Jason Muss

How is the retail market doing in New York City’s outer boroughs this year? In Queens, specifically, how is middle-market retail doing?

The retail market has been very resilient in Queens, Brooklyn and Staten Island this year. We have renewed leases such as Citibank in Sheepshead Bay, Petco in Jackson Heights, and Starbucks in Forest Hills. Vacancies have also tended to get filled rather quickly, such as when TGIF declared bankruptcy and closed all their stores and our location on Austin Street was immediately vacated. Within a month we had three strong offers and signed a lease soon after with a great local operator.

Queens has also been particularly strong, as the demographics continue to improve and partial work from home helps local restaurants, bakeries and incidental retail. We do not have any significant vacancies over several centers, aside from a recently closed Rite Aid in Astoria, which we are actively marketing. Banks, restaurants, medical uses and services will continue to lead the way for the boroughs outside of Manhattan.

Outside of Long Island City, how’s the Queens office market doing?

The Queens office market is tight, as the number of suitable office buildings available is small and the ability to produce new product is limited by high construction costs and primarily a higher and better use for land — namely, residential.

Over our portfolio we have been backfilling small spaces and working on renewals with tenants that often approach us well before their leases are due to expire. Our philosophy has always been to take care of existing tenants, so if we can, we will. Many of our larger tenants have been with us for decades, and we take pride in keeping them happy and allowing them to grow in place. When spaces have become vacant, there seems to be a strong roster of legal, medical, governmental and service tenants waiting in the wings to snatch up availabilities.

How is multifamily doing in Queens? 

Queens is probably the tightest residential market out there, depending on your neighborhood. The need for apartment living in the borough with widespread train connectivity to Manhattan and Long Island doesn’t seem to be abating.

Will the proposed Queens casino win one of the downstate New York gaming permits? Should it?

I have no idea, but it certainly has some of the best activity of any of the sites, and Manhattan truly doesn’t need a casino to attract widespread tourism and economic activity.

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

I don’t think market activity in New York City real estate is significantly rate dependent. For those real estate owners who over-leveraged during the smorgasbord of historically low rates of the COVID era, those chickens will come home to roost regardless of whether rates go down 25 to 50 basis points or not.

Lighting Round:

Borrowing costs up or down by late 2026?
Borrowing costs will go down marginally in 2026, but the cavalry isn’t coming.

More excited about — interest rate cut or Taylor Swift’s engagement?
Neither is too exciting, frankly.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
I’d probably resign — he’s in a no-win situation!

How are the tariffs going to affect your Thanksgiving shopping?
We’ll have to get the turkey domestically as opposed to from China.