Francis Greenburger

Are you going to buy in `25? If so, what asset class?
Yes, Time Equities Inc. (TEI) intends to be quite active in 2025. Currently, we have several properties in various asset classes under contract, including one office building.

Is there a single “good” sign you see in a distressed property that makes you want to buy it?
Discounted pricing and in-place cash flow influence our decision to purchase a distressed property. Ultimately, we look for opportunities where the purchase price, current income, and potential for value creation align to generate strong long-term returns.

What real estate or tax policy would you like to see from a Trump administration?
I would like to see the continuation of the 1031 exchange policy.

If you could stack the new administration with people you know and do business with, who would you choose?
My administration would be composed of several colleagues from TEI.

Let’s talk about multifamily. Do you ever see yourself building normal, middle-class rentals again?
Yes, this remains an area of ongoing exploration for TEI. In fact, we recently finished a 738-apartment project in Chicago.

Let’s talk about retail. What’s the kind of tenant you want?
When exploring retail, a tenant with a stable balance sheet is ideal.

Which market (outside of NYC) do you like best?
At TEI, we typically see great success in smaller, suburban markets across the country. With properties in 35 states, we’ve found that these markets often offer strong growth potential, less volatility, and more attractive entry points compared to larger, more competitive urban areas.

What’s going to be your biggest expense in 2025?
In 2025, capital is projected to be our largest expenditure.

How’s the financing climate for new development and redevelopment — hot, cold or just right?
It depends on the location — overall, though, I would say cool but not cold.

What are your predictions for the mayor’s City of Yes, especially given the controversies within the Adams administration?
It’s difficult to project just how this will impact New York City, but rezoning will likely be approved. We’ll be watching closely, but for now it’s clear any real, lasting impact will likely require negotiation and collaboration among stakeholders.

Do you still like Eric Adams? (Did you ever like him?)
Wait to see the outcome of pending legal matters.

Lightning Round:

Your social media of choice?
Eblasts.

AI: Helpful in CRE or a fad?
Jury is still out.

Last movie you saw in a theater?
Two weeks ago, as part of a film festival.

You’re going on a six-month expedition into the Amazon rainforest. What’s your last meal before you get on the plane?
Salmon.

Tesla or BMW?
BMW.

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

If you could partner with one person in the business on a property, who would it be?
My existing strategic partners. We have around 20 of them.

What are you tired of talking about?
Politics.