Coffee & Cap Rates: Recent Episodes
Ariel Property Advisors
Good morning and welcome to the Coffee & Cap Rates Podcast, your go-to source for New York City's latest commercial real estate insights. This program is brought to you by Ariel Property Advisors.
In this episode of Coffee & Cap Rates, Shimon Shkury sits down with Kenny Burgos, CEO of the New York Apartment Association, to discuss the current state of New York City’s multifamily housing market and the growing challenges facing the rent-stabilized sector.
The conversation takes a deep dive into the long-term effects of the 2019 Housing Stability and Tenant Protection Act (HSTPA), including vacancy control, rising operating costs, capital constraints, declining valuations, and affordability pressures across the city’s housing stock.
Together, they explore how policy changes, economic vacancy, and structural market constraints are reshaping investment activity, asset performance, and financing conditions for rent-stabilized housing in New York City — and what it may take to restore long-term stability and investment viability.
Shimon Shkury, President and Founder of Ariel Property Advisors; Victor Sozio, Founding Partner; and Matthew Dzbanek, Senior Director in the Capital Services Group, take a deep dive into New York City’s multifamily market on this episode of Coffee & Cap Rates. They discuss key trends from Ariel Property Advisors’ Q1 2026 Multifamily Quarter in Review New York City, and what to expect for the remainder of the year.
Highlights from the podcast include:
- The NYC multifamily market recorded approximately $2.4 billion in transaction volume in Q1 2026, up 7% year-over-year, reflecting sustained investor activity despite a bifurcated market.
- Free market assets continued to drive momentum, supported by rising rents and strong investor demand, while rent-stabilized properties faced ongoing pressure from expenses, regulatory constraints, and NOI erosion.
- The rent-stabilized segment saw notable activity, including distressed transactions, as owners and lenders increasingly worked toward restructurings and pragmatic solutions.
- Affordable housing remained steady, with private capital increasingly stepping into existing structures and sophisticated investors targeting long-term value opportunities.
- Lending activity remained active for well-located free market assets, while capital availability for stabilized assets remained more selective, with lenders focused on collections, violations, and overall asset quality.
- Construction and development financing continued to attract strong interest, supported by favorable supply-demand dynamics and growing appetite for new rental and condo projects.
Overall, liquidity and investor engagement are expected to remain strong as both buyers and lenders continue to meet the market in 2026.
Access the full report here: https://arielpa.com/report/report-MFQIR-Q1-2026#overview
In the latest Coffee & Cap Rates podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, Jason Gold, Senior Director, and Daniel Mahfar, Director, discuss multifamily and development market trends in the Bronx as reported in Ariel’s Bronx 2025 Year-End Commercial Real Estate Trends report.
Highlights from the podcast and report include:
- The Bronx real estate market reached $1.8 billion in 2025, a 46% year-over-year increase, with multifamily dollar volume rising 66% and development up 26%.
- The average price per unit for multifamily units hit a 7-year low of $105,000, influenced by high interest rates, increased expenses, including insurance and taxes, and anticipated rent freezes for stabilized buildings.
- Multifamily pricing is expected to remain at a decade-plus low, attracting local owners seeking a low basis relative to the rest of the country.
- Development activity is forecast to continue an upward trend due to investors’ increased familiarity with the 485x tax abatement and "City of Yes" regulations.
Shimon Shkury, President and Founder of Ariel Property Advisors; Michael A. Tortorici, Founding Partner; Christoffer Brodhead, Senior Director; and Howard Raber, Director, take a deep dive into Manhattan’s investment sales market on this episode of Coffee & Cap Rates. They discussed trends in Ariel Property Advisors’ Manhattan 2025 Year-End Commercial Real Estate Trends report and what to expect in 2026.
Highlights from the podcast include:
- Manhattan’s transactional dollar volume reached $22.77 billion in 2025, signaling strong investor confidence and positive growth trends across development, multifamily and office sectors.
- Driven by limited inventory and a high-performing condo market, development site sales totaled nearly $4 billion with pricing jumping 11% to $468 per buildable square foot—the highest level recorded since 2021.
- Accounting for 50% of Manhattan’s total dollar volume ($11.3 billion), the office market was fueled by high-value Class A transactions and a growing trend of Class B and C assets being repositioned for residential or boutique office use.
- Investors showed a clear preference for free market multifamily properties, which represented 84% of total multifamily dollar volume, as investors looked to capitalize on free market assets currently trading 18% below their 2017 peaks.
Shimon Shkury, President and Founder of Ariel Property Advisors, Sean R. Kelly, Esq., Partner, and Stephen Vorvolakos, Director, discuss trends in Brooklyn’s commercial real estate market and the findings of Ariel Property Advisors’ Brooklyn 2025 Year-End Commercial Real Estate Trends report.
Highlights from the report include:
- Brooklyn closed 2025 with $6.66 billion in total commercial real estate sales across 951 transactions, reflecting an 8% decline in dollar volume and 2% increase in transactions compared to 2024.
- The development market rallied in 2025 with 172 transactions totaling $1.8 billion, an increase of 25% and 41%, respectively, compared to 2024.
- Multifamily dollar volume dipped 3% year over year to $3.47 billion while transactions rose 7% to 582.
- Brooklyn retail saw 76 transactions totaling $523 million, representing decreases of 10% and 17%, respectively, compared to 2024. Boroughwide, transaction activity was largely driven by smaller, mom-and-pop retail sales.
Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director in the Capital Services Group, discuss New York City’s multifamily market and the findings of Ariel Property Advisors’ Multifamily Year In Review New York City 2025.
Highlights include:
- Total dollar volume was relatively unchanged year-over-year, totaling $8.91 billion in 2025 compared to $9.1 billion in 2024.
- Free market buildings led multifamily sales citywide, accounting for 66% of dollar volume and 48% of transactions. Rent stabilized assets followed in deal frequency (47%) but trailed in value (20%), while affordable housing rounded out the market with 13% of the volume and 6% of transactions.
- Capital rewarded free-market housing with rising valuations, affordable housing remained active through strong public-private alignment and rent-stabilized assets traded at steep discounts as NOI eroded under policy and cost pressures.
- The rent-stabilized sector continued to grapple with regulations, rising costs and mortgage maturities at higher rates.
- Many banks are focusing on free market transactions, office transactions, retail transactions, and assets that aren’t regulated.
- The multifamily market will see increased liquidity in 2026 as Fannie Mae and Freddie Mac will each have $88 billion to lend for a total of $176 billion.
To celebrate 15 years of Ariel Property Advisors, President & Founder Shimon Shkury sits down with Roxanne Donovan, President of Great Ink, for an exclusive conversation about the firm’s journey in New York City’s commercial real estate market.
From its founding in 2011 to growing into a 65-person team united by shared values and collaboration, Ariel has evaluated, sold, and financed billions of dollars of real estate in NYC while arranging financing for clients nationwide.
Listen to the episode to hear reflections on the past 15 years, the story of Ariel’s growth, its core values, the advisory-first approach, and more!
For more information about Ariel’s accomplishments, read the 2025 Annual Report.
Shimon Shkury, President and Founder of Ariel Property Advisors, provides an in-depth overview of New York City’s office, development, and multifamily markets. This presentation, “Behind the Sales: What’s Fueling Investment in NYC Real Estate?”, was delivered at the NYC Real Estate Expo on October 28, 2025, at the New York Marriott Marquis.
Listen to the presentation on this podcast and click here to access the slides.
Ariel Property Advisors, together with Cozen O'Connor, recently hosted State of the Brooklyn Real Estate Market: What’s Ahead?—an exclusive commercial real estate trends conference and networking breakfast held on November 13. This discussion explored how Brooklyn’s CRE market is evolving and the forces shaping the borough’s future.
The event opened with remarks from Shimon Shkury, President and Founder of Ariel Property Advisors, followed by a panel moderated by Sean R. Kelly, Esq., Partner at Ariel, and Kenneth K. Fisher, Esq., Member at Cozen O’Connor.
The expert panel featured:
- Alyssa Zahler, Managing Director of Commercial Leasing, Two Trees Management Co.
- Sergey Rybak, Principal & Founder, Rybak Development
- Ian Ross, Managing Partner & Founder, SomeraRoad
- Leon Goldenberg, CEO, Goldmont Realty
Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Ben Schlegel, Director in the Capital Services Group, discuss New York City’s multifamily market and the findings of Ariel Property Advisors’ Q3 2025 Multifamily Quarter in Review New York City.
Highlights include:
- New York City’s multifamily market gained momentum in the third quarter, rising to $2.55 billion in sales, up 14% quarter-over-quarter and 17% year-over-year.
- Free-market assets are attracting significant investor interest due to strong fundamentals like growing rents and less regulation compared to rent-stabilized buildings.
- Nearly half of the dollar volume in the third quarter was in Manhattan where sales were dominated by well-capitalized investors targeting high-value free-market multifamily assets.
- There has been a significant increase in liquidity in the market over the last 6 to 12 months, with more banks, private lenders and debt funds entering the New York market.
- Lenders are keenly interested in Manhattan, especially for office-to-residential conversions, due to low vacancy rates and strong demand dynamics.
- The team is expecting a strong close to the year with a flurry of transactions, primarily driven by free-market multifamily properties, supported by softening interest rates
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Barbara Blair, President of the Garment District Alliance, and Howard Raber, a Director in Investment Sales at Ariel, unpack the recently approved Midtown South Mixed-Use (MSMX) Plan, which replaces outdated manufacturing zoning with residential use. The Midtown South rezoning spans 42 blocks across four distinct quadrants—roughly between 23rd and 41st Streets and Fifth and Eighth Avenues—and is expected to create nearly 10,000 new homes, of which close to 3,000 will be permanently affordable.
Raber said that owners and developers are tremendously optimistic about the Midtown South rezoning plan because it will allow both office-to-residential conversions and ground-up residential developments. Blair noted that adding housing to the Garment District, when combined with the 54 existing hotels, will create a 24/7 live/work environment that will bring in better amenities and retail to the neighborhood.
Join Shimon Shkury, President and Founder of Ariel Property Advisors, Partner Sean R. Kelly, Esq., and Director Stephen Vorvolakos, for an in-depth discussion of the state of Brooklyn's commercial real estate market. They analyze the market's robust performance, including $3.25 billion in total investment sales in 1H 2025, trends shaping investment strategies across the borough and other key findings from Ariel’s Brooklyn 2025 Mid-Year Commercial Real Estate Trends report.
Highlights include:
- In the first half of 2025, Brooklyn saw 282 multifamily transactions, totaling over $2 billion, representing a 10% and 14% increase respectively over the first half of 2024.
- Of the multifamily transactions, 51.45% were for buildings with fewer than six units, underscoring a consistent post-HSTPA (Housing Stability and Tenant Protection Act of 2019) investment strategy of prioritizing smaller, tax class protected assets that primarily offer free-market, value-add opportunities, largely unburdened by rent stabilization regulations.
- Brooklyn’s development market was strong in the first half of 2025, with 68 transactions totaling $610 million and pricing that exceeded $300/BSF for the first time.
- City and state housing policies and rezonings, like in Gowanus and Atlantic Avenue, have created incentives for developers.
- Brooklyn saw a resurgence in the retail market, particularly in Williamsburg. Investments from entities like Acadia Realty and Empire State Realty Trust represent the most significant institutional investments in the Brooklyn retail market since before COVID.
In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s Bronx 2025 Mid-Year Commercial Real Estate Trends report with the Bronx market experts Senior Director Jason Gold and Director Daniel Mahfar.
Key findings include:
- The Bronx investment sales market experienced a significant recovery in the first half of 2025 with dollar volume rising to $1.07 billion and transactions to 126, year-over-year increases of 106% and 18%, respectively.
- Multifamily sales totaled $565 million across 60 transactions in 1H 2025, driven by investors seeking low-basis, high-cash-flow opportunities in rent-stabilized assets.
- The most significant rent stabilized transaction was the sale of Related Companies’ 36-
building, 2,021-unit Bronx portfolio to PH Realty Capital LLC for $189 million, discounted from $253 million paid by Related in 2014. - Dollar volume in the development market was up 50% year-over-year, as developers became more comfortable with the UAP City of Yes initiative and 485-x tax abatement to underwrite larger projects.
For a deeper dive, read the full report: Bronx 2025 Mid-Year Commercial Real Estate Trends report.
Shimon Shkury, President and Founder of Ariel Property Advisors, Mike Tortorici, Founding Partner, Chris Brodhead, Senior Director, and Howard Raber, Director, unpack the findings of Ariel's Manhattan 2025 Mid- Year Commercial Real Estate Trends report. They discussed Manhattan's strong real estate performance in the first half of the year, with nearly $7 billion in dollar volume driven by the sale of exceptional Class A office, free market buildings, development sites and retail.
Key Manhattan report highlights include:
- Investors are paying top dollar for Class A office assets because high quality tenants are seeking buildings with amenities in great locations.
- The recently approved Midtown South rezoning could revitalize Class B and C office stock in the area due to the potential for office-to-residential conversions.
- The development market saw a significant upswing with the $/BSF reaching $488 in the first half of the year, a 15% improvement over the 2024 and the highest level since 2021.
- Strong rental fundamentals and the below-peak basis are attracting investors to free market buildings, which saw the average $/SF at just under $800, up 4% year-over-year but 27% lower than peak values.
In this episode, Shimon Shkury, President and Founder of Ariel Property Advisors, reviews the latest trends in New York City’s multifamily market with Victor Sozio, Ariel Founding Partner, and Matthew Dzbanek, Senior Director in Capital Services. They discuss financing options and highlight findings from Ariel’s Q2 2025 Multifamily Quarter in Review New York City.
Key takeaways include:
- Dollar volume rose to $2.3 billion in Q2 2025, up 11% from Q1 2025, while transactions fell 3% over the period to 293.
- Over 70% of the dollar volume and over 50% of the transactions were concentrated in affordable and rent stabilized assets.
- Related Companies sold a 36-building rent stabilized portfolio in the Bronx to PH Realty Capital LLC for $189 million, discounted from the $253 million Related paid for the same properties in 2014.
- Ariel arranged the sale of Ocean Park Apartments, a 602-unit affordable housing building in Far Rockaway to Tredway for $88 million.
- The bid/ask spread is tightening for rent stabilized assets because seller motivation has increased in recent quarters.
- Free market properties have started to increase in value but are still below peak.
- Financing for multifamily is getting more attractive.
Ariel Property Advisors hosted its summer Coffee and Cap Rates event on July 30th, sharing the latest trends in New York City’s investment sales market.
Over 250 NYC real estate professionals gathered for this live networking breakfast at TD Bank’s conference center at One Vanderbilt. The theme of the event was “Investing Through Change.”
Ralph Bumbaca, Regional President – Metro New York for TD Bank, moderated the panel of industry experts: Meredith Marshall, Co-Founder & Managing Partner at BRP Companies; Justin Pelsinger, Chief Operating Officer at Charney Companies; Jesse Hutcher, Managing Partner & Chief Investment Officer at Derby Copeland Capital; and Tom Ortinau, Head of Acquisitions at GFP Real Estate.
For more details on the event and to access our research reports, visit arielpa.nyc.
Ariel Property Advisors hosted its summer Coffee and Cap Rates event on July 30th, sharing the latest trends in New York City’s investment sales market.
Over 250 NYC real estate professionals gathered for this live networking breakfast at TD Bank’s conference center at One Vanderbilt. The theme of the event was “Investing Through Change.”
Shimon Shkury, President and Founder of Ariel Property Advisors, opened the event with a comprehensive overview of New York City’s investment sales market and highlighted key insights from the firm’s recently published mid-year research reports.
For more details on the event and to access our research reports, visit arielpa.nyc.
In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, and Ariel Partner, Sean R. Kelly, Esq., interview Justin Pelsinger, COO of Charney Companies, who will be one of the panelists at Ariel’s next Coffee & Cap Rates event 8:30-11 am on Wednesday, July 30.
Pelsinger discussed how and why his firm became a pioneer developer in Gowanus and the recent acquisition by Charney and Tavros Capital of a vested 421-a site at 175 Third Street where the developers are planning 1,000 residences across approximately 1 million square feet. The project will be the fourth building in their Gowanus Wharf campus. When completed, Charney and Tavros will have developed and will own over 2 million square feet and 2,200 residences in Gowanus, making them the largest owner in the neighborhood.
Pelsinger also discussed New York State’s new Housing Policy, which was approved last year, the old 421a tax abatement program versus the new 485x program, and how the 467-m tax incentive is encouraging office to residential conversions.
In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, explores key trends in the Bronx commercial real estate market with Senior Director Jason Gold and Director Daniel Mahfar. According to Ariel’s Bronx 2024 Year-End Commercial Real Estate Trends report, investment sales in the borough declined 33% to $1.23 billion, while transactions held steady at 220.
Despite the overall slowdown, development sales surged 39% to $363.1 million across 59 transactions, fueled by the extension of 421a, the introduction of 485x, and the Bronx Metro-North Station Area Plan, which rezoned a 46-block area around four future stations. Development pricing rose 9% to $107/BSF and new building filings jumped 112% year-over-year in Q3 2024.
Meanwhile, multifamily sales struggled, falling 59% to $457.9 million, even as transactions rose 10% to 90. High interest rates and the Bronx’s heavily regulated multifamily market contributed to the decline.
For more insights, check out Ariel’s Bronx 2024 Year-End Commercial Real Estate Trends report.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s Brooklyn 2024 Year-End Commercial Real Estate Trends report with Brooklyn experts Partner Sean R. Kelly, Esq., and Director Stephen Vorvolakos. Overall, the dollar volume of investment sales in Brooklyn rose to $7.15 billion in 2024, a 37% increase compared to 2023, and transactions increased 5% to 890 year-over-year.
Mr. Vorvolakos said nearly 50% of the dollar volume in Brooklyn last year was in the multifamily sector, which totaled $3.5 billion, a 59% increase from 2023. He noted that investors last year shied away from rent stabilized assets but were attracted to smaller tax-class protected multifamily properties that were fully free market. Also, brick and mortar retail came back in a big way with $641.5 million in sales including Empire State Realty Trust’s acquisition of the L3 Capital Commercial Portfolio in Williamsburg for $143 million, or $2,050/SF. Mr. Kelly noted that development sales increased 10% to $1.33 billion. After the new Housing Policy approved last year introduced the 485x tax abatement, developers returned to the market making bids and chasing assets.
Finally, industrial increased 59% to $1.1 billion, as last mile logistics remained a driving force in that market. More information is available in Ariel’s Brooklyn 2024 Year-End Commercial Real Estate Trends report.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Ariel’s Manhattan experts Michael Tortorici, Founding Partner; Chris Brodhead, Senior Director, and Howard Raber, Director, about the Manhattan market in 2024.
According to Ariel Property Advisors’ Manhattan 2024 Year-End Commercial Real Estate Trends report, investment sales in Manhattan rose to $15.75 billion across 378 transactions, a 38% and 22% increase, respectively, compared to 2023. The office market rebounded, recording $5.1 billion in sales, a 74% year-over-year increase. Of the 55 office transactions, five were for Class A office buildings with the remainder for Class B and C properties. Multifamily sales rose 11% from 2023 to $3.44 billion in 2024, and transactions increased slightly to 182. Average pricing for multifamily properties dropped to $679/SF in 2024, while average cap rates increased from 5.24% to 6.23%. The report showed the most robust dollar and transaction volume since 2019. Development sales totaled $3.2 billion in 2024, a 121% increase from 2023, and transactions totaled 60, an 82% increase over this period. New City and State housing policies encouraged office to residential conversions, which accounted for approximately $2.3 billion of the development sales in 2024. Tourism surged in New York City in 2024, but Manhattan hotel sales fell 18% year-over-year to $1.47 billion last year. Finally, retail sales jumped 48% to $2.23 billion in 2024, and transaction volume rose 54% to 57 trades.
Join Shimon Shkury, President and Founder of Ariel Property Advisors, as he delves into Ariel’s 2024 Multifamily Research Report with Founding Partner Victor Sozio and Senior Director of Capital Services Matt Swerdlow.
In 2024, New York City’s multifamily market saw $8.91 billion in sales across 1,107 transactions, marking year-over-year increases of 14% in dollar volume and 4% in transactions. Rent-stabilized properties, which comprised 29% of the market, faced continued pressure due to high leverage, rising expenses and the lingering impact of HSTPA—leading some owners to consider 610 amendments for affordable housing conversions. Meanwhile, free market assets dominated in Manhattan and Brooklyn and attracted strong lender interest citywide.
For deeper insights, explore Ariel’s research 2024 Multifamily Year In Review New York City.
This podcast is a recording of the panel Ralph Bumbaca, Regional President – Metro New York for TD Bank, moderated at Ariel's February 5th Coffee & Cap Rates event hosted by TD Bank.
The panel of affordable housing experts Eli S. Weiss, Principal of Joy Construction; Tell Metzger, SVP of Equity Investments at Community Preservation Corporation; and Brendan McBride, Senior Development Director at Gilbane Development Company shared their unique perspective on New York City’s commercial real estate market, with a particular focus on new housing policies and opportunities in the affordable multifamily sector.
Over 200 NYC real estate professionals attended the networking breakfast held at TD Bank’s conference center at One Vanderbilt. More information about the event is available here.
This podcast is a recording of the overview of the New York City investment sales market and key insights from Ariel Property Advisor’s newly released end-of-year research reports that Shimon Shkury, Ariel’s President and Founder, presented at the firm’s February 5th Coffee & Cap Rates event hosted by TD Bank. Over 200 NYC real estate professionals attended the networking breakfast held at TD Bank’s conference center at One Vanderbilt. More information about the event is available here.
In his latest podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, explored the challenges facing owners of rent stabilized buildings with guests Kenny Burgos, CEO of New York Apartment Association, a landlord group created by the merger of the Rent Stabilization Association (RSA) and Community Housing Improvement Program (CHIP), and Matt Engel, President of Langsam Property Services Corp. and one of the executive members of the New York Apartment Association. Topics included the impact of the 2019 HSTPA regulation on rent stabilized properties; the need for the government to incentivize private investment in rent stabilized buildings; rising expenses to operate buildings including insurance costs and unfunded mandates approved by elected officials; how tenants are affected negatively when living conditions deteriorate due to the lack of investment in properties; and the need for government and the private sector to collaborate to identify solutions.
Shimon Shkury, President and Founder of Ariel Property Advisors, Michael Tortorici, Founding Partner, and Sean R. Kelly, Esq. Partner, discuss highlights from the recently approved City of Yes for Housing Opportunity plan, which will add more than 80,000 new apartments over 15 years and invest $5 billion in infrastructure updates and housing. The partners explore how the new initiative will add housing in neighborhoods throughout New York City, increase the density of some development sites, promote office conversions, allow new development on large campuses and much more. A summary of the City of Yes is available here.
Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Matt Dzbanek, Senior Director in Capital Markets, explore trends in the multifamily market and discuss Ariel’s Q3 2024 Multifamily Quarter in Review New York City research report in this podcast.
Among the topics: there were $2.33 billion in multifamily sales in Q3 2024, a 17% decline from Q2 2024; of the total sales, $1.27 billion of the trades were in Manhattan below 96th Street; multifamily assets are offering investors a buying opportunity today because values have fallen across all segments; mortgage maturities are forcing sales, while sales based on strategic decisions are focused on equity reallocation; interest rates remain elevated, which is leaving owners reluctant to transact due to the uncertainty of achieving desired values; affordable housing remains desirable when it’s available; and more buyers, sellers and lenders are expected to return to the market in 2025.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Ariel’s Manhattan experts Michael Tortorici, Founding Partner; Chris Brodhead, Senior Director, and Howard Raber, Director, about what they’re seeing in the Manhattan market. They discuss how mortgage maturities are driving transactions, the increase in rent stabilized multifamily sales, condo development trends, office to residential conversions and housing policies including the City of Yes.
According to Ariel Property Advisors’ Manhattan 2024 Mid-Year Commercial Real Estate Trends report, investment sales in Manhattan in 1H 2024 rose to $5.8 billion over 167 transactions, a 14% and 16% increase, respectively, compared to 2H 2023, Average pricing for multifamily properties dropped by 15% from $722/SF in 2023 to $611/SF in 1H 2024, while average cap rates increased from 5.24% to 6.19%. The report showed that development sales totaled $1.12 billion in 1H 2024, a 128% increase from 2H 2023, and transactions totaled 28, an 115% increase over this period. Office to residential conversions accounted for approximately 50% of the development dollar volume.
This podcast is a recording of the panel Shimon Shkury, President and Founder of Ariel Property Advisors, moderated at Ariel’s July 31st Coffee & Cap Rates event hosted by TD Bank.
Sharing their perspectives on the commercial real estate industry with an emphasis on the development market were panelists Ralph Bumbaca, NYC Market President - TD Bank; Christopher V. Albanese, President - Albanese Organization; and Jasper Wu, Vice President - ZD Jasper. Over 200 NYC real estate professionals attended this networking breakfast held at TD Bank’s conference center at One Vanderbilt.
More information about the event is available here.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s Brooklyn 2024 Mid-Year Commercial Real Estate Trends report with Brooklyn experts Partner Sean R. Kelly, Esq., and Director Stephen Vorvolakos.
Overall, investment sales in Brooklyn rose to $3.36 billion in 1H 2024, a 43% increase compared to 2H 2023 and 18% increase compared to 1H 2023. In the multifamily market, Mr. Vorvolakos said owners are adjusting their pricing, which is creating opportunities for investors. The average cap rate rose to 6.48% in 1H 2024, the highest level since 2012, which can be attributed to elevated interest rates and uncertainty about new regulations. In the development market, Mr. Kelly said the new 485x tax incentive, the successor to 421a, is breathing new life back into the development market. Also, local developers are partnering with institutional capital and building farther into the borough.
More details about the Brooklyn market are available in the Brooklyn 2024 Mid-Year Commercial Real Estate Trends report.
This podcast is a recording of the overview of the New York City investment sales market and key findings from Ariel Property Advisor’s mid-year research reports that Shimon Shkury, Ariel’s President and Founder, presented at the firm’s July 31st Coffee & Cap Rates event hosted by TD Bank. Over 200 NYC real estate professionals attended the networking breakfast held at TD Bank’s conference center at One Vanderbilt. More information about the event is available here.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses the findings in Ariel’s Mid-Year Bronx report with Jason Gold, Senior Director, and Daniel Mahfar, Director.
Overall, the dollar volume of investment sales in the Bronx rose 13% to $445 million in 1H 2024 compared to 2H 2023, according to Ariel’s Bronx 2024 Mid-Year Commercial Real Estate Trends report. Transactions fell 10% to 90 for this period. Compared to 2H 2023, multifamily dollar volume increased by 38% in 1H 2024 from 2H 2023 for a total of $208.5 million. Transaction volume declined by three transactions to 36 over the same period. A total of 33 development site transactions were recorded in the first six months of 2024 totaling $166.4 million, which marked a 50% and 86% increase, respectively, compared to H2 2023.
The podcast participants noted that development is expected to increase in the Bronx because of the 485x tax abatement, which was part of the new housing policy, and a major rezoning in the Bronx, which is expected to produce new housing along 46 blocks surrounding the new Metro North stations in the Parkchester, Van Nest, and Morris Park neighborhoods. More information is available in the Bronx 2024 Mid-Year Commercial Real Estate Trends report.
Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s latest multifamily research report with Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director in Capital Markets. Mortgage maturities were one of the drivers in the multifamily market in the second quarter with dollar volume jumping 108% quarter-over-quarter to $2.83 billion and transactions rising 4% to 265. The future looks even better for the multifamily market as Treasuries have fallen below 4% and the market expects the Fed to cut rates at its next meeting in September. More information is available in Ariel’s research Q2 2024 Multifamily Quarter in Review: New York City.
On this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and Ben Schlegel, Director of Capital Services at Ariel, discuss financing options in today’s commercial real estate market. Schlegel notes that despite higher for longer interest rates, capital is available for deals that make sense financially including private money, CMBS loans and preferred equity and mezzanine debt.
On this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses the overall financial health of rent stabilized buildings in New York City with Jay Martin, Executive Director of the Community Housing Improvement Program (CHIP), a landlord advocacy group, and Matt Engel, President of Langsam Property Services Corp., an owner/operator, and Chairman of CHIP.
The topics include rising interest rates, post-Covid collections, property taxes, the Housing Stability and Tenant Protection Act (HSTPA) of 2019 and the state’s new housing policy, which tweaked HSTPA by slightly increasing Individual Apartment Improvement caps for rent stabilized apartments. A summary of the state’s new housing policy is available here.
In this roundtable discussion, Shimon Shkury, President and Founder of Ariel Property Advisors, and his Partners Victor Sozio, Michael A. Tortorici and Sean R. Kelly unpack the new housing policy included in the New York State FY 2025 Budget.
Overall, the Ariel team sees the new initiatives as positive, especially for housing creation, but challenging for existing multifamily owners because some free market units will now be regulated and increased apartment improvement allowances for rent regulated units won’t be high enough to make a meaningful difference except possibly in the outer boroughs.
To read a summary of the state’s new housing policy, please click here.
Manhattan saw $11.1 billion in investment property sales in 2023, a 45% drop from 2022, and 280 transactions, a 33% year-over-year decline, according to Ariel Property Advisors’ Manhattan 2023 Year-End Commercial Real Estate Trends report.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Founding Partner Mike Tortorici and Director Howard, discuss the report’s findings and dig deeper into Manhattan’s multifamily, development and office markets. Average multifamily cap rates, for example, rose to 5.24% in 2023, while the average price per buildable square foot for development sites declined to $390. They also shared their optimism going into 2024 because of the strong fundamentals in the Manhattan market as indicated by the 50,000 BSF development site sale that Ariel recently arranged at 250 West 30th Street in Chelsea for $15,875,000.
Brooklyn finished 2023 with investment sales totaling $5.15 billion, a 46% decline from the record-breaking 2022, which saw dollar volume top $9.5 billion, according to Ariel Property Advisors’ Brooklyn 2023 Year-End Commercial Real Estate Trends report.
Transactions also fell 30% to 839 compared to 1,206 the year before.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Sean R. Kelly, Esq., Partner, and Stephen Vorvolakos, Director in Investment Sales, who specialize in investment property sales in Brooklyn, discuss the findings in the year-end report, the role interest rates played in the market last year and the need for lawmakers to pass legislation to encourage new development.
In 2023, the Bronx investment sales market saw $1.82 billion trade across 216 transactions, down 22% and 29% respectively, compared to 2022, according to Ariel Property Advisors’ Bronx 2023 Year-End Commercial Real Estate Trends report. In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Jason M. Gold, Senior Director, and Daniel Mahfar, Director, who specialize in investment property sales in the Bronx, review the latest Bronx report. They also discuss what to expect in this submarket in 2024 and two recent Bronx transactions arranged by Ariel—the $26 million sale of a 237-unit high-rise multifamily building at 1500 Noble Avenue and the $14.7 million sale of a portfolio of six multifamily buildings with 203 units in Morris Heights.
At Ariel Property Advisors’ latest Coffee & Cap Rates event on February 7, Shimon Shkury, President and Founder of Ariel Property Advisors, moderated a panel of industry experts who shared their perspectives on the commercial real estate industry with an emphasis on the multifamily market: Margaret B. Grossman, Managing Partner & President - T30 Capital; Richard Roberts, Principal & Chief Business Development Officer - Red Stone Equity Partners; Jesse Terry, Chief Investment Officer - HUBB NYC. To watch the full event and download Ariel's research reports, please see https://arielpa.nyc/investor-relations/event/240207-coffee-and-cap-rates
At Ariel Property Advisors' latest Coffee & Cap Rates event, Shimon Shkury, President and Founder of Ariel Property Advisors, presented an overview of New York City's investment sales market in 2023 as well as key findings from the firm's recent end-of-year reports. To see his presentation and download Ariel's research reports, please see https://arielpa.nyc/investor-relations/event/240207-coffee-and-cap-rates
Ariel Property Advisors’ Victor Sozio, Founding Partner, and Matt Dzbanek, Senior Director, Capital Markets, join Shimon Shkury, President and Founder, for this discussion on how high interest rates, regulations and bank failures contributed to the lackluster performance in the New York City multifamily market in 2023. According to Ariel Property Advisors’ Multifamily Year in Review New York City, the multifamily sector in New York City experienced a notable downturn, with total dollar volume of $7.4 billion spread across 1,036 transactions, a year-over-year drop of 52% and 35%, respectively. However, the anticipation of interest rate cuts and an influx of new capital is already leading to renewed activity in the new year.
Multifamily sales in New York City totaled $1.55 billion in Q3 2023, a 56% decline in dollar volume from Q2 2023, according to Ariel Property Advisors’ Q3 2023 Multifamily Quarter in Review. Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Ariel Founding Partner Victor Sozio, and Matt Swerdlow, Senior Director, Capital Markets, unpack the numbers and explain what to expect following the Supreme Court’s refusal to hear the petition brought by CHIP and RSA against NYC’s rent stabilization laws and how the FDIC’s sale of the Signature portfolio will affect the market.
On this episode, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Jay Martin, the Executive Director of the Community Housing Improvement Program (CHIP), a trade association representing 4,000 owners of rent-stabilized rental properties. Jay discusses the Supreme Court’s refusal to hear CHIP’s petition challenging the constitutionality of New York’s rent stabilization laws; his advocacy for legislation that would reset rents on units vacated by long-time tenants to help pay for renovations; and how the city could provide vouchers to tenants struggling to pay rent.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Chris Balestra, President and Chief Investment Officer of Taconic Partners, about how and why the firm began offering office space to life sciences companies and its existing and planned office and multifamily projects.
The Queens investment sales market experienced significant improvement in 1H 2023 compared to 2H 2022 resulting in a 39% increase in dollar volume to $2 billion, of which one-third was in the development asset class, which jumped 78% half-over-half to $632 million. In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, Partner Sean R. Kelly, Esq. and Director Alexander Taic explore how developers are seeking 421a vested sites specifically in Northwest Queens and Jamaica, and Beacon Wind Land’s purchase of 31-01 20th Avenue, which accounted for approximately one-third of the development dollar volume. They also examine trends in the multifamily market and what to expect in the next six to 12 months. For more details, see Ariel Property Advisors’ Queens 2023 Mid-Year Commercial Real Estate Trends report.
Multifamily real estate sales in New York City experienced a significant 242% increase in total dollar volume during the second quarter compared to the first quarter with 295 transactions totaling $3.91 billion, according to Ariel Property Advisors’ Q2 2023 Multifamily Quarter in Review report. Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Ariel Founding Partner Victor Sozio, and Matt Dzbanek, Senior Director, Capital Markets, explore the story behind the data in this podcast on the New York City multifamily market.
Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Jason Gold, Senior Director, and Daniel Mahfar, Director, who specialize in investment property sales in the Bronx, discuss the findings in Ariel’s latest research report Bronx 2023 Mid-Year Commercial Real Estate Trends.
How are commercial real estate investors looking at the Brooklyn market today? In this episode of Coffee & Cap Rates, Brooklyn specialists Sean R. Kelly, Esq., a Partner at Ariel Property Advisors, and Stephen Vorvolakos, Director, share the borough’s latest trends with Shimon Shkury, President and Founder of Ariel Property Advisors. For more details, see Ariel Property Advisors’ Brooklyn 2023 Mid-Year Commercial Real Estate Trends report.
What are the latest trends in Manhattan's commercial real estate market? In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses how the borough's assets performed in 1H 2023 with Manhattan experts Michael Tortorici, Founding Partner, and Howard Raber, Director. For more details, see Ariel Property Advisors’ Manhattan 2023 Mid-Year Commercial Real Estate Trends report.
At Ariel Property Advisors’ Coffee & Cap Rates event on July 20, Shimon Shkury, Founder and President of Ariel Property Advisors, moderated a panel discussion with industry experts, Kurt Stuart, Managing Director, Commercial Term Lending Northeast - Chase; Eleonora Bershadskaya, Principal, Real Estate - Vistria; and Christopher Balestra, President & CIO – Taconic Partners, who shared their perspectives on the environment for lending, multifamily and affordable housing investing and office leasing: please see https://arielpa.nyc/investor-relations/event/230720-coffee-and-cap-rates
Shimon Shkury, President and Founder of Ariel Property Advisors, presented an overview of New York City’s investment sales market in the first six months of this year at Ariel Property Advisors’ Coffee & Cap Rates event on July 20. To see his presentation and download Ariel's research reports, please see https://arielpa.nyc/investor-relations/event/230720-coffee-and-cap-rates
In this episode of Coffee & Cap Rates, recorded the day after the Fed voted to hold rates steady for the first time in 15 months, Shimon Shkury, President and Founder of Ariel Property Advisors, and Senior Director Matt Dzbanek discuss the lending environment in the last 30 days. Although underwriting is tougher, Dzbanek said activity has been brisk with the Capital Services team securing up to 10 offers per deal by tapping into an expanded group of lenders. Dzbanek also shared his views in Ariel’s latest Capital Services Monthly available here.
On his latest podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, welcomes Ariel Partner Victor Sozio and explores first quarter trends in the multifamily market. Dollar volume totaled $2.11 billion in Q1 2023, a 39% drop year-over-year, and predominantly free market buildings accounted for 78% of the sales. Headwinds discussed include bank closures, which are causing a credit crunch, rising operating costs for rental buildings and the failure of Albany to pass key legislation that would help alleviate NYC’s housing shortage. For more information about the multifamily market, see Ariel’s Q1 2023 Multifamily Quarter in Review New York City.
Shimon Shkury, President and Founder of Ariel Property Advisors, and Matt Dzbanek, Senior Director of Capital Services, discuss what borrowers can expect moving forward in the wake of the Fed’s latest rate hike and recent turmoil in the banking sector.
At its March, the Federal Reserve unanimously voted to raise rates another quarter percentage point, bringing the target range for the federal funds rate to between 4.75% and 5.00%. The central bank also reiterated its commitment to reduce inflation from the February annual rate of 6% to 2%. In the last year, the Fed has hiked interest rates by 4.75% while at the same time significantly reducing the size of its balance sheet.
In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses trends in the Queens investment sales market with Founding Partner Michael Tortorici and Director Alexander Taic. Ariel Property Advisors' Queens 2022 Year-End Commercial Real Estate Trends report showed that Queens had a record-breaking year in 2022, with the most transactions on record in addition to surpassing the $4 billion mark in dollar volume for the first time since 2018 and the fourth time overall (2015, 2016 & 2018 previously). Of note, industrial property sales in Queens totaled $850.3 million, which was roughly one third of the industrial sales citywide last year.
In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Senior Director Jason M. Gold and Director Daniel Mahfar about the performance of the commercial real estate market in the Bronx in 2022. They discuss the findings of Ariel Property Advisors' Bronx 2022 Year-End Commercial Real Estate Trends report, which showed that the Bronx recorded just under $2.4 billion in investment sales last year, saw an uptick in development transactions before the 421a tax abatement expired last June and that the price per square foot for commercial assets rose above $500 per square foot.
Shimon Shkury, President and Founder of Ariel Property Advisors, Partner Sean Kelly and Director Stephen Vorvolakos discuss the outstanding performance of Brooklyn’s commercial real estate market in 2022. They highlight findings in the recently released Ariel Property Advisors 2022 Brooklyn Year-End Commercial Real Estate Trends report, which showed that Brooklyn saw a 28% year-over-year increase investment sales to just over $10 billion, the first time ever the borough has cracked the $10 billion mark in dollar volume and surpassing the previous record of $9.19 billion from 2015. Transactions in the borough also increased 20% from the previous year to 1,226, which is nearly half of all the transactions in New York City in 2022.
Shimon Shkury, President and Founder of Ariel Property Advisors, Founding Partner Michael Tortorici and Director Howard Raber discuss the performance of Manhattan’s commercial real estate market in 2022 and the opportunities they see in 2023. They highlight the findings of the recently released Ariel Property Advisors 2022 Manhattan Year-End Commercial Real Estate Trends report, which noted that last year, “Manhattan investment sales strongly rebounded from the Covid pandemic despite headwinds from rising interest rates and economic uncertainty during the second half of the year. Transactions during the year were the most since 2016 with 419 deals totaling $20.9 billion in sales, a 40% increase in dollar volume from 2021.”
Shimon Shkury, Founder and President of Ariel Property Advisors, presented this overview of the 2022 New York City investment sales market and what to expect in 2023 at Ariel Property Advisors’ Coffee & Cap Rates event on February 2. To see his presentation and download Ariel's research reports, please see https://arielpa.nyc/investor-relations/event/latest
At Ariel Property Advisors’ Coffee & Cap Rates event on February 2, Shimon Shkury, Founder and President of Ariel Property Advisors, moderated a panel discussion with industry experts Tom Ortinau, Head of Acquisitions, for GFP Real Estate; Meir Milgraum, Senior Vice President, Acquisitions, Lightstone; and Ofer Yardeni, Chairman and CEO, Stonehenge NYC.
The New York City multifamily sector saw a major resurgence in 2022 with $16 billion in total dollar volume for all multifamily properties (small buildings, buildings with 6-9 units and 10+ units) and $13.2 billion for buildings featuring 10 or more residential units. In this episode, Shimon Shkury, President and Founder of Ariel Property Advisors, and Founding Partner Victor Sozio discuss the findings in Ariel’s recently released 2022 Multifamily Year in Review research report, which highlights sales of buildings with 10 or more units citywide and in Manhattan, Northern Manhattan, Brooklyn, the Bronx and Queens. They also explore the headwinds and opportunities facing the multifamily market in 2023. To read the report, please click here.
In this podcast recorded on December 15, the day after the Fed’s final meeting of the year, Shimon Shkury, President and Founder of Ariel Property Advisors, and Eli Weisblum, Senior Director of Capital Services, discuss the Fed’s latest rate hike and what it means for borrowers.
The Federal Open Market Committee (FOMC) unanimously approved a .50% rate hike at its eighth meeting of the year, bringing the federal funds target range to 4.25% to 4.5%. The latest increase, while still historically large, is more modest than .75% increases over the last four meetings. Although the 12-month change in CPI was 7.7% in October and 7.1% in November, lower than the peak of 9.1% in June, the Fed pledged to continue its restrictive monetary policy in 2023 because inflation remains far above the central bank’s long run goal of 2%.
Shimon Shkury, Founder and President of Ariel Property Advisors, and his guests YuhTyng (Tyng) Patka, a Partner with Duval & Stachenfeld LLP, and Matt Swerdlow, Senior Director, Capital Services at Ariel, discuss how New York City building owners can use commercial property assessed clean energy (CPACE) financing to comply with Local Law 97. Tyng is chair of Duval & Stachenfeld’s NYC Real Estate Tax and Incentives Practice Group and Co-Chairs the firm’s NYC Climate Mobilization Task Force where she has become New York City’s leading legal expert on Local Law 97 of 2019 (“LL97”) and PACE financing’s impact on the New York City real estate industry. Tyng has been invited to speak on numerous panels and authored many articles on LL97 and PACE. Tyng is sought after by New York City’s owners and lenders to advise on how LL97 will impact their real estate portfolios and how to protect against LL97’s financial impact. Tyng regularly advises on LL97 matters relating to due diligence, leasing provisions and financing. Tyng’s practice also includes counseling owners, developers, senior lenders, and PACE lenders on fitting PACE financing into the capital stack and PACE’s interconnection with property taxes.
Shimon Shkury, President and Founder of Ariel Property Advisors, and his guest Matt Dzbanek, Senior Director of Capital Services, discuss how the market reacted to the 7.7% increase in the inflation rate in October, which was better than expected. Although Treasuries started to peak following the Fed’s latest .75% rate hike on November 2, after the October inflation rate was announced on November 10, the 5- and the 10-year Treasury rates dropped below 4% for the first time in about a month.
Shimon Shkury, Founder and President of Ariel Property Advisors, discusses the latest trends in New York City’s multifamily market with Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director, Capital Services.
Shimon Shkury, Founder and President of Ariel Property Advisors, discusses the Brooklyn market and Gowanus rezoning with his Partner Sean Kelly, who has specialized in the Brooklyn market for more than 13 years. Kelly is particularly active in Gowanus, where this year he has arranged the acquisition of two development sites — one, a $21.6 million joint venture for a property with a 102,035-square-foot zoning floor area at 125 Third Street, and the second, a property with a 142,500-square-foot zoning floor area at 450 Union Street, which traded for $40.65 million or $285 per BSF, a record for a site in Gowanus with a Mandatory Inclusionary Housing requirement. He also has another development site and a commercial office building under contract in Gowanus. For more information about the Brooklyn market, please read our Brooklyn 2022 Mid-Year Commercial Real Estate Trends report available here.
Shimon Shkury, Founder and President of Ariel Property Advisors, discusses with Matt Swerdlow, Senior Director, Capital Services, how borrowers and lenders are responding the Fed’s latest .75% rate hike. For more information about the Fed’s latest announcement, please see Ariel’s Capital Markets Monthly available here.
Shimon Shkury, Founder and President of Ariel Property Advisors, interviews Jason Gold and Daniel Mahfar, both Directors in Investment Sales specializing in the Bronx, on the performance of the borough's commercial real estate market during the first six months of this year. More details are available in Ariel Property Advisors' research report, Bronx 2022 Mid-Year Commercial Real Estate Trends, available here.
Shimon Shkury, Founder and President of Ariel Property Advisors, presents an overview of New York City's investment sales market in the first half of 2022 at Ariel's bi-annual Coffee & Cap Rates event on July 28.
Shimon Shkury, Founder and President of Ariel Property Advisors, moderates a panel discussion with industry experts Will Blodgett, Founder & CEO – Tredway; Andrea Himmel, Principal & Chief Investment Officer - Himmel + Meringoff Properties; and Rashid Walker, Founder & CEO - First Street Capital at Ariel's bi-annual Coffee & Cap Rates event on July 28
Shimon Shkury, President and Founder of Ariel Property Advisors, and Eli Weisblum, Senior Director of Capital Services, discuss how borrowers and lenders are responding to the Federal Reserve's latest rate increase of 75 basis points, the highest rate hike since 1994.
In this episode, Ariel Property Advisors’ President Shimon Shkury and Matthew Swerdlow, Senior Director, Capital Services discuss the Federal Reserve’s recent announcement to raise rates by 50 basis points, the highest increase since 2000, and pledge to consider additional 50 basis point increases at upcoming meetings to help combat inflation. The Fed also announced that the Central Bank plans to start reducing its balance sheet beginning June 1. Although the job market has stabilized in recent months—the nation’s unemployment rate has fallen to 3.6 percent—inflation has continued to skyrocket and now sits at 8.5 percent, the highest rate since December of 1981 and far above the Fed’s target goal of 2 percent.
In this rising interest rate environment, the Capital Services team is advising borrowers to lock in rates early and analyzing whether refinancing a loan today at a lower rate is preferable to waiting a year or more when rates might be higher.
- Ariel Property Advisors’ President Shimon Shkury and Founding Partner Victor Sozio discuss how inflation and rising interest rates are affecting different segments of the multifamily market.
- Although contract signings are continuing, the multifamily sector has become more turbulent in the last 60 days primarily because interest rate hikes are triggering renegotiations and repricing. This period of volatility has injected a sense of urgency in the market as investors seek to close deals and line up financing before additional increases. As rents have rebounded, Vic notes that he is seeing more of an appetite for luxury buildings than 18 months ago and that free market properties in good locations are a bright spot in the market today.
· President of Ariel Property Advisors Shimon Shkury conducts a discussion with Matthew Dzbanek, Senior Director of Capital Services at Ariel
· Matthew Dzbanek and Shimon Shkury sat down for our latest Coffee & Cap Rates podcast to discuss the impact and key takeaways for investors in the commercial real estate industry.
· President of Ariel Property Advisors Shimon Shkury reviews the largest transactions of 2021 and the trends driving them.
· Our latest Coffee & Cap Rates podcast features Ariel Property Advisors' 2021 proprietary year-end research which was presented during our bi-annual Coffee & Cap Rates event on February 3, 2022.
· President of Ariel Property Advisors Shimon Shkury conducts a discussion with Victor Sozio, EVP Investment Sales at Ariel.
· Victor Sozio and Shimon Shkury sat down for our latest Coffee & Cap Rates podcast to discuss the multifamily trends in New York City.
· President of Ariel Property Advisors Shimon Shkury conducts a discussion with Matthew Swerdlow, Director of Capital Services at Ariel
· Matthew Swerdlow and Shimon Shkury sat down for our latest Coffee & Cap Rates podcast to discuss the impact and key takeaways for investors in the commercial real estate industry.
· President of Ariel Property Advisors Shimon Shkury conducts a discussion with Scott Metzner, Principal of Janus Property.
· Scott Metzner and Shimon Shkury sat down recently for our latest Coffee & Cap Rates podcast to discuss the increase in activity as investors adjusted to the ebb and flow of the economic and business landscape during the pandemic.
- President of Ariel Property Advisors Shimon Shkury conducts a discussion with Executive Vice President Michael Tortorici.
- Discussions among Shimon and Michael include what the uptick in development activity in Manhattan means for New York City. Also discussed are insights into what drove the trends and transactions, along with highlighting key transactions that contributed to the dollar volume.
- President of Ariel Property Advisors Shimon Shkury conducts a discussion with Executive Vice President Victor Sozio.
- Discussions among Shimon and Victor include a reflection on the activity in the multifamily market in New York City over the past quarter and insight into what drove the trends and transactions, along with highlighting key transactions that contributed to the dollar volume traded. Also, they spoke about their outlook on what is to come in the fourth quarter of 2021 and into 2022.
- President of Ariel Property Advisors Shimon Shkury conducts a discussion with Senior Director Sean Kelly and Director John Higgins
- Discussions among the speakers include a reflection on the activity in the Staten Island borough from the past 6 months and insight into what drove the trends. Also, the group spoke about their outlook on what is to come in the second half of 2021.
- President of Ariel Property Advisors Shimon Shkury conducts a discussion with Director Alexander Taic, Director Dorit Pinhas, and Associate Director Chris Afriyie
- Discussions among the speakers include a reflection on the activity in the Queens borough from the past 6 months and insight into what drove the trends. Also, the group spoke about their outlook on what is to come in the second half of 2021.
- President of Ariel Property Advisors Shimon Shkury conducts a discussion with Director Jason Gold and Director Daniel Mahfar
- Discussions among the speakers include a reflection on the activity in the Bronx borough from the past 6 months and insight into what drove the trends. Also, the group spoke about their outlook on what is to come in the second half of 2021.
- President of Ariel Property Advisors Shimon Shkury conducts a panel discussion between Senior Director Sean Kelly, Senior Director Jonathan Berman, Director Lawrence Sarn, and Director Stephen Vorvolakos
- Discussions among the speakers include a reflection on the activity in the Brooklyn borough from the past 6 months and insight into what drove the trends. Also, the group spoke about their outlook on what is to come in the second half of 2021.
- President of Ariel Property Advisors Shimon Shkury conducts a discussion with Director Mark Anderson and Associate Director James Nestor.
- Discussions among the speakers include a reflection on the activity seen in Northern Manhattan from the past 6 months and insight into what drove the trends. Also, the group spoke about their outlook on what is to come in the second half of 2021.
- President of Ariel Property Advisors Shimon Shkury conducts a panel discussion between Director Howard Raber, Associate Director Jack Moran, Executive Vice President Michael A. Tortorici, and Director Matthew Gillis
- Discussions among the speakers include a reflection on the Manhattan Borough from the past 6 months and insight into what drove the trends. Also, the group spoke about their outlook on what is to come in the second half of 2021.
- President of Ariel Property Advisors Shimon Shkury conducts a panel discussion between Executive Vice President's Victor Sozio and Michael Tortorici, Senior Director Sean Kelly and Director Matt Swerdlow
- Discussions among the panelists include current commercial real estate trends, capital markets opportunities and outlook for the next 6 months
- President of Ariel Property Advisors Shimon Shkury highlights the bounce back effect commercial real estate in NYC has experienced the past 6 months
- The presentation continues by discussing asset class fundamentals and predictions for the remainder of 2021
It has been a very active time in Brooklyn at Ariel Property Advisors in both the development and mixed-use/multifamily markets. Sellers are motivated and buyers are actively seeking opportunities.
Listen to the podcast for a snapshot of the Brooklyn investment sales market and anecdotal information on these listings, contracts, and closings.
If you’re a real estate owner or investor, you may have noticed a significant increase in insurance costs compared to previous years.
In fact, renewal increases have jumped 20% year-over-year, according to Q3 2020 data from Marsh’s Global Insurance Market Index, a measure of global commercial insurance premium pricing.
Listen the podcast to hear how you can prepare for rising insurance premiums.
Victor Sozio led a very active first quarter of 2021 bringing 24 buildings, approximately 1,500 units and 1.5M SF into contract.
Victor's current inventory on the market includes over 126 properties and 4,300 units.
Listen to the podcast for a snapshot of the market and anecdotal information on these listings, contracts, and closings.
- Shimon Shkury welcomes Ahron Sussman and Matthew Dzbanek, two professionals in Ariel Property Advisors Capital Services division
- Matt and Ahron explain what current deals they are working on and how loan terms have differed before Covid-19, during Covid-19 and now
- Conversations include balance sheet lenders, perm loans, conventional lenders and Covid reserves
- Please make sure to check out our brand new research report: Staten Island Year End 2020 Investment Sales
- John Higgins and Sean Kelly focus and live in Staten Island and talk about the vast development and industrial boom in the area
- The conversation begins with analyzing the 2020 year-end investment sales figures and comparing them to 2020
- The group dives into discussion regarding the multifamily and development asset classes as well as the pricing metrics and how they compare to the years prior
- Investment capital in addition to predictions for the future are also discussed
- President Shimon Shkury welcomes Victor Sozio, Executive Vice President; Michael Tortorici, Executive Vice President and Sean Kelly, Senior Director, to discuss the pockets of strength in the New York City commercial real estate market
- Topics include affordable housing, multifamily, industrial and technology
- Panel discussion between Pamela West, Senior Director, Global Real Estate, Impact Investing at Nuveen; Gary Rodney, Managing Director, Affordable Housing Acquisitions & Development at Tishman Speyer; Scott Alter, Co-Founder and Principal at Standard Communities; and, Meyer Mintz Tax Partner at Berdon LLP
- The panelists discuss all facets of the NYC commercial real estate industry including hot topics such as affordable housing and the Covid-19 effect on NYC real estate
- President of Ariel Property Advisors Shimon Shkury begins his presentation by talking about the investment sales figures and pricing metrics for commercial real estate in NYC
- The conversation continues by analyzing asset class fundamentals and where the market will head in 2021
- Shimon Shkury and Evan Weiss, Chief Operating Officer & Principal of LW Hospitality Advisors, talk about the current state of the market for NYC hotels and how the approach to valuations and consulting has shifted throughout the pandemic.
- Evan discusses his predictions for the future of NYC hospitality
- Shimon Shkury begins the episode detailing the Q3 investment sales data for Brooklyn
- Larry speaks about trends in the market and his closing of two separate industrial owner-user pieces in Central Brooklyn for premium prices
- Shimon and Matthew discuss the Q3 figures for Manhattan and then specifically on the Upper East Side
- Matthew speaks about his current listing, 14 East 69th Street, which is a vacant townhouse primed for owner users
- President Shimon Shkury begin the conversation analyzing the overall NYC investment sales data for Q3 2020 and compares it to the quarter and year before
- Howard Raber and Shimon discuss Midtown Manhattan's market performance specifically in the third quarter
- Ariel Property Advisors founders Shimon Shkury and Victor Sozio have the hard data and trusted insight on what you need to know from 2020 including total dollar and transaction volume
- Shimon and Victor discuss what to expect through the end of the year and in 2021
- You can watch this interactive episode here: https://www.youtube.com/watch?v=ubqXtkUqpGE&t=5s
- President Shimon Shkury welcomes Investment Sales Director Stephen Vorvolakos to inform our listeners in what is happening in Stephen's geographic core, Sunset Park
- 35 acres of Sunset Park, called Industry City, were proposed to be rezoned by a group of developers that would have paved the way for a $1 billion renovation of the campus that would add big box retail, academic space, and other uses to the waterfront complex
- Recently, a plethora of Brooklyn legislators stated that they opposed the rezoning and then the developers behind the plan decided to withdraw their application
- Shimon Shkury welcomes Remy Raisner, the Founder and CEO of The Raisner Group (formerly Proteus Capital Management), a private real estate investment firm headquartered in New York City.
- Under Remy's leadership, The Raisner Group has raised capital domestically and internationally since 2009. It has been active in non-performing notes and fee simple transactions, and focuses primarily on value-add, residential and mixed-use real estate investments in New York City. Most of the firm’s acquisitions have taken place in the outer boroughs, with an emphasis in the emerging Brooklyn neighborhoods of Bushwick, Bed Stuy and Prospect Lefferts Gardens.
- Shimon and Remy discuss how Remy began investing in multifamily in Brooklyn and how his criteria has shifted
- Remy speaks about his strategy throughout the pandemic and the future
- Panel discussion between Jim Simmons, CEO & Founding Partner of Asland Capital Partners; Rick Gropper, Co-Principal at Camber Realty Group; Etan Slomovic, Managing Director, Investments at Castellan Real Estate Partners; and, Meyer Mintz
Tax Partner at Berdon LLP - The panelists discuss all facets of the NYC commercial real estate industry including hot topics such as the effects of Covid-19 on real estate
- President Shimon Shkury and Executive Vice President's Victor Sozio and Michael Tortorici analyze the investment sales figures for the first half of 2020 in NYC
- Transactions are limited and lagging indicators of the market because the properties were in contract at the end of 2019 or prior to Covid-19
- Ariel Property Advisors has released its mid-year Investment Sales Research Reports for 1H2020, you can find the reports on the company website: http://arielpa.nyc/investor-relations/research-reports
- Shimon Shkury meets with Sean Kelly to speak about the concept of land leases during the pandemic, the increased popularity of ground leases and the challenges it presents
- Ground lease is annual payments (usually for 99 years) that are paid to an owner of land, instead of selling the land, and allowing the leaseholder to develop on the land for the term of the lease
- President Shimon Shkury and Investment Sales Director Jason Gold talk about closing on a property during the coronavirus pandemic
- Jason talks about the future of the Bronx investment sales market and how he navigated his client through the closing process
- Senior Analyst David Baruch provides his insight on the multifamily data from March, April and May 2020
- Shimon Shkury compares this data to the financial crisis of 2008 and how that prepared us for today's pandemic
- The two predict where they think pricing and investment sales data will go in the future
- Shimon Shkury, President of Ariel Property Advisors, sits down with Eli Weisblum, Capital Services Director, to discuss the current lending environment for commercial real estate during the coronavirus pandemic
- Active capital can be found through private lenders, bridge and mezzanine lenders and debt funds
- Shimon Shkury, President of Ariel Property Advisors, talks with Sean Kelly, Investment Sales Director in Downtown Brooklyn, about Brooklyn's retail market
- The two discuss what types of businesses can survive in Brooklyn because of the current challenges to retail
- Post the pandemic, landlords and tenants will have to work together to create smart and innovative ways to structure leases and agreements
- Shimon Shkury presents the current state of the NYC Q1 investment sales market, which asset classes are faring best, and the lending environment and its challenges during Covid-19
- Panel discussion, moderated by Michael Stoler, continues with the same panel from Ariel Property Advisors' Coffee & Cap Rates in February 2020, Nadir Settles, Joseph Fingerman and Tyrone Barnes
- Tyrone Barnes, VP at Taconic Investment Partners, LLC; Joseph Fingerman, Managing Group Director and SVP at the Commercial Real Estate Lending Group at Signature Bank; Nadir Settles, Managing Director at New York Regional Head, Office, Real Estate, Americas of Nuveen Real Estate
- Shimon Shkury, President of Ariel Property Advisors, talks with Victor Sozio, Executive Vice President at Ariel Property Advisors, about what they are seeing in the commercial real estate market today, which has been heavily affected by Covid-19
- The two discuss the three buckets of capital available in the current market
Shimon Shkury, President of Ariel Property Advisors, and Jeff Turkel of Rosenberg & Estis, who has been specializing in rent regulation since 1983, discuss the recent ruling made by the Court of Appeals that struck down a portion of the 2019 Rent Law.
- Shimon Shkury and Michael Tortorici, Executive Vice President, discuss the $2 trillion CARES act signed by President Donald Trump
- Shimon and Michael explain what is in the relief bill for the real estate market
- Shimon and Michael outline what they have been hearing from clients including real estate owners and investors on how they are currently viewing the market during the coronavirus crisis and how they plan to act when the crisis blows over
- Shimon Shkury, President of Ariel Property Advisors, and Howard Raber, Director of Investment Sales, talk about Amazon's most recent New York City real estate purchase at 424 5th Avenue
- Amazon bought the Lord & Taylor building from WeWork for $1.15 billion
- This is some positive business news in light of current events involving coronavirus
- Shimon Shkury and Matthew Swerdlow, Director of Capital Services, discuss this week's news regarding the unprecedented rate cut by the Federal Reserve during an unscheduled meeting
- The Fed is trying to combat the effects of the coronavirus, which has already infected approximately 95,000 people worldwide
- Matthew talks about the financing environment and what owners of real estate can expect in these times
- Panel discussion between Tyrone Barnes, VP at Taconic Investment Partners, LLC; Joseph Fingerman, Managing Group Director and SVP at the Commercial Real Estate Lending Group at Signature Bank; Nadir Settles, Managing Director at New York Regional Head, Office, Real Estate, Americas of Nuveen Real Estate; and, Michael Stoler, President at New York Real Estate TV, LLC
- The panelists discuss all facets of the NYC commercial real estate industry including affordable housing, retail and hot markets
- Questions from the audience at the end of the panel
- Shimon Shkury, President of Ariel Property Advisors, discusses the New York City investment sales market for 2019 by sub-market and asset type
- 2019 NYC investment sales dollar volume dropped 15% to $35.3 billion and transaction volume dropped by 17% to 2,042 transaction (compared year-over-year)
- 2019 NYC development market dropped 39% in terms of dollar volume year-over-year
- 2019 NYC multifamily market dropped 40% in terms of dollar volume year-over-year with all sub-markets decreasing except for Northern Manhattan
- Northern Manhattan was an outlier in the multifamily market due to one large institutional transaction, Brookfield Properties East Harlem Portfolio for $1.16 billion
- Shimon and Remi discuss Ariel Property Advisors' recent activity and what is currently transacting in the market
- Post rent-regulation discussion on the multifamily market and new entrants
- Ariel Property Advisors' recent closings, contracts and listings
- Remi Mandell and Shimon Shkury discuss the retail market in NYC
- Commercial rent control and other regulations are in the works
- Traditional retail needs to adapt to survive
- Panel discussion moderated by Meyer Mintz, Tax Partner at Berdon LLP
- Panelists include:
- Scott Metzner, President & Founder at Janus Property Group
- Michael Givner, Executive Director at Morgan Stanley
- David Schwartz, Co-Founder & Principal at Slate Property Group
- Seth Pinsky, Executive Vice President & Fund Manager at RXR Realty
- Remi Mandell & Shimon Shkury sit down to discuss what happened in the 1H of 2019
- Opportunity Zones fueling the development market in outer boroughs
- Rent Regulation effects on the market
- Shimon and Remi discuss the investment sales multifamily metrics for the first quarter of 2019
- Potential rent regulations that the City may pass have affected the figures
- Rent regulation will significantly prevent landlords from increasing rents in rent stabilized apartments