Commercial Observer’s Power Residential Gala Turned Into a Multifaceted Soiree

They came, they drank, they discussed residential development and investment. 

On Jan. 14, Commercial Observer hosted the Power Residential Reception at One Wall Street, the Financial District’s Art Deco office tower that has been reimagined and transformed into luxury housing. The event brought together some of the most influential people in residential real estate, all of whom are shaping the industry as developers, investors, designers, lenders and brokers.

The reception honored the players named to CO’s inaugural Power Residential list, which debuted in October 2025 and highlighted 37 individuals as key figures in the space. These are people who are not only unveiling stunning projects, but also tackling pressing issues such as affordability, rising construction costs, labor shortages, zoning challenges and political uncertainty.

“There are a lot of hiccups in the real estate market in general, and it isn’t the easiest time to get development deals done,” Max Gross, CO’s editor-in-chief, said in opening remarks. “The people we picked have really delivered something spectacular, and it’s why we wanted to honor a lot of those players tonight. They were not only able to navigate these obstacles with precision, but also introduce solutions to some of the pressing issues plaguing our cities.” 

The evening culminated in an awards ceremony, sponsored by building management platform Portico, in which organizations received recognition for making significant contributions within the residential real estate sector. 

First, the Affordable Housing Award was presented to Wells Fargo.

“As private capital pulled back over the past years, one team didn’t shy away from providing much-needed financing to advance affordable housing,” Gross said. “From historical tax credit investments to construction loans, renovation financings and the announcement of critical partnerships, Wells Fargo has consistently shown the power of its platform in pushing affordable housing transactions over the finish line. 

Anna Zarro accepts the Conversion Design of the Year Award at Commercial Observer’s Power Residential Reception.

Katelyn Meehan, a director with Wells Fargo, accepted the award for her firm. 

“Affordable housing just isn’t a line of business,” Meehan said in accepting the award. “It’s work that has a real impact on the people in the communities we’re all a part of. When families have a place to live that’s stable and affordable, it opens the door to so many other opportunities. That’s why this space has been such an important focus for us.”

The Conversion Design of the Year Award went to One Wall Street, which originally served as the headquarters for the Irving Trust Company beginning in the early 1930s and now features 566 residential units and 100,000 square feet of resort-like amenities. The award was presented to Anna Zarro, president at One Wall Street.

“It has been so rewarding to be part of the transformation of the neighborhood,” she said. “We were recently very excited to see that we’re No. 1 on the list of neighborhoods to watch on StreetEasy, and we like to think that the conversion we’ve done here has contributed to that to the community.”

Leslie Wilson of Douglas Elliman accepts the Luxury Property of the Year Award at Commercial Observer’s Power Residential Reception

Patrick Adelman, CEO of Portico, presented the Multifamily Development Award to Related Companies for the topping-out of Phase 1 of Willets Point, a Queens development providing affordable housing, retail and other community-enhancing options. 

“We do a lot of things at Related, but building affordable housing is literally where our business started,” Frank Monterisi, executive vice president at Related Companies, said when accepting the award. “I think I can speak for everyone at Related when I say we get the most pride out of building affordable housing and out of seeing the look in people’s eyes when they win that lottery and they walk in the building for the first time.”

The Luxury Property of the Year Award went to the team at the Waldorf Astoria Residences. Following an eight-year renovation and restoration, the Waldorf unveiled condominium residences that were inspired by the hotel’s history and sense of luxury. Leslie Wilson, from the Waldorf Astoria Residences New York at Douglas Elliman development marketing team, accepted the award. 

Frank Monterisi of Related Companies accepts the Multifamily Development Award at Commercial Observer’s Power Residential Reception.

“The Waldorf is personal to everybody in this room,” Wilson said. “Everyone has a Waldorf story. So it’s not only iconic, but it moves each of us. There’s something about it besides the ultimate expression of luxury. It’s exciting. It brings pride to the city. And we needed it. We needed a city block of luxury, ambition, success, and I think it embodies all of those things. And we’re going to have many happy times there.”

Last, but not least, the Finance Deal of the Year Award went to the largest construction loan of 2025: Tyko Capital’s $1.13 billion loan to Extell for its new supertall tower at 655 Madison Avenue, which will include luxury condos on the upper floors. David Glanzman, a managing director for Tyko, was there to accept the honor. 

“When we first originated the acquisition loan, there were numerous iterations of what the project would look like, but we all knew that regardless of what ended up being the case, it was going to be very unique and very, very special. And true to form, Extell delivered beyond our expectations during the pre-development phase,” Glanzman said. “We were very happy to be a part of the construction loan, and we know they’re going to continue to deliver throughout the construction phase of the project.”

The rest of the night continued on in a blur of good food, stiff drinks and a roar of lively conversation overlooking what is arguably the most spectacular view of New York City that Lower Manhattan has to offer.

Amanda Schiavo can be reached aschiavo@commercialobserver.com.