Laurent Morali

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

Unfortunately, yes! Going to the debt markets in 2022 for refinancing is like going to the dentist for a root canal. I am pleased that 95 percent of Kushner’s debt across our portfolio is at a low fixed rate with seven-year terms remaining on average.

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?

It will take years for the office market to sort itself out. It will take a combination of creative change of use, rezoning and Advil.

What market outside of NYC do you like and why?

Our investment thesis into South Florida consisting of buying land between 2016 and 2019 has paid off. In South Florida, we’re about to deliver our first two buildings in Wynwood, Miami. We have another 4,500 units in the development pipeline between Miami and Fort Lauderdale, where there has been strong growth. We also love New Jersey, which remains a supply-constrained market, creating a strong case for development. Earlier this year, we broke ground on three development sites in East Hanover, Fair Lawn and our marquee development in Jersey City.

How many days per week are you in the office?

Five days.

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

We’re predominantly a multifamily owner, so I can speak from the standpoint of our residents. We see about a third of our residents working from home.