CUNY TV's The Stoler Report

John Catsimatidis, optimistic and enthusiastic about New York's future strongly believes in "spreading the risk" and diversified investments. Guest discusses various real estate asset classes: retail vs. condo, the grocery business and unions, the industrial market, bio-sciences and Florida.

Developers, owners, bankers - very cautious when considering new hotel construction in New York City, describing the price of land, availability of supplies and hard-to-come-by labor. Guests discuss the popularity of limited service hotels versus conventional establishments. Financing is hard to get as the banks' hotel portfolios are still under stress.

Guests discuss opportunities for commercial real estate in the New York Metro area and in northeast Florida, particularly the just under A-quality industrial and multi-family classes in NE Florida. Others focus on condos and risk-adjusted return investments in condo inventory. Also reviewed: the return of foreign investors; New Jersey and Westchester, commutable to New York; senior and affordable housing; technology and life science - long-term to success but important to New York's future.

Guests representing real estate asset classes and public accounting discuss aspects of the hospitality industry incorporated into the office market. In addition to renovated lobbies, clients look for amenities not usually seen in commercial buildings. Also discussed, residential and mixed-use properties in emerging markets in Brooklyn and Queens.

Guests discuss the ups and downs of the New York office market. An encouraging uptick in some portfolios is due to the number of employees returning to the office. Leasing and rents remain an issue of location and supply vs. demand. Newer quality buildings are most in demand; question is - what is the future of obsolete buildings? Co-working spaces, flexibility leasing, clustering, zoning - all considered.

Guests comment: It's a buyer's market OR a seller's market - depending on where you are and what you have to sell! Condos are attracting parents buying for their children, who are moving east; Coops are less attractive as Boards can be difficult to deal with, and Townhouses appeal to families, as these facilities provide more space and more privacy. Brooklyn and Queens markets have been an alternative to Manhattan; Staten Island is difficult to develop, and the Bronx provides homes to renters.

Builders, developers declare "the Hamptons are on fire," fast becoming a year-round residence, and facing issues common to many growing areas: traffic, described as "unbelievable;" affordable housing, proposals to build face opposition; and overcrowded schools. Land is scarce and building approvals are hard to get. Real estate is booming, restaurants are staying open as long as possible.

Chefs, owners, restaurateurs are starting to see "folks coming back to the restaurant!" Still unfilled offices remain a problem but New Yorker's have shown great support by generously accepting Covid sur-charges, outdoor dining, and fund raisers. Current challenges: scarcity of labor has caused limited hours/days open; broken supply chain, products not available, menu changes, erratic deliveries, difficult landlords and higher prices!

As more and more workers return to offices and as representatives of an essential service, working to keep real estate from becoming a transmission site, guests discuss their comprehensive approach to cleaning and disinfecting facilities, designed to protect and reassure workers and tenants. Improved technology: temperature scanners, electrostatic spray cleaners; science: universal vaccinations and testing are essential.

Industrial is ranked #1 as a real estate asset class and a highly sort after commercial investment. E-commerce sales and demand for over-night and even same-day delivery are driving "last mile" industrial facilities. Space for hard core industrials: garbage trucks, waste-recycling, parking, light manufacturing is not available. Labor shortages, scarcity of land, rezoning, building conversions, multi-story facilities are discussed.