Steven Kaufman

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

The Kaufman Organization is actively exploring opportunities in the office sector and distressed assets. We’re particularly interested in the potential for commercial-to-residential conversions in the Garment District, where we own several buildings. Additionally, we’re considering converting some of our own properties. With anticipated zoning changes next year, we expect these conversions may soon be feasible.

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

The “good” sign we look for is location.

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

We would like to see a reduction of the capital gains tax and an expansion of opportunity zones.

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

In retail, we seek tenants who enhance the building’s appeal for office tenants. For example, this past year, we signed leases with Chef Guy Vaknin’s Beyond Sushi and Velour Medical, both of which attract office workers by providing convenient access to food and wellness services.

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

Our largest expense in 2025 will be tenant improvements, driven by rising demand from tenants for flexible, move-in-ready spaces. Landlords who can accommodate tailored buildout solutions offer valuable support, and we plan to continue meeting the specific needs of our current and future tenants.

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

The financing climate is poor right now.

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

We believe the zoning changes under the City of Yes initiative, which affect the Garment District and other Midtown areas, will be approved and have a positive impact on developments in New York City.

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

I do not have a strong opinion on Adams one way or the other.

Lightning Round:

Your social media of choice?
Facebook.

AI: Helpful in CRE or a fad?
Helpful.

Last movie you saw in a theater?
“Anora.”

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

Tesla or BMW?
No electric car for me.

Will interest rates be below or above 4 percent on July 1, 2025?
Fed rate will be under 4 percent on July 1, 2025.

If you could partner with one person in the business on a property, who would it be?
Marty Meyer of Meyer Equities.

What are you tired of talking about?
Trump.