Richard Kessler

Where is Benenson going to be in 2026?

We will be executing our strategic plan to reposition and redevelop our large national portfolio of real estate, improving asset quality and sustainable cash flow for current and future Benenson generations. Significant development projects in Allston, Mass., and Bellevue, Wash., should be underway. 

Where is Benenson going to be in 2028?

Continuing on the mission described above, with additional projects across the country. Allston should be completed and Bellevue well underway. A residential project in Forest Hills, N.Y., should begin by 2028 as well.

Where is Benenson going to be in 2033?

Completing and starting new projects within our portfolio — comprising 110 properties in 27 states — and fulfilling the mission outlined in our strategic plan.

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

We successfully refinanced a number of properties before interest rates began to rise, including a government building in Garden City, L.I., and retail properties in Orlando, Miami and Phoenix. 

We were challenged to refinance one existing maturing loan due to the rise in interest rates and general market weakness. 

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

Office vacancy rates drop to single digits and average rents climb to pre-pandemic levels. But stabilization may also mean accepting a paradigm shift in what differentiates trophy buildings and every other class. New construction of office property will be another signal of stabilization.

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

Interest rates will impact real estate more than the election.

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

Hines, because we’ve partnered with them on a number of developments and know them to be a creative, high-quality, disciplined and consistently successful real estate builder, investor, manager and operator. 

What business advice are you most tired of hearing?

“Interest rates will go back down soon.”

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

Some limited notes sales, and distressed office and residential opportunities.

Have you had a lot of staff turnover? 

We’ve had some senior-level team members retire, and a bit of turnover in our accounting department. 

Who do you like for POTUS in 2024? Biden.

Do you feel personally safe moving through NYC? Not as safe as I used to.

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

Can’t-live-without technology now? iPhone, Apple Watch, iPad.

Elon Musk is…? A mad genius.

Taylor Swift or Beyoncé?  Beyoncé.

Artificial intelligence — good or bad?  Great if used correctly.

Mischa’s or Nathan’s for a hot dog: I don’t eat hot dogs.

Netflix or Hulu? Netflix.

What character are you in “Succession”?  Elements of Logan, Kendall, Tom, Gerri and Frank.