Francis Greenburger

Time Equities has a business model of long-term ownership and opportunistic buying. Has that changed at all?

We continue to follow the same model, but specifics change with the market. For example, most office properties today represent a great contrarian buy, which wasn’t the case a few years ago.

For multifamily, are you looking to buy or build? Is there a good buying opportunity today?

Mostly build. Attractive buying opportunities are currently few and far between.

What’s the office market like overseas right now? Are you investing in Europe?

Yes. We recently bought an office building in Scotland.

Is Europe investing in the U.S.?

I can’t speak definitively, but we have not seen a strong European presence in the U.S. markets.

You said last year that climate change is a growing concern for the real estate industry. Where do you see climate change posing the biggest problems for your buildings?

The greatest challenge is the need to retrofit and meet increasing tenant and government standards.

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

Yes, improved rates will positively impact the market and motivate buyers. In addition, liquidity options for current holders will improve.

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
Mamdani — mute; Cuomo/Adams — the “devil” you know.

Your pick for Fed chair `26?
Someone to continue current policies and remain independent of

political influence.

Borrowing costs up or down by late 2026?
Flat to down.

More excited about — interest rate cut or Taylor Swift’s engagement?
Interest rate cuts.

Last vacation and where?
Ireland.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
I would stay the course and let others wiggle around me.

What’s your kryptonite?
Patience and endurance.

How are the tariffs going to affect your Thanksgiving shopping?
Negatively.

You appear on the kisscam at a concert. Who’s performing?
Bob Dylan or Willie Nelson.

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
Gotham Bar & Grill in Greenwich Village.