CUNY TV's The Stoler Report

Guest says that to do business in New York, you have to be able to "ride the waves - to absorb the ups and downs." Long-time colleague and friend, Jeff Levine, bullish on New York's future despite 9/11 and economic disruptions, reviews his early ventures in Williamsburg and West Chelsea (now Hudson Yards). Working with social service agencies, Levine builds senior housing, homeless facilities along with affordable and mixed income apartments.

Guest sites January 2021 as the beginning of a very active real estate market. New York City residences, looking to purchase their first apartments, showed interest in studios and one bedrooms; larger apartments followed. Tenants are slowly returning to Class A office buildings; Class B/C tenants are still working from home. Guest believes tenants have greater opportunity to negotiate deals.

New York City's population is growing, along with the need for affordable housing. Guests - developers and lenders - commented on the challenges of acquiring land, construction costs, rezoning, the importance of sponsorship and thoughtful business plans to successfully develop and build much needed housing. The energy and support of HPD to preserve and build new affordable housing is discussed.

Noting that more deals are going to contract and that they're "doing OK," guests are confident that Covid-19 and the Delta Variant, countered by the booster, social distancing, and vaccination will have only a small effect on future sales. Guests discussed the rental market, citing opportunities in hospitality and multifamily, bio-science, and quality office buildings.

Guests describe the office market as "very, very busy" but "tough on landlords!" Business is returning but with working from home, tenants are renting less space. The tenant-friendly residential market continues to offer concessions, while online viewing helps renters shop space, price and amenities. The 2019 Rent Laws and Covid have spurred real estate to move south, seeking less bureaucracy and restrictions on their business.

Discussing the attraction of transit-oriented properties to buyers/renters, guests site easy access to New York City, and restaurants, culture, entertainment at home - creating urban/suburban community living. Creative master plans vs "hard to do business in New York issues" make the suburbs attractive.

"There's a lot going on out there," says host Michael Stoler, as guests discuss the strengths of Long Island's real estate market: the residential markets, industrial properties, and assisted living facilities. Hospitality is substantially better, but along with retail - still a challenge. The office market, while not robust, has show remarkable resilience.

Restaurateurs, owners, and attorneys - bullish about the industry's future as restaurants re-open in New York - discuss donating meals to health care workers, keeping a family business alive, the vaccine, the Restaurant Revitalization Act enabling re-hiring, and lenders' and developers' support to those presenting sound business plans.

Guests, with long histories and commitments to New York, discuss the post-pandemic comeback. The vaccine roll-out has increased confidence, enabling people to return to offices. Returning tenants are evaluating space needs and owners are repositioning, modernizing and improving the environment of many of their buildings with amenities, out-door space, refurbished lobbies and elevator cabs.

To date, numerous states have legalized the medical and/or recreational use of cannabis, developing profitable businesses in healthcare, pharmaceuticals, consumer goods, and agriculture The federal government has not yet enacted legislation that would end the prohibition of cannabis, removing its listing from the Controlled Substances Act. Guests describe the legal gray areas currently burdening the cannabis industry: banking, exces