Jared Epstein

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

We had an oceanfront parcel teed up in Miami Beach that was the key to an exceptional corner where the development of approximately 200,000 square feet of residential could be possible. The deal was incredibly hairy and required more than one huge leap of faith, which led us to walk. Months later a local developer put it all together.

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

We are working on several financings now. They are all incredibly challenging.

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?

Upgrade or convert to residential if possible and in a great location.

What market outside of NYC do you like and why?

It’s hard not to like Florida and Texas. Both states seem on the right side of policy and trends.

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?

Very closely. God willing, the awful results of the woke far left will lead to a red wave. However, I believe the extremists that rule both parties are running our nation. There needs to be a centrist party whose policies are those of common sense.

How many days per week are you in the office?

I’m in the office four to five days of the week except in the summer. However, I’m on my iPhone networking and deal making 24/7/365.

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

Most are in the office two to three days per week. A few are still completely remote.

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

The resi rental likely peaked already. More supply will come online with office-to-resi conversions, but rents will likely remain strong due to high interest rates making it much more expensive to carry a mortgage.

ESG: fad or fixture?

Probably a fixture, but not good for capitalism.

Class quote

“A guy don’t walk on the lot lest he wants to buy. They’re sitting out there waiting to give you their money. Are you gonna take it? Are you man enough to take it?” — Blake in “Glengarry Glen Ross”