An Upbeat REBNY Annual Leans Into Bullish Takes on Commercial Real Estate
New York Gov. Kathy Hochul was the most notable of several pols who made the rounds at the Waldorf Astoria
By Aaron Short January 26, 2026 1:41 pm
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For New York’s real estate elites, 2025 was a year to forget.
President Donald Trump’s tariffs raised the cost of building materials and his policy decisions repeatedly upended the market. A City Council law eliminating broker fees for renters went into effect in June over the industry’s vociferous opposition. Then Zohran Mamdani won the mayor’s race with pledges to raise taxes on the city’s millionaires, freeze rents for regulated apartments, and hold negligent landlords more accountable.
But the mood Jan. 22 at the Real Estate Board of New York’s annual gala, celebrating its 130th anniversary, was genially upbeat. More than 1,200 guests streamed through a side entrance of the gala’s luxurious host, the Waldorf Astoria New York, which reopened six months ago following an eight-year, $2 billion renovation.
“On its 130th anniversary, the REBNY Annual is the industry’s premier event for all those dedicated to New York City’s future as an ideal place to live, work, grow a business and raise a family,” Jed Walentas, REBNY chairman and CEO of Two Trees, said in a statement. “The REBNY Annual always presents an excellent opportunity to take stock of our industry’s goals, the challenges NYC faces, and the leaders going above and beyond to make our city the best it can be.”
Many industry leaders are forecasting a better year ahead. So far this month, Gov. Kathy Hochul squashed any semblance of tax hikes in her state budget and proposed reforming J-51, a popular property tax abatement on renovations. Meanwhile, Mamdani has been signing executive orders to identify city-owned land to develop and to remove permitting barriers to building housing quickly.
Mamdani did not join protesters outside REBNY’s gala this year (Commercial Observer didn’t notice any demonstrations on Lexington Avenue) although he declined his invitation to the black-tie outing ahead of an ominous snowstorm barrelling toward the city. REBNY President James Whelan said he would “look forward to hosting Mayor Mamdani at future events.”
“Tomorrow, we resume our focus on working with city officials and other stakeholders on practical, data-driven steps to address issues such as the city’s housing crisis and continued economic growth,” Whelan said in a statement.
Plenty of newly appointed Mamdani administration officials trundled through the five-star hotel, including Leila Bozorg, deputy mayor for housing and planning; Julia Kerson, deputy mayor for operations; and Ahmed Tigani, a former city housing commissioner in the Adams administration who moved over to run the city Department of Buildings.
There were many familiar faces at REBNY’s intimate VIP reception, although some of them boasted new job titles. A large gaggle of developers and lobbyists crammed into the hotel’s second-floor banquet room to greet City Council Speaker Julie Menin, City Comptroller Mark Levine, Assemblywoman Jenifer Rajkumar, and City Council members Sandra Ung, Farah Louis, Eric Dinowitz, Linda Lee, Kevin Riley and Virginia Maloney. Manhattan Borough President Brad Hoylman-Sigal and Attorney General Letitia James swung by, too.
Bruce Blakeman, Nassau County’s executive and a Republican candidate for governor, worked the VIP room during the event’s cocktail hour. Gov. Hochul arrived about an hour later to address guests at the banquet.
“I’m here to tell you that the future of real estate in New York City is as strong as it’s ever been!” she said. “I’m going to continue to work with all of you as an ally, break down barriers, and create the incentives you need.”
Assemblyman David Weprin from Queens spent the morning on Wards Island with the governor, who announced in her budget proposal a crackdown on insurance fraud and lower payouts for damages. Weprin was supportive but didn’t want to guarantee anything.
“What I always say to my staff and family is that the only thing predictable about Albany is its unpredictability,” he said on the day of the REBNY Annual.
Some former Adams administration officials also made appearances, perhaps for the networking opportunities. Dan Garodnick, who announced his resignation as city planning commissioner two weeks ago, didn’t have his next job lined up yet. Randy Mastro, Adams’s first deputy mayor for three-quarters of a year, was all smiles after returning to private practice at law firm Dechert.
Politics wasn’t far from the minds of attendees with another election six months away. State legislators Alex Bores and Micah Lasher, both running in a competitive primary to replace retiring U.S. Rep. Jerry Nadler, hobnobbed with REBNY guests at the cocktail hour.
What’s it like to run for Congress? Lasher, who had several other events to attend that evening, looked up from his phone and said, “It’s a lot.”
REBNY also recognized eight honorees at its annual gala for their commitment to civil welfare and distinction in the real estate industry. Those awardees included Anita Laremont and David Karnovsky, partners at Fried, Frank, Harris, Shriver & Jacobson; Jeffrey R. Gural, chairman and Principal of GFP Real Estate; Winston C. Fisher, partner at Fisher Brothers and CEO of Area15; Christine Quinn, president and CEO of WIN; Kevin Hoey, executive vice president of L&L Holding Company; James R. Wacht, managing principal of Lee & Associates; and Camille McGratty, head of real estate at Hospital for Special Surgery.
