Doug Steiner

How would you describe the New York City film studio scene in 2025, and is the area’s business picking up as L.A.’s declines?

Production has definitely picked up in the last couple of months — mostly in competition with New Jersey and Canada/overseas, not L.A. But our rates have taken a huge hit.

How will Netflix’s new studio campus in New Jersey impact competition for business in your portfolio?

I still don’t understand Netflix’s game plan for New Jersey. I think we’re more desirable as a location and facility, but I can’t argue with their success. It kinda kills me though, because they could probably buy me out for less than what it will cost them to build out their site.

How do New York’s film tax incentives compare to other states competing for studio business?

In last year’s state budget, Gov. Hochul stepped up to the plate in a big, big way by improving the tax credit to make it the most competitive in the country. She understands how much is riding on keeping New York City as the creative capital of the world. She’s always been a big supporter of film and TV production as an economic driver, and also understands how transformative it’s been for Brooklyn and Queens.

This year you bought the Hub, a 55-story residential tower in Downtown Brooklyn. How is demand for multifamily in Brooklyn shaping up over the next few years?

We bought out our institutional partner in Hub because we like to hold forever and it’s best-in-class. There’s virtually unlimited demand for housing in New York City — it’s only a question of price, and whether multifamily gets suffocated by an arthritic court system and destructive rent regulations.

What would you like to see out of the next mayoral administration?

Most of the world is starved for capital to build housing. Here, the capital wants to invest, but it’s held back by zoning, made worse by the never-ending expansion of the building code, Fire Department oversight and rent regulations. We need radical change.

What is the biggest zoning issue facing New York City that you would like to see addressed?

City Council deference to the local council member on rezonings. It’s bad government.

Are you expecting an influx of market activity in the first half of 2026 if interest rates continue to go down?

Lower rates are always good for real estate, but the market seems to be chugging along pretty well already. I’m not sure how much busier it can get, at least on the acquisitions side for ground-up development.

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
I love whoever is in office. They’re my landlord in the Brooklyn Navy Yard and in Sunset Park (via the New York City Economic Development Corporation).

Your pick for Fed chair `26?
Pass.

Borrowing costs up or down by late 2026?
Down by 50 to 100 basis points. 

Which are you more excited about — interest rate cut or Taylor Swift’s engagement?

Seriously?

Last vacation and where?
I can’t even remember.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Stay the course. Roll back excessive bank regulation.

What’s your kryptonite?
Coffee ice cream.             

You appear on the kisscam at a concert. Who’s performing?
Devo.

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
No idea.