CUNY TV's The Stoler Report

Calling mass transportation and infrastructure the life-line to the city, guests discuss the projects and impact on New York and surrounding states of the Congress approved, $1 trillion Infrastructure Package: Penn Station and direct access from Grand Central, Gateway, Second Avenue Subway, road, bridge, tunnel repairs, and more. The use of Eminent Domain is discussed.

Called visionaries, described as “larger-than-life” leaders, Kenneth Langone and Dr. Robert Grossman talk about the restructuring and transformation of NYU’s traditional medical school and hospital to an integrated medical center. Guests describe the NYU Grossman Medical School’s free tuition, three-year medical program and the ambulatory based system, named the #1 Hospital in New York.

Guests discuss office properties post pandemic: the increased activity in small/medium size entrepreneur space, with a 90% occupancy, a 20% decrease in rents, workers in the office 4-5 days a week; properties whose leasing volume has climbed back to 80% and “flight to quality” buildings stressing their green standards and amenities, whose hybrid work-force has seen a 50%-60% return to work.

Guests comment that while the land market has done surprisingly well in the first half of 2022, how the year ends is of concern, considering higher interest rates and no 421a. Developers discuss current and long term projects, the positive effects of midtown rezoning, Coney Island, the Ferry, Long Island City, and Florida.

Be cautious! developers and bankers agree when considering development of various asset classes: industrial, retail, rental, office. Be selective! consider space, location, cost of building, cost of lending. While deals are being made: industrial is hot, multi-family/rental, food-anchored locations continue to be strong in New York, guests agree these are cautionary times.

Noting the slow-down in the residential and for-sale markets: rates have almost doubled, buyers are holding off and sellers are tying to figure it out, guests comment that the market is changing. Demand is steady in the Hamptons; supply is limited. Westchester's residential markets are stable; office markets - fairly stable. Health care/hospitals/bio-technologies are booming industries in Westchester.

Guests describe this year as "one of the best!" noting that New York is coming back, despite the 421a kibosh on new construction; Westchester/Fairfield County-pockets of opportunity; free market/market rate properties are doing well; condos are returning to the market; private money is coming back to New York; land prices have rebounded. Challenges: the expense of C & D office market conversions, retail, hospitality and the impact of unions.

Discussing the future, seeking opportunities and new family leadership, Josh Muss looks at Manhattan office space, transportation, hospitality and jobs, describing New York City as the center of technology, medicine, education, culture, student life, declaring "there's always a job in NYC, especially for young people."

With various sources available to finance real estate: traditional lending, alternative lending and a membership-based brokerage service, guests discuss the differences and similarities of their industry and the importance of Fannie Mae/Freddie Mac loans.

Historic One Times Square, where millions come to celebrate New Year's Eve, has been for many years - an empty shell! The building is experiencing a multi-million dollar redevelopment, benefitting the area and creating a "go-to" for tourists. Guests discussed the living / business opportunities in the Hamptons, increasingly a year-round community and Suffolk County, whose attractive tax rates and support of local leaders, is of interest to developers.