The Lustgarten Foundation, a nonprofit, was founded in 1998 to advance the science related to the diagnosis, treatment, cure and prevention of pancreatic cancer (lustgarten.org).
Real estate prediction for 2014?
Hopefully a return to normalcy, which means reduction in what I deem to be unbridled (and often unwarranted) exuberance and excess. While rebound from the depths of the recent market retraction was encouraging, the gap between yields that were available in the liquid market arenas has given rise to capital seeking alternate homes, which has meant a rush by many individuals and corporations to purchase real estate.
Where in New York is there still untapped potential for real estate development?
I foresee a gradual return to the United States as being a haven for new technology, spurring increases in our manufacturing base and the upgrading of abandoned or underutilized former factory spaces to allow industry to return and flourish. I also foresee a continuation of the trend toward repositioning offices in clusters closer to residential centers, which would alleviate center-city crowding, reduce commuting time, increase quality of life for employees and take the strain off our transportation infrastructure.
Who will become New York City’s next mayor?
Certainly not me!
What real estate policy should New York’s next mayor make a priority?
Insure fair housing practices, push against blatant violations of low-income housing units, and look for innovative ways to create housing opportunities for low to moderate incomes without creating predictable high-risk areas. The next mayor should focus on creative programs to attract and enhance manufacturing and job creation that will employ a broader base than the limited-access high-tech sector. They should also work on reducing bureaucratic red tape that makes building and renovating such a nightmare in the city.
What qualities do you look for in an agent representing your buildings?
At Kalmon Dolgin Affiliates, we look for agents with street smarts and the ability to get away from the desk and reliance on computers and work the old-fashioned way, by looking at buildings, meeting and interacting with people. Agents should dress at least one notch above the area and stay two steps (at least) ahead of the curve as far as knowledge and continuing education.
What is one aspect of your business you wish you had more time for?
Getting out and just touring areas, stopping into buildings and meeting and interacting with clients, tenants and people in general.
If approved, the Midtown East rezoning initiative will:
In the film version of your life, which actor would portray you?
Foreign real estate market you’d most like to invest in:
But for a few “problems,” Dubai! Realistically, emerging Pacific Rim sectors and emerging, stable African and South American major cities.
Is broadband connectivity in New York City a priority at your buildings?
While broadband connectivity is very useful, we operate more industrial and Class B properties. Broadband connectivity is an attraction but not the first question asked about by the majority of our tenants.
What should happen with Madison Square Garden and Penn Station?
The Knicks and Rangers should both win championships, and trains should run on time with proper heat and air! Other than that, I don’t have a strong opinion on any of the current proposals being evaluated for the Garden and Penn Station.
What New York City building should be torn down?
Any that I might own, which will result in a major payoff from the city! Really, almost any standard apartment complex designed in the ’50s and ’60s.