In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, discussed Ariel’s Manhattan 2026 Mid- Year Commercial Real Estate Trends report with Founding Partner Michael A. Tortorici, Senior Director Christoffer Brodhead, and Director Howard Raber.

The speakers noted a 50% increase in dollar volume to $9.87 billion compared to the first half of 2025. The conversation covered several key asset classes:

• Office Market: The market shows three primary trends, including strong performance for Class A buildings and ongoing repositioning for Class B and C buildings, some of which are being converted to residential use. 
• Development: There was a 54% year-over-year increase in development volume to $1.7 billion. Developers are leveraging initiatives like "City of Yes," tax incentives for office-to-residential conversions (467m program), and the Midtown South mixed-use plan to find opportunities. Currently, 16,000 units are in the pipeline for office-to-residential conversions.
• Multifamily: Investment activity grew significantly, with dollar volume rising 93% year-over-year to $2.34 billion across 109 transactions. Institutional investors have returned to Manhattan's predominantly free-market sector. While values remain below the 2017 peak, there has been growth compared to 2025 and 2024.
• Retail: High Street retail is experiencing a recovery, with rents in prime areas like Soho meeting or exceeding pre-2020 highs. There is renewed enthusiasm from institutional capital and high-net-worth families for retail assets that offer long-term, mark-to-market opportunities.

The speakers concluded by expressing optimism for an active, productive second half of the year. Additional market insights are available in Ariel’s Manhattan 2026 Mid- Year Commercial Real Estate Trends report.

In this special episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, moderates a panel discussion recorded at Ariel Property Advisors’ Separating Signal from Noise: NYC Investment Sales in 1H 2026 event on July 30, 2026. The panel features Ralph Bumbaca, Regional President, Metro NY at TD Bank; Robert S. Nelson, President of Nelson Management Group LTD.; and Bryan Kelly, Principal & President of Development at Gotham Organization.

The panelists discuss the challenges and opportunities shaping New York City’s commercial real estate market, including rising operating costs, insurance, legal and regulatory challenges, development complexities, financing conditions, and the outlook for the market.

Watch the full panel discussion on YouTube.

Shimon Shkury, President and Founder of Ariel Property Advisors, shares his outlook on New York City’s investment sales market in the first half of 2026 in this special episode of Coffee & Cap Rates, recorded at Ariel Property Advisors’ Separating Signal from Noise: NYC Investment Sales in 1H 2026 event on July 30, 2026.

Shimon examines where capital is investing across NYC’s multifamily, office, development, affordable housing, and retail markets, highlighting the role of reset valuations, fundamentals, policy alignment, and distress in shaping investment activity.

Watch the full presentation on YouTube.

In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, discussed Ariel Property Advisors’ Q2 2026 Multifamily Quarter in Review with Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director in Capital Services.

The trio discussed the performance of the multifamily real estate market during the second quarter of 2022, including:

• Market Growth: 
  • The multifamily market totaled nearly $2.5 billion.
• Asset Class Performance:
  • Free Market: This segment saw continued rent growth and strong investor competition. Manhattan and Brooklyn remain attractive for these types of assets.
  • Rent Stabilized: This market faces significant struggles, with low trading volumes in outer boroughs like the Bronx, Queens, and Northern Manhattan. Factors contributing to this include a 0% rent increase, elevated interest rates and concerns regarding regulatory risks.
  • Affordable Housing: Project-based Section 8 housing remains a premier asset class due to federal subsidies and stability. It represents about 10% of the overall transaction volume.
• Financing and Debt:
  • For rent-stabilized assets, borrowers facing maturity are advised to engage lenders early to discuss potential modifications or extensions, as property values have changed significantly.
  • Refinancing and acquisition financing remain available through agencies like Fannie Mae, Freddie Mac, and CMBS, with some deals achieving 70–75% loan-to-value ratios.
• Future Outlook: The speakers anticipate an active second half of the year, with a strong contract pipeline pointing toward sustained or increased transaction volume in the third and fourth quarters. Despite the challenges in the rent-stabilized sector, there is notable seller motivation to transact if debt-related issues can be resolved.

Access the full report here.

In this episode of Coffee & Cap Rates, Shimon Shkury sits down with Kenny Burgos, CEO of the New York Apartment Association, to discuss the current state of New York City’s multifamily housing market and the growing challenges facing the rent-stabilized sector.

The conversation takes a deep dive into the long-term effects of the 2019 Housing Stability and Tenant Protection Act (HSTPA), including vacancy control, rising operating costs, capital constraints, declining valuations, and affordability pressures across the city’s housing stock.

Together, they explore how policy changes, economic vacancy, and structural market constraints are reshaping investment activity, asset performance, and financing conditions for rent-stabilized housing in New York City — and what it may take to restore long-term stability and investment viability.

Shimon Shkury, President and Founder of Ariel Property Advisors; Victor Sozio, Founding Partner; and Matthew Dzbanek, Senior Director in the Capital Services Group, take a deep dive into New York City’s multifamily market on this episode of Coffee & Cap Rates. They discuss key trends from Ariel Property Advisors’ Q1 2026 Multifamily Quarter in Review New York City, and what to expect for the remainder of the year.

Highlights from the podcast include:

• The NYC multifamily market recorded approximately $2.4 billion in transaction volume in Q1 2026, up 7% year-over-year, reflecting sustained investor activity despite a bifurcated market.
• Free market assets continued to drive momentum, supported by rising rents and strong investor demand, while rent-stabilized properties faced ongoing pressure from expenses, regulatory constraints, and NOI erosion.
• The rent-stabilized segment saw notable activity, including distressed transactions, as owners and lenders increasingly worked toward restructurings and pragmatic solutions.
• Affordable housing remained steady, with private capital increasingly stepping into existing structures and sophisticated investors targeting long-term value opportunities.
• Lending activity remained active for well-located free market assets, while capital availability for stabilized assets remained more selective, with lenders focused on collections, violations, and overall asset quality.
• Construction and development financing continued to attract strong interest, supported by favorable supply-demand dynamics and growing appetite for new rental and condo projects.
   Overall, liquidity and investor engagement are expected to remain strong as both buyers and lenders continue to meet the market in 2026.

Access the full report here: https://arielpa.com/report/report-MFQIR-Q1-2026#overview

In the latest Coffee & Cap Rates podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, Jason Gold, Senior Director, and Daniel Mahfar, Director, discuss multifamily and development market trends in the Bronx as reported in Ariel’s Bronx 2025 Year-End Commercial Real Estate Trends report.

Highlights from the podcast and report include:

• The Bronx real estate market reached $1.8 billion in 2025, a 46% year-over-year increase, with multifamily dollar volume rising 66% and development up 26%.
• The average price per unit for multifamily units hit a 7-year low of $105,000, influenced by high interest rates, increased expenses, including insurance and taxes, and anticipated rent freezes for stabilized buildings.
• Multifamily pricing is expected to remain at a decade-plus low, attracting local owners seeking a low basis relative to the rest of the country.
• Development activity is forecast to continue an upward trend due to investors’ increased familiarity with the 485x tax abatement and "City of Yes" regulations.

Shimon Shkury, President and Founder of Ariel Property Advisors; Michael A. Tortorici, Founding Partner; Christoffer Brodhead, Senior Director; and Howard Raber, Director, take a deep dive into Manhattan’s investment sales market on this episode of Coffee & Cap Rates. They discussed trends in Ariel Property Advisors’ Manhattan 2025 Year-End Commercial Real Estate Trends report and what to expect in 2026.

Highlights from the podcast include:

• Manhattan’s transactional dollar volume reached $22.77 billion in 2025, signaling strong investor confidence and positive growth trends across development, multifamily and office sectors.
• Driven by limited inventory and a high-performing condo market, development site sales totaled nearly $4 billion with pricing jumping 11% to $468 per buildable square foot—the highest level recorded since 2021.
• Accounting for 50% of Manhattan’s total dollar volume ($11.3 billion), the office market was fueled by high-value Class A transactions and a growing trend of Class B and C assets being repositioned for residential or boutique office use.
• Investors showed a clear preference for free market multifamily properties, which represented 84% of total multifamily dollar volume, as investors looked to capitalize on free market assets currently trading 18% below their 2017 peaks.

Shimon Shkury, President and Founder of Ariel Property Advisors, Sean R. Kelly, Esq., Partner, and Stephen Vorvolakos, Director, discuss trends in Brooklyn’s commercial real estate market and the findings of Ariel Property Advisors’ Brooklyn 2025 Year-End Commercial Real Estate Trends report.

Highlights from the report include:

• Brooklyn closed 2025 with $6.66 billion in total commercial real estate sales across 951 transactions, reflecting an 8% decline in dollar volume and 2% increase in transactions compared to 2024.
• The development market rallied in 2025 with 172 transactions totaling $1.8 billion, an increase of 25% and 41%, respectively, compared to 2024.
• Multifamily dollar volume dipped 3% year over year to $3.47 billion while transactions rose 7% to 582.
• Brooklyn retail saw 76 transactions totaling $523 million, representing decreases of 10% and 17%, respectively, compared to 2024. Boroughwide, transaction activity was largely driven by smaller, mom-and-pop retail sales.

Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director in the Capital Services Group, discuss New York City’s multifamily market and the findings of Ariel Property Advisors’ Multifamily Year In Review New York City 2025.

Highlights include:

• Total dollar volume was relatively unchanged year-over-year, totaling $8.91 billion in 2025 compared to $9.1 billion in 2024.
• Free market buildings led multifamily sales citywide, accounting for 66% of dollar volume and 48% of transactions. Rent stabilized assets followed in deal frequency (47%) but trailed in value (20%), while affordable housing rounded out the market with 13% of the volume and 6% of transactions.
• Capital rewarded free-market housing with rising valuations, affordable housing remained active through strong public-private alignment and rent-stabilized assets traded at steep discounts as NOI eroded under policy and cost pressures.
• The rent-stabilized sector continued to grapple with regulations, rising costs and mortgage maturities at higher rates. 
• Many banks are focusing on free market transactions, office transactions, retail transactions, and assets that aren’t regulated.
• The multifamily market will see increased liquidity in 2026 as Fannie Mae and Freddie Mac will each have $88 billion to lend for a total of $176 billion.