Jason Alderman

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

We are actively looking across asset classes. I expect more multifamily acquisitions in 2025, potentially some industrial depending on leasing activity, and I am hoping we can find our first post “basis reset” office deal to buy.

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

A situation where the basis has reset sufficiently to be successful in today’s market. So many owners are not able to do deals because their ownership cost is too high — effectively, they end up locking in below-market yields. 

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

For our housing-constrained markets, a one-time tax credit for owners willing to commit their assets to either be new multifamily (ground-up) or a conversion to residential (existing assets). 

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

Land and hard costs.

Which market (outside of NYC) do you like best? Which market (including NYC) are you most fearful of? 

We like multifamily commuting towns and are most concerned about New York City tertiary office submarkets.

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

Return expectations. Given the New York City supply constraints, our markets have consistently outperformed on vacancy and rent growth, but so many investors don’t differentiate between our markets and other areas of the country where there is real supply risk.

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

Given agency staff really oversee and support zoning initiatives, this should stay out of the political realm, and I have faith agency administrators are focused on what is best for New York City.

 Lightning Round:

Your social media of choice?
I’m only on LinkedIn.

AI: Helpful in CRE or a fad?
You have to be careful about how you use it and what you give it, but this is definitely not a fad.

Last movie you saw in a theater?
“Civil War.”

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

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

What are you tired of talking about?
The election.