CUNY TV's The Stoler Report

Discussing various real estate asset classes a year into the pandemic, guests see hopeful signs of increased activity in the multi-family market and, product-by-product, in industrial space and the office market. Employees returning to offices would be most beneficial. Retail, luxury condos, and hotels may continue to be challenged but it's a time to be cautiously optimistic.

Uncertain describes today's office market. A 15% occupancy, coupled with a year-long work-at-home tenant has led to a soft office market. Guests expect tenants to carefully re-evaluate space needs. The Garment Center shows a small come back, PPP is helpful, but "C" & "D" office buildings and small tenants have difficulty getting financing. Co-working, life sciences, political and safety issues discussed.

Discussing retail, guests are reasonably optimistic, noting "We're doing business!" In response to the pandemic, drug stores, supermarkets are doing well; restaurants are coming back with the vaccine, eased restrictions and government assistance. While the future of small businesses is not secure, retailers are hopeful that consumer's pent-up demand and unspent resources will help the industry.

Banks with significant liquidity look to lend to successful condos, rental projects and assisted living developments on Long Island. LI residential markets are robust, as the local population can successfully sell their homes, many to New York City residents, anxious to leave the city. Guests discuss the office market, retail and hospitality, areas where the vaccine and government stimulus play a strong role in future success.

Attorneys, specializing in real estate and in general practice, discuss current issues affecting clients: rent relief, the importance of government PPP programs, and working remotely. Guests site future real estate opportunities in malls, big box spaces, retail; in foreign markets and foreign investors and in transactions in the hospitality industry.

The hospitality and tourism industries, historically contributors to New York City's economy, came to an almost complete halt in early 2020. Guests discuss how they are adapting, making changes, the vaccine, confident that these businesses will come back better than ever. Clients applaud landlords and banks for working with them; banks praise PPP, providing liquidity and stability, though lenders wait to learn that these loans will be forgiven before seeking any PPP support.

Leaders of long-established family businesses candidly discuss their children joining the business, bringing new ideas, points of view, and even changes in direction, that have been beneficial to their companies. Recalling their own uneasy experiences working with their parents, these leaders welcome new ideas, encouraging shared business conversation.

Children of leaders of long-established operations discuss the challenges of joining the family business. Many bring new thoughts, allowing companies to thrive when open to considering and integrating new ideas. A major challenge is keeping home life separate from the business.

Developers see opportunities and bankers are willing to lend to real estate projects in Westchester. Guests review Westchester County as an alternative to New York and Long Island City: less dense, less expensive, more amenities, larger units - at a fraction of the costs to developers and to the public. All are bullish on Yonkers, New Rochelle, White Plains; with Port Chester of interest for affordable and market rate developments.

Guests are optimistic about 2021, expecting low growth in the first quarter, with gains in the second half. Hope is that the Covid-19 vaccine will encourage workers to return to the office. Guests discussed the renter's market, multi-families, and New York - not so politically friendly attitude toward real estate.