NYC Commercial Real Estate Roundtable Featuring Ariel Property Advisors Founder Victor Sozio

NYLIB hosted a roundtable discussion for CEOs over dinner at Avra Madison Estiatorio in Manhattan on May 23, 2022. The event was attended by a number of our colleagues from the banking industry as well as the commercial real estate sector.

The CEO Roundtable event featuring Ariel Property Advisors Founder Victor Sozio offered an engaging discussion and useful takeaways on key topics in New York City commercial real estate. Ronald Kremnitzer and Wayne Heicklen, partners in the Real Estate Group at Pryor Cashman, added the legal point of view to the discussion.

Keynote Speaker

Our keynote speaker was Victor Sozio, Founding Partner of Ariel Property Advisors and one of New York City’s leading commercial real estate brokers. Mr. Sozio provided insight into the state of the commercial real estate market in NYC. Mr. Sozio’s comments touched on investment sales trends, vacancy rates, prices, cap rates, and the political environment. He also discussed case studies on recent retail, office, and industrial transactions.

The Legal Perspective

NYC Commercial Real Estate Roundtable Featuring Pryor Cashman Partner Ronald Kremnitzer

Ronald Kremnitzer and Wayne Heicklen, partners in the Real Estate Group at Pryor Cashman, added the legal point of view to the discussion, including a focus on how the COVID-19 pandemic is continuing to affect both retail and residential real estate—and how the situations are shifting as landlords and tenants negotiate the terms of new and modified tenancy agreements.

Mr. Kremnitzer noted that while retail landlords are beginning to see some recovery, tenants are still seeking (and often getting) financial modifications to lease agreements. On the residential side, landlords spent much of the pandemic period “desperate” to attract renters, sometimes with 2-3 months of free rent and other enticements; however, the residential market is seeing an almost total reversal in favor of landlords, with residential rents at or higher than pre-pandemic rates.

NYC Commercial Real Estate Roundtable Featuring Pryor Cashman Partner Wayne Heicklen

Mr. Heicklen led a lively discussion of the most difficult challenges facing New York City in order to reach recovery to pre-pandemic levels, which included curbing crime, getting workers back to the office, and creating incentives for private sector developers to build affordable housing.

Upcoming Events

The NYLIB team is thrilled that we were able to provide an opportunity to bring our colleagues together to explore key issues of importance to members of the banking industry. Our organization’s mission is to provide a forum for networking and education.

Edward Lutz, President, NYLIB & President, Lutz Advisors, Inc.

As we continue planning events and meetings, NYLIB is open to any suggestions on topics or issues that are of interest to the community and foreign banks in the tri-state area. Don’t forget to subscribe to our mailing list below, to stay informed on news and upcoming events.

Memorable Moments

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