Richard Kessler

According to its website, Benenson owns a portfolio of underdeveloped sites throughout the U.S. and Canada. Are there plans to develop at least some of that in the near future? 

Benenson Capital Partners owns a range of older, single-tenant, net-leased properties across the United States. Our core business is repositioning and redeveloping these assets within our 110-property portfolio. 

For example, in Bellevue, Wash., we are transforming two aging retail properties on nearly 8 acres into a 1.5 million-square-foot, mixed-use development. In Boston, we are converting a one-story retail building formerly occupied by CVS into 200 multifamily units. We are pursuing similar strategies for other Benenson properties in Boston, Atlanta and New York.

Which asset classes seem most enticing to build these days?

Multifamily development is especially attractive today. A nationwide housing shortage — exacerbated by the pandemic-era slowdown in new construction — has created significant pent-up demand. In addition, multi-family properties typically require lower recurring capital expenditures than other asset classes, such as office.

How does a century-old firm like Benenson choose joint venture partners, particularly in today’s uncertain conditions? Are there certain qualities/values that the firm searches for in a suitable partner?

At 120 years old, Benenson has established clear criteria for selecting joint venture partners. We look for a common culture grounded in integrity, honesty, civic-mindedness and a commitment to philanthropy.

We also prioritize partners with strong local market expertise in the product sector we’re targeting. Finally, we seek partners with the financial wherewithal to execute projects successfully.

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

I’m neutral on whether we’ll see an influx of market activity, since only short-term interest rates have declined. It’s unclear whether rates will continue to fall or if lower short-term rates will meaningfully influence real estate decisions.

What new local, state or federal policies do you think would benefit commercial real estate? 

Policies that would benefit commercial real estate would include a streamlined entitlement process, incentives for building affordable housing and a reduction in depreciation lifespans.

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
Jessica Tisch.

Your pick for Fed chair `26?
Kevin Walsh.

Borrowing costs up or down by late 2026?
Down.

More excited about — interest rate cut or Taylor Swift’s engagement?
Definitely an interest rate cut!

Last vacation and where?
The second week of September — Venice.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
I would lower interest rates.

What’s your kryptonite?
Bureaucracy, government regulation and high interest rates.

How are the tariffs going to affect your Thanksgiving shopping?
Not at all.

You appear on the kisscam at a concert. Who’s performing?
Jethro Tull or Andrea Bocelli.

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
La Cote Basque and Coach House.