Craig Deitzelweig of Marx Realty Group.
Craig Deitzelweig
President and CEO at Marx Realty
How much longer can this go on?
I believe we are very close to the end of the ill effects of the pandemic, and people have been realizing that high vaccination rates are allowing for a safer environment. As a result, we are starting to see a lot of mass events, crowded restaurants and energy coming back. Everyone is eager to return to some sort of normalcy.
What does normal look like?
I know life will be back to normal when Google buys another $2.1 billion office building in New York … wait, that just happened. The smart money seems to be moving in the direction of normal.
What is “normal” anyway? On the streets, the feeling of normalcy seems so close, if not already there, so a return to the next normal is well underway. Even pre-pandemic, the office model was continually shifting. Our assets are capturing the same attention from marquee tenants today as they did in 2019, and, while I won’t claim to have anticipated a global pandemic, our hospitality-inspired office product has weathered the storm well.
If you could go back in time to March of 2020, what’s the first thing you would do?
I would buy stock in Tesla (up 743 percent) and Etsy (up 302 percent) in 2020.
In terms of our business model, I wouldn’t change much over the last few years. The path we’ve been on since 2018 was curated for the future; to always stay ahead of the curve; to be well-positioned for the next generation of tenants and workers. Nonetheless, we are continuously evolving and look to improve to produce the most inspiring office environment for our tenants.
What do you do now that you never did before 2020?
I now swim every morning at 5:20 a.m. Best exercise.
What’s the biggest threat to the return to normal?
The only thing to fear is fear itself.
Is now the time to buy or sell?
It depends. On the office side we are seeing that our hospitality-infused office product is very well-positioned for the needs of today’s tenants who are seeking inspiring space to help retain and attract talent and to bring everyone back to the office — so we are buyers.
If you have a commodity office building, it’s time to start thinking about your exit strategy or consider a partnership that can transform that commodity building into an asset that stands apart from all others.
Suddenly, there’s a big change to the New York state constitution and you’re now named the 58th governor of the Empire State — what do you do about the eviction moratorium?
It’s time to protect contractual property rights. And, while I’m at it, I’ll move mountains of Prime delivery boxes to get an Amazon headquarters here in New York!
Lightning round
Eric Adams or Curtis Sliwa?
Anyone who supports New York and its businesses is my favorite!
Last time you got on an airplane, what was your destination?
Two weeks ago. We went to Puerto Rico.
What vax did you get?
Pfizer.
Your go-to takeout?
I prefer to dine in or dine outside. Takeout is so 2020.
Where does your patience wear thinnest — evictions or anti-vaxxers?
I’m not anti anything or anyone. I’m pro-property rights and pro-vaccinations.
