Richard Kessler
Chief operating officer at Benenson Capital Partners
What was your biggest deal of the past 12 months?
In the past 12 months, we have advanced plans for a major multifamily development in Queens, bought a large multifamily property in New Jersey, closed a significant construction financing, and began construction of a new multifamily and retail property in Boston.
How would you describe your investor base?
Benenson Capital Partners co-invests internal family capital with other family offices and real estate dynasties, both domestic and international, as well as institutional capital from around the world.
How deeply have higher interest rates affected your investment or development plans?
Higher interest rates have made new development project feasibility more difficult and have also caused us to re-evaluate potential acquisition pricing.
If you could change one area of global or local tumult, what would it be?
Globally, I would end the war in the Persian Gulf. Locally, I would make New York City more business friendly.
For your office and retail properties, has the relationship between owners and tenants changed in any meaningful ways over the past few years?
I don’t really think there has been meaningful change in this dynamic over the past few years, but I do think that owners need to be more collaborative in their approach to helping their tenants achieve their goals.
What are some of the criteria for a truly successful long-term joint venture?
I’ve found that some of the most important traits for a truly successful long-term joint venture are common culture, shared values, significant financial resources, appreciation of quality in design and materials, and having similar long-term investment horizons.
Has the lending criteria from the banks you deal with tightened in any notable ways over the past few years?
No.
Lightning Round:
Your AI platform of choice? Claude.
Who would play you in a movie? Jeremy Strong.
One prompt you’d never give AI. “Should we sell this asset?”
Jalen Brunson or Aaron Judge? Jalen Brunson.
“Oppenheimer” or “Odyssey”? “Odyssey.”
Tom Holland, Andrew Garfield or Tobey Maguire? Andrew Garfield.
Have you ever eaten pizza with a knife and fork? Yes, especially when the pizza is very hot and gooey.
The most money you’ve ever spent on a hamburger? $38 at Manetta Tavern.
Bank or non-bank? Bank.
Last book you read? Regime Change by Maggie Haberman and Jonathan Swan.
Borrowing costs — up or down in 2027? Up.
What was your nickname when you grew up/started out? Richie.
How long do we have before AI kills us all? Never.
Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) I’m not telling!
The Stories Behind the List
