Ground Rules: Behind the Scenes of Real Estate Law & Industry Leaders

In this episode of Ground Rules, Belkin Burden Goldman LLP attorneys David Shamshovich and Camila Almeida sit down with Ed Poteat, founder and president of Carthage Advisors, to discuss his journey from growing up in East Harlem to becoming an affordable housing developer in New York City. After attending Yale and beginning his career in real estate investment banking, Ed returned to Harlem and eventually took the leap into development, acquiring some of his first buildings from the City for just one dollar each.

The conversation explores how Ed built his business, the opportunities that helped a new generation of developers get started in the 1990s, and how the affordable housing landscape has changed since then. Ed also discusses raising capital, the challenges facing emerging developers, his work teaching affordable housing finance at Columbia, and what population and development trends can tell us about the health of cities. The discussion then turns to today’s market, including 485-x, City of Yes, zoning changes, and where Ed sees opportunities for the next generation to rethink how affordable housing gets built.

Show Notes & Topics:

03:24 – From East Harlem to Real Estate
Ed discusses growing up in East Harlem, attending Horace Mann and Yale, starting his career on Wall Street, and deciding to pursue real estate development.

07:27 – How the Business Began
Starting a small real estate firm, leaving a full-time banking career, acquiring buildings from the City for one dollar each, and winning early affordable housing RFPs.

15:31 – Early Lessons in Development
Ed looks back at his first major Harlem project, some unexpected challenges along the way, and why he remained committed to affordable housing.

19:57 – The Changing Affordable Housing Landscape
How the industry shifted after the 2008 financial crisis, why access to capital became increasingly important, and how developers manage the financial risks of lengthy projects.

24:30 – Creating Opportunities for the Next Generation
Ed reflects on his experience as a Black developer, the programs that helped emerging developers get started, and why raising capital is critical for those entering the business today.

29:30 – Why Cities Succeed or Fail
Ed discusses teaching at Columbia, his interest in urban planning, and how population growth and decline can shape housing, investment, and the future of cities.

36:17 – 485-x, City of Yes and the State of Development
A look at the 99-unit issue under 485-x, rising labor costs, zoning reform, City of Yes, and how current policies are affecting development economics.

42:40 – The Future of Affordable Housing
The challenges of navigating multiple affordable housing programs, new opportunities created by zoning and density changes, and why Ed believes the next generation needs to find more creative ways to build affordable housing.

In this episode of Ground Rules, Belkin Burden Goldman LLP attorneys David Shamshovich and Brenda Slochowsky sit down with Mark Hertz, founder of The Mark Hertz Group, to discuss a career spent navigating New York City's regulatory and bureaucratic landscape. Since launching his business in 1988, Mark has helped property owners, developers, lenders, and managers tackle violations, compliance issues, permits, certificates of occupancy, and the often-complicated agency processes that shape real estate across the five boroughs.

The conversation explores Mark's upbringing in a real estate family, how he built a business focused on solving regulatory problems, and what decades of working with city agencies have taught him about avoiding costly mistakes. Mark also shares stories from the field, discusses the evolution of New York City's compliance and enforcement environment, and explains why understanding the "ground rules" remains essential for anyone involved in New York real estate.

Show Notes & Topics:

01:17 – Building a Career in New York Real Estate
Mark discusses his family background, early exposure to property operations, and the start of his professional journey.

08:34 – Founding The Mark Hertz Group
Identifying a niche in violation and compliance work and turning it into a growing business.

16:15 – The Value of an Expediter
Why owners, developers, and lenders rely on experienced professionals to navigate city agencies and regulations.

24:30 – How Enforcement Has Evolved
Technology, digital records, and increased oversight have changed the compliance landscape.

31:30 – Solving Complex Problems
Stories involving decades-old filings, missing records, tenant access issues, and agency negotiations.

39:33 – Preventative Compliance
How proactive planning can help owners avoid violations, fines, and costly delays.

47:57 – Violations, Lending, and Insurance
The broader business consequences of compliance issues, from refinancing to insurance costs and property value.

In this episode of Ground Rules, Belkin Burden Goldman LLP attorneys David Shamshovich and Camila Almeida sit down with Joe Safdie, founder of JSAF Capital Management, to discuss a career path that spans nearly every corner of the real estate industry. From his start as a rental broker and construction contractor to building a vertically integrated platform that includes property management, development, brokerage, and ownership, Joe shares the lessons learned from growing a real estate business in New York City.

The conversation explores entrepreneurship, rent stabilization, property management, affordable housing, assemblages, development under 421-a and 485-x, and the realities of operating in New York's complex regulatory environment. Joe discusses how he evaluates investment opportunities today, the evolution of Brooklyn development, the challenges facing housing production, and why long-term ownership remains at the core of his strategy.

Show Notes & Topics:

• 01:38 – From Diamond Runner to Rental Broker
  Joe's upbringing, early jobs, and introduction to New York City real estate through apartment leasing and brokerage.
• 07:13 – Going Out on His Own and Building a Construction Business
  Taking the leap into entrepreneurship, buying a first building, launching a construction company, and learning through trial and error.
• 11:23 – Creating a Vertically Integrated Real Estate Platform
  Expanding into property management, environmental services, brokerage, ownership, and development across New York City.
• 16:09 – Rent Stabilization, Regulation, and Changing Market Conditions
  How the investment landscape has evolved since the 2019 rent law changes and what Joe looks for in acquisitions today.
• 21:24 – Development, Assemblages, and Building in Brooklyn
  Negotiating complex assemblages, pursuing ground-up development projects, and navigating MIH and affordable housing requirements.
• 27:08 – Affordable Housing, 485-x, and Making the Numbers Work
  A candid discussion on prevailing wage requirements, development economics, and the challenges of creating new housing in New York City.
• 32:11 – Long-Term Ownership, Investment Strategy, and What's Next
  Evaluating opportunities in today's market, managing risk, passing assets from generation to generation, and lessons for the next phase of growth.

In this episode of Ground Rules, Belkin Burden Goldman LLP attorneys David Shamshovich and Brenda Slochowsky sit down with architect Eli Meltzer, principal of Meltzer Mandl Architects, to discuss architecture, affordable housing, zoning, and development in New York City. From his early days at Kohn Pedersen Fox and work on Hudson Yards to rebuilding his family’s architecture practice, Eli shares the experiences that shaped his approach to design and problem-solving.

The conversation explores affordable housing development, HPD programs, City of Yes, UAP, MIH, and the practical challenges of maximizing development potential in an increasingly complex regulatory environment. Eli also discusses the growing role of AI in architecture, the value of social media as a professional tool, and how architects, attorneys, and developers work together to bring projects from concept to completion.

Show Notes & Topics:

• 03:50 – Growing Up in New York and an Architectural Family
  Eli's upbringing in Manhattan and his father's influence on his career.
• 13:45 – Learning the Business at KPF and Hudson Yards
  Early career lessons in design, precision, and problem-solving.
• 20:30 – Rebuilding a Family Practice
  Restarting Meltzer Mandel Architects and developing a housing-focused practice.
• 31:30 – Construction, Design, and Development Constraints
  The real-world factors that shape project feasibility.
• 45:15 – Charter Reform, Rezoning, and the Future of Housing Development
  New opportunities and challenges in the land use process.
• 52:00 – LinkedIn, Zoning Hacks, and Building a Professional Brand
  Using content creation to educate and connect with clients.
• 1:04:00 – Lessons from the CAD Revolution and What's Next
  What AI can learn from architecture's transition to digital design.

In this episode of Ground Rules, partner and host David Shamshovich sits down with BBG partner Michael Bobick to unpack New York’s Loft Law, a complex and often misunderstood legal regime governing the conversion of former commercial and manufacturing buildings into residential use.

Michael draws on his years of experience at the New York City Loft Board and in private practice to explain how the Loft Law originated, how the Loft Board functions, and what it means for owners and tenants navigating the legalization process. The conversation covers interim multiple dwellings, rent regulation, tenant protections, buyouts, and the realities of legalizing occupied buildings.

David and Michael also discuss two significant proposed rule changes currently before the Loft Board, including revisions to primary residence determinations and new requirements tied to seven‑B compliance and certificates of occupancy. The episode offers insight into how these changes may affect owners, landlords, and practitioners, and why Loft Law remains one of the most consequential and evolving areas of New York real estate law.

• 03:55 – Origins and Purpose of the Loft Law
  Historical context behind the Loft Law, including artist live-work spaces, tenant advocacy, and legislative intent.
  
  
• 08:45 – What Qualifies as an Interim Multiple Dwelling (IMD)
  Coverage requirements, window-period occupancy, and how buildings become subject to the Loft Law.
  
  
• 13:50 – Legalization While Tenants Remain in Place
  How owners are required to legalize buildings around existing tenants, including relocation strategies and practical challenges.
  
  
• 19:30 – Tenant Protections, Rent Regulation, and Nonpayment Issues
  Statutory tenancies, rent freezes, and why rent collection becomes a central point of conflict during legalization.
  
  
• 26:10 – The Role of the Loft Board and OATH
  How hearings, determinations, reconsiderations, and Article 78 appeals function within the Loft Law framework.
  
  
• 33:40 – Buyouts, Deregulation, and Challenges to Loft Rights
  How loft buyouts work, why they are increasingly scrutinized, and how prior buyouts can be reopened.
  
  
• 40:55 – Transition from Public Service to Private Practice
  Michael’s move from the Loft Board to BBG and how that experience informs his current practice.
  
  
• 47:30 – Proposed Rule Changes Affecting Primary Residence
  Expansion of acceptable proof of primary residence and the implications for owners and tenants.
  
  
• 54:40 – Article 7B Compliance and Certificate of Occupancy Enforcement
  End of self-certification, CO timelines, escalating fines, and practical hurdles owners face.
  
  
• 1:04:25 – What Owners Should Be Doing Now
  Guidance on good-faith compliance, documenting efforts, and minimizing enforcement risk.

In this inaugural episode of Ground Rules, partner and host David Shamshovich sits down with BBG’s co‑managing partners, Jeffrey L. Goldman and Daniel T. Altman, to explore the unwritten rules of real estate through the lens of their decades of experience.

Jeff and Dan share how they found their paths into law and the evolution and growth of BBG under their leadership. They also break down how they’ve responded to market crises and legislative changes, discuss current topics front of mind for our clients including the new Mayor, COPA, and 881 agreements, and offer their insights into what drives BBG’s culture and strategy.

Show Notes & Topics:

• 00:49 – How Jeff and Dan Got Their Start, and What Shaped Their Rise in the Industry
  Jeff and Dan share their paths to law school and entries into real estate law.
• 05:10 – Litigation vs. Transactions: Control, Risk, and Client Strategy
  Key differences and overlap between courtroom advocacy and dealmaking.
• 08:52 – The Growth of BBG: Market Cycles and Strategic Expansion
  Organic growth through economic shifts, and responding to client needs.
• 16:43 – COVID’s Impact on Leasing and Tenant Relations
  Lease restructures, rent deferrals, force majeure disputes, and creative problem-solving.
• 19:18 – New York Politics, COPA, and Regulatory Risk
  HSTPA, Mayor Mamdani, COPA, rent regulation, and market uncertainty.
• 23:40 – Perceptions of Landlords and Policy Imbalance
  Debunking landlord stereotypes and discussing regulatory carve-outs for the city.
• 25:22 – Lessons from 2019 Rent Laws and Court Delays
  Litigation uncertainty, judicial delays, and how BBG keeps clients informed in real time.
• 30:14 – Market Trends: Office Leasing Activity, Hospitality and Development, and 881 Agreements
  Office recovery, restaurant growth, and continued NYC development momentum.
• 37:59 – Legacy and Reflections on Leadership
  On mentorship, firm culture, growth, and tenure.

Ground Rules takes you behind the scenes of the real estate industry to uncover the stories that shaped its most influential players. 

Brought to you by Belkin Burden Goldman LLP.