Keith Rubenstein.
Keith Rubenstein
Founder and Managing Partner at Somerset Partners
In 2021, will you buy or sell any real estate? What kind?
Hopefully, we will see recovery and there will be opportunities to purchase land, multifamily, hospitality and office.
How f@*$ed is retail?
I don’t think we are losing retail as a sector. I do believe we were over-retailed in general, but [also] believe retail is important for real estate and for people in general; and, although, many retail locations and retailers will close, some will survive and continue to do well.
How flexible are you with negotiating rents?
Very.
Has your “dead to me” list grown?
No.
Are you in the market for financing?
On the multifamily side, we are closing a few deals with agency loans, so no real issues there. We are also in the market for a construction loan, which poses some challenges.
What would be the signs that things are NOT going to improve in 2021?
I think a second wave of [COVID-19] cases would really be devastating; and, if we don’t have a viable vaccine by the end of the year or beginning of next year, that will be a big sign.
What do you think will NOT go back to normal?
Most things will go back to normal, but I think there will be a new normal established for some things; for example, a shift away from high-
density and open office space layouts.
Who do you like for mayor in 2021?
Not sure, but we need someone who is smart, experienced and practical.
What do you think the city and/or state should do to help both real estate and the city?
First and foremost, we need safety and to address quality-of-life issues. The city needs to feel clean and safe in order for it to have the attractiveness for business, residences and tourism. How they achieve that is the question.
How do you think the November election will affect real estate? How do you see a Trump win? How do you see a Biden win?
I believe erasing the extreme polarity, which currently exists, will benefit all industries, including real estate.
