CUNY TV's The Stoler Report

Guests from the banking industry note that while the process is just beginning - we are coming out of the pandemic! Recovery has been faster than many expected; some retail and most stable assets nearing pre-pandemic "normal." The office market is still lagging as companies are evaluating the repopulation of their offices. Too high luxury retail rents have been falling, and some retailers are going into brick-and-mortar. Note-on-note financing discussed.

Condo Market numbers are up! Virtual tours, pent-up demand and the vaccine are spurring in person visits. Guests discuss the increased number of signed contracts, many on larger units with upgrades. Coming out of Covid-19, financing is still a challenge.

James Kuhn has experienced various cycles during his long real estate career - all related to imperfect financial, banking or tax systems. COVID-19 is a health-care crisis, different from all the rest that, in the end, a healthy company could survive. Discussing New York's resurgence, Kuhn notes the city's commitment to bio-science, having the ingredients necessary to advance the industry; the growth of Industrial operations; the importance of Public/Private cooperation and the significance of Retail to the future.

Rentals are now moving, there's a pent-up demand, buyers are coming up to seller's price, greater activity as Covid-19 figures improve. Business is a "coiled spring, a rattle snake, ready to strike," is a guest's dramatic description of the improvement in the rental market. Investors describe New York's market as fragmented; institutional investors are coming back.

Tax experts discuss the SALT Cap Workaround, available to partnerships and S corporations, comprised solely of individual partners or shareholders. This workaround will enable those businesses that qualify, to deduct from their federal taxes, the $10,000. cap on state and local tax deductions, imposed by the 2017 Tax Reform Act.

Unable to host large gatherings due to the pandemic, forced to limit the number of people visiting the North Fork vineyards, guests describe their efforts to stay connected with customers with reservations only visits, wine education tours, small, private gatherings and selling wines directly to consumers. Guests discussed organic wine, sustainability and the next generation of wine makers.

Due to Covid-19, the energy that drives New Yorkers was, according to Scott Rechler, temporarily "on pause." Accelerated vaccinations and increased technology have prompted office market recovery plans that include full time and hybrid work models. E-commerce, recovery in the rental market, urban & suburban interconnects, property conversions for industrial use - also discussed.

Guests discuss the development of facilities dedicated to the growth of the bio-science industry. New York - with public/private support, academic talent, and space, is seen as an important hub for this industry. The Taystee Lab Building - a 355,000 square foot facility in Harlem, located between Columbia and The City College is one example of new construction. Additional locations, some new and some conversions, also discussed.

Guests describe plans to provide the office market with the "best-in-class" office buildings. By comparing the office of the future to a hotel, where hospitality, security and support staff are in touch with tenants, they are creating a tenant-friendly environment, bringing business owners closer to occupants. Park space, restaurants, enhanced technology, flexible schedules, part of many plans.

An industry deeply affected by Covid-19 is hospitality. Banks and clients explore ways to stay in business: converting to rentals and office space, creating private dining rooms; landlords have been supportive of restaurants; ghost-kitchens, take-out, pop-ups are doing well. Leisure travel and personal events are expected to return sooner then business travel.