Craig Deitelzweig

Craig Deitelzweig

Craig Deitelzweig

President and CEO at Marx Realty

Craig Deitelzweig
By November 2, 2023 9:00 AM

Tell us about a deal that did NOT go through this year and why it didn’t happen?

We bid seriously to acquire 1330 Avenue of the Americas — we really love that asset — and were disappointed to be slightly outbid.

Have you refinanced anything in 2022? How difficult/easy was it?

Fortunately, we completed all of our refinancings in 2022. We were watching the inflation and interest rates and decided to take action last year, so we’ve not faced this lending environment.

There’s a lot of Class B and C office in NYC. If you could lay your hands on them at a really great price, what would you do with them?

We’ve been waiting for this moment! It’s what we do. We’re actively seeking the purchase of Class B and commodity Class A properties to transform them into beautifully designed, hospitality-rich Marx properties. We’ve seen that a highly amenitized and hospitality-infused property with a sense of place and thoughtfully designed finishes leases all day long. Bring them on!

What market outside of NYC do you like and why?

We’ve been very active in Washington,D.C., purchasing two office buildings in that market during COVID. We have found that the strategy we deploy in New York for transforming aging, bland office properties into hospitality-infused icons translates really well in other markets, too. In Washington, D.C., in particular we found that government affairs offices love our buildings, and we love them right back.

There’s a midterm election this year. How closely are you following, and do you think the national political climate will have an effect in New York?

Yes, I am following the elections closely. With regard to impact … New York is, afterall, an island.

How many days per week are you in the office?

The entire Marx Realty team is in the office four days per week, and has been since June of 2020.

How many days per week are your tenants in the office?

We are tracking that the overwhelming majority of our tenants are in the office three to five days per week.

NYC apartment rents have reached never seen levels. How much further can it go? How does the housing squeeze play out?

New York City is a magnet for young and ambitious talent, who will continue to support the rental sector.

ESG: fad or fixture?

ESG is certainly a fixture! Few things are more important to tenants than health and wellness — an ethos and priority that matches the Marx philosophy.

Class quote

“All the opportunity in the world means nothing if you don’t actually pull the trigger.” — Sam Zell.