David Kramer
CEO at Hudson Companies
Where is Hudson going to be in 2026?
We currently have eight residential projects under construction, which are a mix of market-rate rentals, affordable housing and homeless shelters. Two of our new developments are in Westchester, N.Y. So I don’t foresee a lot of change in 2026 — sticking to workforce and affordable housing and focusing our efforts within driving distance of New York City.
Where is Hudson going to be in 2028?
Same as 2026, except employees will be voluntarily working from the office six days a week.
Where is Hudson going to be in 2033?
Same as 2028, except maybe building a few luxury supertalls in Staten Island, the 51st state.
Tell us about a successful financing you’ve done in the last 12 months. Or tell us about an unsuccessful one.
We did a large multifamily refinancing in June, and, at the time, I was grumbling about it. Now I have to declare it a success — a rate of 6.13 percent, we didn’t have to write a check, and we didn’t have to consider selling the building. Some other refinancings have been waaay more stressful.
When will we know the market has stabilized? (Be specific!)
When we get multiple lenders offering us construction loans in New York City at 65 to 70 percent leverage with spreads under 300 basis points.
How do you think the 2024 presidential campaign will impact the commercial real estate market?
I have a naïve hope that a presidential campaign year will bring us lower interest rates.
If you were to invest your own money in someone else’s real estate, who do you like and why?
I’d invest in multifamily in a growing urban locale — like Denver … or the Metaverse.
What business advice are you most tired of hearing?
“Never bet against New York.”
What’s the biggest market opportunity as we round out 2023?
We think there are good opportunities for ground-up new construction rentals in Westchester and the broader tri-state region.
Have you had a lot of staff turnover?
No, thank God. We did during COVID, but our world has stabilized. We’ve really got a tremendous team in place today.
Who do you like for POTUS in 2024? Really undecided between RFK Jr., Cornel West and Donald Trump. Doing my own research on X.
Do you feel personally safe moving through NYC? Absolutely.
Jerome Powell: Are you a fan or critic? He’s killin’ us.
Can’t-live-without technology now? Starbucks mobile app.
Elon Musk is…? An asshole.
Taylor Swift or Beyoncé? You omitted the third big summer concert brouhaha: Springsteen.
Artificial intelligence — good or bad? Good until it’s bad.
Mischa’s or Nathan’s for a hot dog: I’m trying to eat healthier these days — no hot dogs.
Netflix or Hulu? What is this, Lightning Round ’17?
What character are you in “Succession”? Given these tough times, I feel like the cater waiter who drowns in the car.
