Partner at Fisher Brothers
Have you refinanced anything in 2022? How difficult/easy was it?
Yes, we refinanced House39, our residential building in Murray Hill. We were lucky to have refinanced this property before interest rates started to climb.
What market outside of NYC do you like and why?
We’re bullish in Las Vegas, where we own 80 acres and, of course, built Area15’s first location. We also recently purchased land in Orlando for a second Area15 location and are in the process of developing a residential building in Miami’s bustling Wynwood neighborhood. These cities have endless opportunities for future development and are attractive for their dynamic, diverse communities.
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?
I’m following the election very closely. It’s clear that the national headwinds have changed in recent months and Democrats have regained some of the momentum. We’ll see what the voters decide in November, but I’m more optimistic now than I was earlier in the year.
How many days per week are your tenants in the office?
It really varies by sector and by company. Post-Labor Day we’ve seen a steady increase in occupancy across the portfolio and I am optimistic that occupancy will continue to rise.
NYC apartment rents have reached never seen levels. How much further can it go? How does the housing squeeze play out?
There is no doubt that we have an affordable housing crisis here in New York. It will take a few years before new development completely dries up following the expiration of 421a. I hope leaders in Albany are able to come together on a new affordable housing program that will incentivize future development.
ESG: fad or fixture?
Fixture and rightfully so.