Colleen Wenke

Are you going to buy in `25? If so, what asset class?

We’re going to take the approach that has continued to work for us: a long-term investing view on high-quality assets that meet sustained market demands for the New York metro area and the neighborhoods the buildings serve. That could be residential, mixed-use, life sciences, retail or office.

Is there a single “good” sign you see in a distressed property that makes you want to buy it?

Our advisory business is very much focused on helping owners and lenders develop and reposition properties that have unlocked potential. That situation can manifest in a number of ways, but one in particular is a top-quality asset that may have been thrown off of its development and capital timeline by the interest rate environment or pandemic-related demand.

Let’s talk about retail. What’s the kind of tenant you want?

Tenants that deliver on a neighborhood need or underserved market demand are typically great. Vital Climbing Gym, for instance, opened at Essex Crossing and brings something you don’t see in the wider area. In a different instance, Target and Trader Joe’s bring neighborhood-focused retail to Harlem. We want all of these tenants, for different reasons, but because they serve needs and create dynamic tenant mixes.

Let’s talk about multifamily. Do you ever see yourself building normal, middle-class rentals again? What would stop you? 

Developers haven’t necessarily abandoned that. Rentals have stiff competition, bring the highest demand numbers, and need to meet what consumers want in terms of amenities, wellness and convenience.

Which market (outside of NYC) do you like best? 

Simply put, we’re New York developers and are focused on projects that make sense across the city, but our skills translate outside New York, such as our multifamily or life sciences platforms.

Lightning Round:

AI: Helpful in CRE or a fad?
AI is helpful in saving time on low-expertise tasks, but there is a qualitative need to understand markets and the people properties serve. You need to understand how AI can free your team up to be better, more thoughtful strategists and community partners. This is still a people business, and AI doesn’t replace that.

Last movie you saw in a theater?
“Sing 2.”

You’re going on a six-month expedition into the Amazon rainforest. What’s your last meal before you get on the plane?
I’m a Plain Jane when it comes to food: gluten-free penne pasta with marinara and fresh mozzarella.

If you could partner with one person in the business on a property, who would it be?
My co-president Chris Balestra.

What are you tired of talking about?
I’m tired of talking about the viability of New York. Of course New York is viable. Of course it will remain a place where people want to live, work and have fun. How that manifests may evolve, but this city has been America’s top draw for a long time. That it will remain so isn’t really a topic that merits much debate.