Winthrop Wharton

Are you going to buy in 2026? What’re you looking at? 

We are looking to acquire both existing properties and land in 2026. Our focus is on New York City, New York state, and other areas that are in desperate need of affordable housing.

BFC secured $250 million in construction financing in June to finish the third phase of a big affordable housing complex in Coney Island. What’s the financing picture like for affordable housing? And how’s this particular project going?  

The financing picture for affordable housing is improving with recent changes to the 50 percent test, which will allow for more projects to be financed with tax-exempt bonds and Low-Income Housing Tax Credits. Ultimately, subsidy will become the more pressing issue and scarcer resource. Our project closed in June and the foundation is already nearing completion, so it is going as planned, which is always good.

Do you anticipate any big moves or announcements regarding Essex Crossing in 2026?

Yes. Site 9, the first project of the third phase, will close and start construction. 

What is the climate for public-private development partnerships now? 

The development climate has become more complex. Public-private partnerships have become increasingly essential and are a great way to align community needs with large-scale development.

Is there a particular federal, state or local government policy that might be especially beneficial to commercial real estate in 2026? What would you like to see to ease construction and financing?

Inflation continues to hurt new construction and existing properties — I believe external macro dynamics are impacting real estate fundamentals. If the macro/policy environment stabilizes in 2026, I think that will go a long way to benefiting commercial real estate.

Lighting Round:

Borrowing costs up or down by late 2026?
Down.

More excited about: an interest rate cut or Taylor Swift’s engagement?
Rate cut.

When was your last vacation and where?
Too long ago… Italy — Lake Como.

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

What’s your kryptonite?
Ice cream.

How are the tariffs going to affect your Thanksgiving shopping?
Can’t sacrifice on Thanksgiving dinner, so will have to bite the bullet and pay more.

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