Laurent Morali

Where is Kushner going to be in 2026? In 2028? In 2033?

Kushner has spent the last handful of years making the necessary investments in personnel, systems and structure, in addition to our physical assets, to realize our goal of growing from a regional company into the national real estate player we have become today. While the current environment may be fraught, we expect opportunities to increase in both size and frequency, and we look forward to leveraging our growing platform — both in physical size and capabilities — in seizing upon those openings alongside our valued current and future stakeholders.

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

A financing that closes with a happy lender and happy borrower is a successful financing. In this economic environment, it is challenging to close deals in general — put aside deals that close as advertised. Interest rates, rents and other factors considered by both parties are moving so quickly that agreed upon, but not closed, deals are changing entirely in a matter of weeks. As a result, anything that has closed in the last 12 months is considered successful. 

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

We can gauge the market’s stabilization by monitoring an increase in transaction volumes. In an unstable market such as the current one, a significant portion of transactions is driven by exceptional circumstances, like loans reaching their maturity date, necessitating immediate action.

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

The 2024 presidential election will not have a large impact on the commercial real estate market. Local elections and legislation will always drive real estate because, at the ground level, real estate is tied to politics as developers need certain approvals to build certain types of real estate. 

On a national level, however, there is rarely a huge impact. Interest rates are the major driver of real estate from a macro standpoint, and it’s debatable — at best — whether politicians have a meaningful impact on interest rates. Interest rates are dictated by many factors, including government debt funding, stimulus policies, impending legislation, exchange rates and interest rates abroad, so it’s hard for one politician or one political party to drive this. 

What business advice are you most tired of hearing?

“If you want something done right, do it yourself.” How much can one person really do? I am proud of the team I work with, and I trust them wholeheartedly. They challenge my perspective, and together we have successfully conducted some of the most dynamic deals I‘ve been a part of. If you want something done right, empower and enrich the people who are there to help you get it done.

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

Distressed/dislocated recapitalizations and lending. 

Have you had a lot of staff turnover?

We are proud to be able to say our 2023 turnover is below the industry average by a large margin, and we consistently focus on team member retention.

Do you feel personally safe moving through NYC? Unfortunately, as much as I love this city, I do not always feel safe here anymore.

Jerome Powell: Are you a fan or critic? I am a fan who turned into a critic when the 10-year Treasury went above 4 percent.

Can’t-live-without technology now? My ShredMaster guitar pedal.

Elon Musk is…? Famous

Taylor Swift or Beyoncé? Metallica.

Artificial intelligence — good or bad?  Neutral.

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

Netflix or Hulu? Hulu.