Kasirer’s engagement in discussions to shape the future of New York City real estate
It’s been a busy two months for Kasirer as we’ve been engaged in robust discussions about the future of real estate in New York.
Last month, Governor Hochul signed a housing deal that included an extension of the old 421-a program, a replacement program (485x), removal of the FAR cap, office-to-residential conversions, and other measures to promote new development. This was a long-fought battle, with labor unions, tenant advocates and developers actively engaged in negotiations with the State on programs to spur development, protect tenants and create fair-paying jobs.
Relatedly, Kasirer was engaged in three productive and timely events that engaged industry leaders from a wide array of the New York real estate community in discussions on challenges and opportunities impacting the industry. These events were hosted by iGlobal, Commercial Observer and Kramer Levin.
International event organizer iGlobal held its 25th Private Equity Summit in New York City, which included local, national, and international investors in real estate who convened to talk about opportunities in real estate, both in New York and across the United States. During the conference, Kasirer President Suri Kasirer facilitated a workshop with a focused group of private equity executives, family office owners and other real estate players to discuss the New York political landscape and its impact on their investments. It was a valuable discussion, and there were two main themes of the conversation: (1) that politics and policy are critical to investment decisions, and (2) that a community-centric approach is key to position projects for success.
Suri Kasirer also had the opportunity to moderate an uplifting discussion at Commercial Observer’s Future of New York event. The panel was titled “Real Estate as the Ultimate Economic Driver” and discussed a range of topics impacting the commercial office market, from addressing high vacancies to supporting incentive programs (such as C-PACE) to the benefits of creative amenity space to the expansion of real estate technology. Panelists included Jeff Gural (Chairman, GFP Real Estate), Jonathan Mechanic (Chair, Real Estate Department, Fried Frank), Shelah Wallace (Senior Director, Originations, Nuveen Green Capital), and Greg Gomer (CoFounder and CFO, HqO). These panelists expressed confidence in the future of New York’s commercial office market. See a write-up on the event here.
Kramer Levin, which has one of the most renowned real estate practices in the nation, invited Kasirer to participate on a panel to discuss Mayor Adams’ City of Yes for Housing Opportunity proposal and commercial to residential conversions. Moderated by Partner Elise Wagner of Kramer Levin, Suri was on a panel with City Planning Director Dan Garodnick, both discussing the opportunities that can result from the citywide zoning proposal and conversions, particularly when coupled with state support. Following the first panel was a discussion moderated by Jay Neveloff, Chair, Real Estate, Kramer Levin for a more industry-focused perspective on these proposals. The panel included real estate experts such as Marty Burger, Principal, Infinity Global; Kenneth Horn, Founder & President, Alchemy; Darcy Stacom, Founder & CEO, Stacom CRE; and Robert Knakal, Chairman & CEO, BK Real Estate Advisors. For a full write-up on the event, see here.
Kasirer was pleased to be part of these critical discussions and will continue to work in partnership with government leaders and our clients on addressing our city and state’s most pressing real estate issues.