Jhere is a delicate dance between the mayors and the real estate developers who build the city.
This two-step complex was exposed to The real deal‘s NYC Real Estate Showcase + Forum last month, when Mayor Eric Adams took the stage to tell the crowd he wanted to “roll out the red carpet” for builders.
It was a welcome change from eight years of Bill de Blasio, who ran for mayor on the belief that New York no longer needed shiny condo towers. Accepting campaign donations from real estate has become verboten in recent years. So you couldn’t blame the industry for being excited about the new mayor, who proclaimed that “what oil is to Texas, real estate is to New York.” Check out our coverage of the event – which has returned after a three-year hiatus with over 2,000 attendees.
Whether Adams goes all the way remains to be seen. Just a week after the event, a developer planning a 900-unit project in Harlem offered to keep 40% affordable to appease the community. The local council member called it a “slap in the face”, demanding 100% accessibility. Adams remained silent and the project died. No red carpet was rolled out.
While the industry has an idea of how this mayor will position himself, it’s likely that the negotiator who graces our cover this month, Joseph Chetrit, would only meet Hizzoner away from the prying eyes of the press (forget Chetrit who introduces himself to a TRD an event).
Indeed, Chetrit is a legendary name in New York real estate, in part because of the mystery surrounding it. The investor whose properties include the Sony Building, the Chelsea Hotel, the former Daily News Building, what will be Brooklyn’s tallest skyscraper, the Sears Tower (now Willis) in Chicago and a development of billion dollar Miami, to name a few, never grants interviews. The handful of profiles on him “are slim, and he has at times been portrayed in a way that carries a hint of menace”, writes Adam Piore.
Piore was able to sit down with family members (if not Joe himself) to learn the real story behind the mystery man from Morocco. View profile here.
A rival developer said working with “the intuitive real estate genius” – who can assess a building at first sight and make an offer on the spot – is disorienting, as is Chetrit’s ability to position himself on the right side of a building. an agreement or partnership. .
“The joke with Joe is if you’re 50-50 partners on a building and the building is half empty, in Joe’s head you own the empty part and he owns the full part,” the developer said.
Piore’s cover coincides with his book for TRD“The New Kings of New York,” which reveals insider testimonials from developers, politicians, investors and financiers who shaped the city in the new millennium as Manhattan became a playground for the 1% global.
Released last month, it quickly became the #1 seller on Amazon’s list of real estate books, with coverage in the New York Post and Daily Beast, reviews from Kirkus and Publishers Weekly, and applause from authors. hits, including Vicky Ward, Eliot Brown and Michael Gross. You can always order a copy.
Elsewhere, check out our special Hamptons section. Forget the 1% there – in the Hamptons, the simple rich are now priced out by the ultra-rich. It’s gentrification on top of gentrification. Still, a weak rental market could portend a slowdown.
Finally, don’t miss our interview with Rob Speyer of Tishman Speyer, the 800-pound gorilla of the real estate world, with a portfolio of over 90 million square feet. Speyer is vocal about the future of commercial real estate and is forward-thinking to the point of being almost awake: he wants to ban the word “tenant” because it conjures up a “feudal” approach to real estate.
“It suggests an adversarial relationship, and that’s the last thing we want,” Speyer said.
Landlords and tenants living in harmony, politicians and builders working together to shape the horizon for the benefit of all – maybe it can happen. Read the issue and see what you think.