Scott Galin
President and CEO at Handro Properties
Where is Handro going to be in 2026?
The office and retail properties in our Garment District-area portfolio are approximately 95 percent leased. We expect to aggressively lease up the remaining space as the market continues to improve. Our B buildings have strong demand from small and
medium-size businesses that cannot consider spaces in the $100-plus-per-square-foot rent range. There has been, is now, and will always be demand for well-located, well-priced space, with hands-on ownership.
Tell us about a successful financing you’ve done in the last 12 months. Or tell us about an unsuccessful one.
We have not closed a financing over the last 12 months.
When will we know the market has stabilized? (Be specific!)
The common thinking is that there will be two or three interest rate cuts next year. If that holds true, we expect the market to begin its path toward stabilization by the end of 2024.
How do you think the 2024 presidential campaign will impact the commercial real estate market?
I don’t think it will have any material impact on New York City commercial real estate.
If you were to invest your own money in someone else’s real estate, who do you like and why?
Through our investment entity ESSH Investments LLC, we currently invest in many significant real estate funds, including KKR, Blackstone, Brookfield and Carlyle. We will continue to invest in these and other large and medium-size funds going forward.
What business advice are you most tired of hearing?
“Scott … you should be retiring.” (LOL!)
What’s the biggest market opportunity as we round out 2023?
Among others, our third-party brokerage business remains robust — a combination of new leases, relocations and renewals. We are also pursuing additional investment opportunities for ESSH, based upon individual funds, assets and geographies. The overall real estate market dislocation both locally and nationally has given life to various opportunistic deals that make sense for us right now.
Have you had a lot of staff turnover?
No.
Who do you like for POTUS in 2024? Washington or Lincoln.
Do you feel personally safe moving through NYC? I’ve lived in Manhattan on and off since the late ’70s, including the past 10 years, and have worked here for more than 40 years. I feel as safe today in the city as I did pre-COVID.
Can’t-live-without technology now? iPhone.
Elon Musk is …? An enigma.
Taylor Swift or Beyoncé? Both
Artificial intelligence — good or bad? Both.
Mischa’s or Nathan’s for a hot dog? I’m not a hot dog guy.
Netflix or Hulu? Amazon Prime.
What character are you in “Succession”? A meld of a few.
