Gregory Kraut
Co-founder and CEO at KPG Funds
A couple of years ago, Commercial Observer reported that you were accepting cryptocurrency in rent. How has that been going?
It is gaining more interest, but acceptance is primarily limited to tech-savvy or crypto-focused companies.
Have others been following your lead?
I don’t know.
Who are the retailers that are coming to the city?
Major retailers recently announcing openings in New York City include Uniqlo and LA Apparel, which is opening four new stores in the city in 2026, and Ikea, with its parent company acquiring a property for a second Manhattan location in SoHo. Other recent openings and expansions include a second Dyson store in SoHo.
Is the retail apocalypse officially over?
No, the “retail apocalypse” isn’t officially over. Store closures continue at a high rate due to a “survival of the fittest” dynamic, but the pace of closings has subsided and newer modern concept stores are opening. Walk down the streets of SoHo and most every popular store is packed with people.
What’s the No. 1 piece of advice you’d offer to the next New York mayoral administration?
Embrace the rich. Money goes where it is wanted, and you will need money to give it away. Remember a rising tide lifts all boats, and you will need a lot of revenue that far surpasses more taxes to complete your social agenda.
What have you seen in terms of discounts right now on properties?
The sales market has not recovered since COVID. Office buildings are still trading for discounts of up to 70 percent. Discounts on commercial properties are still occurring due to a confluence of factors: high interest rates, increased office vacancy rates, and rising operating expenses (like insurance, taxes and wages), and loan maturity issues along with very little capital being raised for office product in the last five years.
Lighting Round:
Mamdani, Cuomo, Adams — Friend, mute, unfollow?
I am a big fan of Bloomberg. We already live in a socialist town, and now we live in a town where we may have an antisemetic mayor.
Your pick for Fed chair `26?
Trump.
Borrowing costs up or down by late 2026?
The same.
More excited about — interest rate cut or Taylor Swift’s engagement?
Neither.
When was your last vacation and where?
Mar-a-Lago to kiss the ring.
Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Invite him to Pilates.
What’s your kryptonite?
I am the king of taking on too much and overwhelming my schedule.
How are the tariffs going to affect your Thanksgiving shopping?
I stopped drinking good wine and eating cheese, so I am good.
You appear on the kisscam at a concert. Who’s performing?
Cypress Hill
If Stephen Starr asked you which restaurant he should next reopen, what would it be?
Who is Stephen Starr?
