Shimon oversees all investment sales, capital services and research initiatives that the company undertakes. Mr. Shkury also co-manages Arlington Equity Group, an international debt and equity platform which has a focus on Joint Venture Equity and Debt Advisory. Arlington specializes in advising clients through the bond issuance process in Israel.