Anthony E. Malkin

Are you going to buy in `25? If so, what asset class?

We are, and have always been, omnivorous opportunivores. We go to where we see long-term value for our investors either through the investment itself, how it allows us to recycle our balance sheet, the way in which it works synergistically with our portfolio, and/or how we can apply our skill set to post-acquisition execution. Many have followed our move onto Williamsburg’s North Sixth Street, and we moved in residential where we saw value when there was a bit of a buyers’ pause. So we are really open to all, including investment in other parts of the capital stack such as preferred equity or mezzanine debt.

Is there a single “good” sign you see in a distressed property that makes you want to buy it?

”Good” for us means there is something can we do that will make it better for us than for the current owner. While it could be as simple as a seller who is at the end of its fund life or the application of our balance sheet to recapitalize a property, more likely we will have to look, in combination with deployment of our superior balance sheet, for a seller who could not/did not know how to execute and create/maintain value, and how our unique skill set can realize a value proposition.

What real estate or tax policy would you like to see from a Trump administration?

President Trump can make even more progress in New York state with the expiration of the limitation on SALT. He already has a firm lock on Florida, so he does not need to subsidize that state any longer.

Let’s talk about office. Is the worst over?

The worst is not over for capital structures or for buildings which have suffered from poor capital structures. The recognition of the importance to performance of in-person work and companies’ desires to benefit from the skilled workers attracted to New York City have definitely seen the end of the problems for well-capitalized, modernized, amenitized, well-located, energy efficient, healthy buildings.

What are your predictions for the mayor’s City of Yes, especially given the controversies within the Adams administration?

As we have seen across the country, radical, anti-capital, anti-progress groups have suffered in elections. Voters, our New York City citizens, want progress on housing, safe streets, safe shopping and illegal immigration. City of Yes falls firmly in that set of supported actions.

Do you still like Eric Adams? (Did you ever like him?)

Mayor Adams has been an improvement for New York City. I have always found him friendly, concerned and action-oriented.

Lightning Round:

Your social media of choice?
WhatsApp.

AI: Helpful in CRE or a fad?
Helpful and a game-changer.

Last movie you saw in a theater?
“Back to Black.”

You’re going on a six-month expedition into the Amazon. What’s your last meal before you go?
Sashimi.

Tesla or BMW?
I own Tesla 92. I’ll never buy another 100 percent EV unless I have no choice.

Will interest rates be below or above 4 percent on July 1, 2025?
10-year Treasury will be higher.

If you could partner with one person in the business on a property, who would it be?
Jeffrey Feil.

What are you tired of talking about?
Is remote or in-office work the winner?