What’s the State of the New York Real Estate Market? It’s State of the Art!By Abe Schlisselfeld | September 25, 2019
Last week, Marks Paneth’s Real Estate Group hosted its inaugural New York Real Estate State of the Market Seminar. It was a pleasure—and a revelation in how we can learn from some of the brightest achievers and strongest advocates of New York real estate.
Our moderator, New York Real Estate Television’s Michael Stoler, did an incredible job guiding the mornings’ discussions - first during a fireside chat with Joseph Moinian, CEO and Founder of The Moinian Group, and then as panel leader for a virtual tour of the New York real estate industry’s horizon, featuring three of the industry’s true luminaries: Joseph Farkas, CEO and Founder of Metropolitan Realty Associates, Matthew Iacopetta, Vice President of The Richman Group, and Seth Pinsky, Executive Vice President and Fund Manager at RXR Realty.
Joseph Moinian’s remarkable story is both inspiring and a little daunting in its scope and degree of sustained success. His influence is evident all across the city – you need only look for the “M” logo on commercial buildings to get a sense of the impact he’s had on the cityscape. Michael Stoler’s questioning brought forth a flow of insights that ranged from Moinian’s deal-making expertise (the tax-wise use of capital gains as a smart investment strategy) to his ideas on how to tap the bond markets for investment capital, and then to his penchant for partnering with his investors by using his own money to help them gain maximum leverage so that even the largest projects are within reach. It was a master class in real estate entrepreneurship.
After that, we listened to a panel discussion between three of today’s most accomplished real estate developers. I’ll expand on the details of their (and Moinian’s) comments in a later article, but I will say they covered a wide array of subject matter– from public/private partnerships to tax credit pricing, to the politics of prevailing wages, industrial conversions, hospitality, co-living and the flux that is retail; then onto the outer boroughs and finally to the suburbs. Throughout it all, Farkas, Iacopetta and Pinsky shared insights into many of their own current deals and on the many challenges and opportunities they see ahead.
I’m sure many members of our standing-room only audience came away with a sense of awe (I know I did) and a realization that there is no real estate market quite as vibrant as New York’s, nor one with as many accomplished practitioners. At Marks Paneth, the Real Estate Group partners and I know we are privileged to serve this market, and I am so pleased we were able to give a stage to these distinguished industry figures.
About Abe Schlisselfeld
Abe Schlisselfeld, CPA, EA, is the Managing Partner of Marks Paneth LLP. In this capacity, he oversees the firm's operations, manages business development efforts and consults on key clients. He is chairman of the firm’s Executive Committee and plays a major role in developing strategy, setting policy and overseeing acquisitions. Prior to becoming Managing Partner in 2021, Mr. Schlisselfeld was the Partner-in-Charge of the firm’s Real Estate Group. In that role, he advised commercial and... READ MORE +