Jason Muss

You seem to have investments in every sector of real estate. Are there any specific asset classes that you’re avoiding?

We are not avoiding any specific type of investment, but we are focusing on multifamily and retail. I am sure there are great arguments to be made for investments into industrial, data centers and warehouses, but we just don’t have those in our portfolio with any scale, and most office buildings continue to need large amounts of capital moving forward. 

All that said, we are ready and willing to do any deal that pencils out.

How has Muss Development’s expeditions into markets like Louisiana, Florida and Alabama been shaping up?

These states have been great for us. It has created a little bit of diversification to our portfolio, in addition to providing us the ability to find positive leverage and cash flow in an environment where it’s been more difficult with New York City acquisitions. 

What also surprised me about these markets is the ready availability of different kinds of financing vehicles, such as Freddie, Fannie and HUD. I grew up on a steady diet of bank loans, CMBS and, more recently, insurance company financed deals. The approach to securing capital is often slightly different in these markets.

Do you think multifamily development pencils out in New York City right now?

In general I wouldn’t say no, because the amount of properties being developed is still impressive. But it’s definitely more challenging than it was before the recent run-up in interest rates and construction prices. 

I think recent upzonings derived from the City of Yes from the Adams administration will help more projects pencil out, but the amount of time needed for these larger multifamily deals to come to fruition might increase.

If you could enter any other market in the United States, what would it be?

Our main focus continues to be New York City. We have made considerable investments in many of our properties here and have been very pleased with the performance of our portfolio. We are running at close to 100 percent occupancy in all of our buildings at this time, with retail being particularly strong. Our office portfolio has also improved since last year.

If you could fix one global issue impacting commercial real estate, which one would you pick?

I’d say lack of capital, which ties directly to interest rates. There are still billions and billions of dollars in expiring loans coming due that will need to be refinanced, and rate increases will force owners to access massive amounts of cash reserves that will challenge even the most well capitalized operators.

Lightning Round:

Your AI platform of choice? ChatGPT.

Who would play you in a movie? Leonardo DiCaprio (the recent edition).

One prompt you’d never give AI. Interpersonal relationship advice.

Jalen Brunson or Aaron Judge? Judge — he’s now the hungriest superstar in town.

“Oppenheimer” or “Odyssey”? Omitted watching both.

Tom Holland, Andrew Garfield or Tobey Maguire? No idea.

Have you ever eaten pizza with a knife and fork? Yes, of course.

The most money you’ve ever spent on a hamburger? $38.

Bank or non-bank? Bank.

Last book you read? Elon Musk by Walter Isaacson.

Borrowing costs — up or down in 2027? Up.

What was your nickname when you grew up/started out? None come to mind.

How long do we have before AI kills us all? Indefinite — we should be way more concerned with nuclear proliferation!

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) This is my home. I’m not leaving.