Doug Steiner

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

When we know we’ll have sufficient bandwidth in about six months, we’ll start looking at buying something. We’re open to almost any use. Our ideal project is another multifamily skyscraper, similar to our building dubbed “Hub” in Boerum Hill, Brooklyn, but …

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

The old adage “location, location, location.” If it’s an existing building, good bones. And something where we can add value. We’re particularly strong in design, construction, and branding/marketing. And we’re very comfortable with a project with a lot of hair on it.

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

City Council measures on rent renewals, brokerage and evictions are a disaster. Real estate taxes in the city need a wholesale overhaul to be based on market value. Obviously, SALT is a huge problem for New York City. And banks are grossly overregulated. Housing insecurity is a terrible thing. Government has to set its priorities. Building codes just keep growing and driving up costs. Zoning thwarts what is a supply problem. The city would be so fantastic if housing was more affordable. It’s not impossible, but it requires radical surgery.

If you could stack the new administration with people you know and do business with, who would you choose?

Mike Bloomberg.

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

Work from home is fading out. It settles at four to five days a week in the office. The worst is over.

Let’s talk about retail. What’s the kind of tenant you want?

Brick-and-mortar retail is finally coming back, but it’s tough for mom and pops to start a retail business. Local businesses are part of what defines NYC.

Let’s talk about multifamily. Do you ever see yourself building normal, middle-class rentals again? What would stop you?

It’s hard to see doing new large multifamily given the lack of a viable tax abatement program and the City Council’s measures on eviction, rent increases, brokerage, etc.

Which market (outside of NYC) do you like best? 

We’re not looking outside the New York metropolitan area.

What’s going to be your biggest expense in 2025?

Insurance is out of control.

How’s the financing climate for new development and redevelopment — hot, cold or just right?

The financing market is decent but selective, expensive and with ever more structure.

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

I’m cautiously optimistic that the City of Yes goes through. It’ll get scaled back, but not gutted.

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

I’m a fan of the mayor, especially since he’s my landlord on a lot of projects.

Lightning Round:

Social media of choice?
I’m barely on social media, but do get sucked into Instagram.

AI: Helpful in CRE or a fad?
AI is overrated for CRE.

Last movie you saw in a theater?
“The Apprentice.”

You’re going on a six-month expedition into the Amazon rainforest. What’s your last meal before you get on the plane?
A giant coffee ice cream shake.

Tesla or BMW?
Beemer.

Will interest rates be below or above 4 percent on July 1, 2025?
At 4.

If you could partner with one person in the business on a property, who would it be?
Hilary Spann of BXP.

What are you tired of talking about?
National politics.