Joseph Ferrara

Where is BFC going to be in 2026?

Our target for year-end 2026 is to construct and/or renovate our 17,000th residential unit.

Where is BFC going to be in 2028?

We are continuously looking to expand our business. Our goal for 2028 and beyond is to build outside of the inner-city market in neighborhoods where the implementation of crucial affordable housing is key to their survival. We have set our internal goals to always have a minimum of 1,000 units in construction and to add a minimum of another 2,000 units to our asset portfolio by year-end 2028. As a result, we have initiated a hiring strategy to expand our team to manage our forward-thinking strategies in these new markets.

Where is BFC going to be in 2033?

We are striving to be one of the largest affordable housing developers in the country by 2033. We are preparing accordingly with our ambitious and exceptionally talented team, and I look forward to all we will accomplish.

Tell us about a successful financing in the last 12 months. Or tell us about an unsuccessful one.

Due to conservative underwriting and rent growth in some of our properties, I am delighted to say that we are having great success in the affordable housing world by financing and refinancing projects with bonds and tax credits.

On the other hand, our existing debt on commercial properties is about to mature, and attempting to refinance in today’s climate is challenging.

 When will we know the market has stabilized? (Be specific!)

Historically, real estate is very cyclical and is also tied to the political climate. I think we need to get through 2024 first, to be honest.

How do you think the 2024 presidential campaign will impact the commercial real estate market?

Everything is tied together. So much is uncertain and impossible to predict in both real estate and in politics. The results of any election can impact the commercial real estate market, and 2024 won’t be any different. Any change in leadership, and in party control, will have an impact on the future. It is our job to mitigate any fallout and work with political leadership to develop policies that benefit our long-term goals.

If you were to invest your own money in someone else’s real estate, who do you like and why?

I would never invest my money in anyone else’s real estate. I like to control my own destiny.

What business advice are you most tired of hearing?

I hate being given design advice. 

What’s the biggest market opportunity as we round out 2023?

If we could get more funding from D.C. into NYC, that would give us the ability to build thousands and thousands of affordable housing units.

Have you had a lot of staff turnover? 

No.

Who do you like for POTUS in 2024? Michelle Obama.

Do you feel personally safe moving through NYC? I do feel safe. I’m so tired of hearing people complaining that the streets of New York City aren’t safe. Bullshit. If only they saw what our little metropolis looked like growing up in the ’80s. This is a byproduct of people getting most of their news from TikTok.

Jerome Powell: Are you a fan or critic? Agnostic.

Can’t-live-without technology now? I think there should be a monthly holiday dedicated to all technology being shut off.

Elon Musk is …? A deranged genius.

Taylor Swift or Beyoncé? Beyoncé.

Artificial intelligence — good or bad? Bad.

Mischa’s or Nathan’s for a hot dog? Nathan’s. 

Netflix or Hulu? Both.

What character are you in “Succession”? Don’t watch it.