The Stoler Report – The Residential Market

The Stoler Report – The Residential Market


♪ [THEME MUSIC] ♪>>RESIDENTIAL HOUSING, NEW YORK CITY AND NEW JERSEY, WHAT IS HAPPENING? WHO IS RENTING? WHERE ARE THE PEOPLE COMING FROM? WHAT ARE THE DEALS? WHAT DO WE REALLY SEE TODAY IN THE MARKETS? THE PRESS MAKES THE MARKET SAY IT IS TERRIBLE. I DON’T BELIEVE IT IS THAT WAY AND I DON’T BELIEVE MY GUESTS BELIEVE THAT. I HAVE IDENTIFIED FOUR INDIVIDUALS WHO WILL TALK ABOUT THE RESIDENTIAL MARKET. MY GUESTS INCLUDE, ENRIQUE ALONSO, EXECUTIVE VICE PRESIDENT OF SJP PROPERTIES. MARTIN NUSSBAUM, PRINCIPAL OF SLATE PROPERTY GROUP. ELI WEISS, PRINCIPAL AT JOY CONSTRUCTION AND JEFFREY LEVINE, THE CHAIRMAN AND CEO OF DOUGLAS DEVELOPMENT, LEVINE BUILDERS, AND CLINTON MANAGEMENT. WHAT IS HAPPENING? THESE GUYS ARE YOUNGER THAN YOU AND I. AFTER THESE YEARS, IS IT STILL PAYING TO BE IN THE RESIDENTIAL RENTAL BUSINESS?>>I WISH EVERYBODY A GOOD NEW YEAR. IT WILL BE TOO LATE WHEN YOU SEE THIS BUT I VOTED TODAY AND EVERYBODY SHOULD VOTE. RENTAL BUSINESS IS A GREAT BUSINESS. LIKE, SOMEONE ONCE SAID, IT IS LIKE BEING A FARMER EXCEPT THE CROP COMES IN EVERY MONTH. IT IS A DIFFICULT BUSINESS. YOU HAVE TO DEVELOP IT AND FINANCE IT AND GO THROUGH A STABILIZATION PROCESS. IT IS MORE DIFFICULT BECAUSE EASY MONEY CHASES CONDOS. RENTAL IS HARDER TO FIND.>>EVERYONE HERE IS INVOLVED WITH A CONDO FOR SALE BUSINESS ALSO, — TO DIFFERENT LEVELS.>>I RECEIVED ENLIGHTENMENT.>>THE BRIGHT LIGHTS CAME DOWN. YOU HAVE A RENTAL IN FORT LEE. YOU HAVE FOR SALE IN MANHATTAN. YOU ARE ALL AROUND THE BOROUGH, CORRECT?>>YES.>>ARE YOU IN THE BRONX YET?>>NO.>>AND YOU ARE STILL IN BROOKLYN. THIS NEW DEVELOPMENT AT WEST 29TH STREET.>>940 UNITS.>>WHO IS GOING TO BE RENTING? WHAT IS THE NATURE? WHERE ARE THE PEOPLE COMING FROM? WHAT NATIONALITY? STUDENTS, DOCTORS?>>SURE. I HAVE JUST FINISHED LEASING 411 WEST 35TH STREET, BETWEEN NINTH AND 10TH. I’M IN THE PROCESS OF LEASING ITS SISTER BUILDING. 304 APARTMENTS. 70% INTERNATIONAL STUDENTS.>>IT HAS BECOME A FORM OF A DORMITORY.>>ABSOLUTELY. ALL OF US LOOK TO SMALL UNITS. IT BACKS INTO THAT DEMOGRAPHIC NATURALLY. THE LACK OF SUPPLY ON THE DORM SIDE HAS LED PEOPLE LOOKING AT A DORMITORY AS AN OPTION TO LOOKING TO RENT AN APARTMENT AND GET A BETTER DEAL WITH MORE AMENITIES.>>FOR US, IT IS PROJECT SPECIFIC, AND LOCATION SPECIFIC. WE CAN DO PROJECTS THAT ARE MEANT FOR YOUNGER GENERATIONS. IT CAN GO UP TO PEOPLE WHO ARE PIED-À-TERRE LOOKING FOR PIED-À-TERRE. VERY SPECIFIC TO LOCATIONS.>>FOR EXAMPLE?>>WE HAVE A PROJECT ON 54TH STREET, BETWEEN FIRST AND SUTTON WHERE WE HAVE GENERATED A UNIT MIX THAT ALLOWS STUDIOS THAT ARE AS SMALL AS 350 SQUARE FEET. WE HAVE YOUNGER PROFESSIONALS COMING IN, TO APARTMENTS THAT ARE 2000 SQUARE FEET, 3-BEDROOM APARTMENTS FOR FAMILIES. WE HAVE A UNIQUE MIX IN THAT PROJECT. RIGHT NOW WE’RE LEASING 500 APARTMENTS IN BROOKLYN IN VARIOUS NEIGHBORHOODS.>>WHO IS MOVING INTO DOWNTOWN BROOKLYN?>>WE HAVE A PROJECT, 185 APARTMENTS IN DOWNTOWN. WE’VE OPENED UP LEASING. 25 TO 35-YEAR-OLD INDIVIDUALS, SOME MARRIED COUPLES, MORE FREQUENTLY LIVING AND WORKING IN THE BROOKLYN AREA. IN CLINTON HILL, OUR POPERTY IS 120 APARTMENTS. IT IS ON PRATT UNIVERSITY’S CAMPUS. WE ARE SEEING A LOT OF YOUNG PROFESSIONALS AND A LOT OF YOUNG STUDENTS, THEY ARE ALMOST USING IT AS DORMITORY HOUSING.>>GENERATION X.>>YES.>>– FORT LEE, JUST ACROSS THE GW BRIDGE –>>TRULY, THE MOST MODERN BUILDING IN FORT LEE, WHICH THEY HAD NOT BEEN BUILDING FOR 30 YEARS.>>900 UNITS. 70,000 FEET IN EACH BUILDING. WE HAVE A NUMBER OF DIFFERENT DEMOGRAPHICS. SOME STUDENTS FROM COLUMBIA UNIVERSITY, EMPTY NESTERS BROM BERGEN COUNTY AND OTHER PARTS OF NEW JERSEY, WHO WANT TO SELL THEIR HOUSE AND LIVE IN AMENITIZED BUILDINGS. YOU’RE GETTING PEOPLE FROM MANHATTAN THAT WANT TO LIVE IN A GREAT BUILDING BUT WITH HALF THE RENT WITH BETTER VIEWS.>>HOW HAS THE SHUTTLE BUS HELP YOU WITH REGARD TO TENANTS?>>IT IS PACKED EVERY MORNING. WE HAVE A PRIVATE SHUTTLE FROM THE BUILDING TO THE EXPRESS SUBWAY STATION, EVERYBODY USES THAT. MOST PEOPLE ACTUALLY DO WORK IN MANHATTAN.>>HOW IS IT COMPARED TO THE OTHER PARTS OF NEW JERSEY?>>YOU HAVE THE BUILDING THAT HELPS. IT IS BETTER THAN YOU WOULD FIND ON ANY OTHER MARKETS. AND, PEOPLE WANT TO STAY IN THE AREA. JERSEY CITY, DOWNTOWN KIDS, A YOUNGER CROWD. WE HAVE ASIAN DEMOGRAPHIC AS WELL THAT WANTS TO STAY IN THAT AREA.>>MORE PRESIDENTIAL AND SUBURBAN.>>RIGHT.>>MORE OF A SUBURBAN FEEL.>>WHAT DO YOU HAVE COMING INTO YOUR PROPERTIES? BESIDES STUDENTS?>>I HAVE BEEN IN THE BUSINESS FOR EIGHT YEARS. BROOKLYN, MANHATTAN. THIRD AVENUE AND 12TH STREET. THERE WAS A — A DISPROPORTIONATE AMOUNT OF PEOPLE WORKING THE FINANCIAL SECTOR AND THAT HAS DROPPED TREMENDOUSLY. NOT BECAUSE THAT SECTOR HAS DECREASED IN TERMS OF EMPLOYMENT. YOU JUST SEE DIFFERENT SECTORS, MORE CREATIVE JOBS THAT I DIDN’T EVEN KNOW EXISTED. JOBS THAT WE DIDN’T THINK ABOUT FIVE YEARS AGO.>>WHAT ABOUT YOUR PROPERTIES IN WILLIAMSBURG?>>IN THE DAYS OF OLD, IT WAS ALL ABOUT FIRE, FINANCE AND INSURANCE IN REAL ESTATE. THE SHIFT HAS BEEN IN THE YOUNGER GENERATIONS, TO THE TECH, STEM, ALL OF THESE YOUNGER PROFESSIONALS LOOKING FOR A DIFFERENT LIVING EXPERIENCE. WILLIAMSBURG HAS BEEN A GREAT NEIGHBORHOOD WITH THE SOCIAL AND CULTURAL AMENITIES, THEY ARE LOOKING FOR BETTER HOUSING OPPORTUNITIES. THE PEOPLE WILLING TO SPEND A LUXURY BUILDING FOR THE CONVENIENCE, FOR THE SOCIAL SERVICES, THE COFFEE SHOPS, THE CHEESE SHOPS, THE TYPE OF RESTAURANTS. WE USED TO SAY RESIDENTS WHO WERE THE BABY BOOMERS ARE NOW APPROACHING 65 AND 70 WANTED THE ITALIAN CONTINENTAL, THE FRENCH GOURMET. THESE YOUNG PEOPLE WANT BURGERS, ASIAN FOOD. OTHER AMENITIES ARE AVAILABLE IN THESE NEWER WAVE NEIGHBORHOODS.>>ARE THE APARTMENTS THAT ALL OF YOU ARE BUILDING BEING ABSORBED AT THE PERCEIVED NATURE? WHAT IS THE REALITY?>>OUR FIRST TOWER WE WERE GIVEN TWO MONTHS FREE ON THE LEASE. WE STARTED THE LEASE, WE HAVE REDUCED IT TO ONE MONTH. NO CONCESSION ON THE FIRST. MANHATTAN HAS BEEN DIFFERENT. BROOKLYN AS WELL. THERE HAS BEEN MORE CONCESSIONS.>>IT DEPENDS ON HOW MANY UNITS YOU ARE TRYING TO LEASE. IT IS A STRATEGY. WE HAVE TO IMPLEMENT BUILDING BY BUILDING. WE ARE NOT OFFERING MUCH. IF WE HAVE 185 APARTMENTS FOR LEASE, IT IS GOING TO SIT VACANT. A CERTAIN INFLECTION POINT YOU ARE NOT GOING TO OFFER MORE. IT DEPENDS ON WHERE YOU ARE. WE WILL OFFER TWO MONTHS ON A 12 MONTH LEASE. THREE ON A 24. IMPORTANTLY, WE ARE NOT HAVING TO OFFER AS MUCH AS WE HAVE IN THE LAST 24 MONTHS. WE ARE OFFERING ONE MONTH FREE, THAT IS DIALING BACK A LITTLE BIT WHICH IS REASSURING WE MET THE POINT IN THE MARKET WHERE WE HAVE STABILIZED A LITTLE BIT, ON THAT EFFECTIVE BASIS.>>YOU HAVE THE BUS, WHICH IS HELPFUL. HOW IMPORTANT ARE THE FERRIES TODAY, THE — BUSES AND CARS TAKING PEOPLE AROUND?>>COMMUTATION TIME IS CRITICAL AS TO WHERE PEOPLE DECIDE TO LIVE. THAT COUPLED WITH THE OTHER AMENITIES MAKE THE PACKAGE. IN BROOKLYN THE REASON I WAS DRIVEN TO WILLIAMSBURG WAS THE L TRAIN. THE L TRAIN WAS A WELCOME POINT FOR MANY PEOPLE WHO WANTED TO LIVE IN BROOKLYN BUT HAVE THE OPPORTUNITY TO WORK IN MANHATTAN. OBVIOUSLY, WE’RE CHALLENGED NOW BY THE L TRAIN’S CLOSURE. I AM ALSO OFFERING CONCESSIONS. I WOULD RATHER HAVE MY BUILDINGS FULL. TALKING ABOUT THE FERRIES, I SINCERELY BELIEVE, WE BUILT 2500 UNITS, WE BUILT THE PEERS, NEW YORK CITY IS GOING TO BE RUNNING SUPPLEMENTAL FERRIES FROM WILLIAMSBURG DIRECTLY ACROSS THE EAST RIVER, AND THEN RUN SHUTTLE BUSES TO CONNECT WITH SUBWAYS. I BELIEVE THE REALITY WILL BE BETTER THAN THE RHETORIC WE ARE HEARING. YOU HAVE TO LOCK THE PEOPLE IN. WE ARE BUILDING 554 UNITS. 80% OCCUPIED. I WANT IT TO BE 100% BEFORE THE L TRAIN CLOSES. ONCE PEOPLE ARE IN THERE, THEY WILL ENJOY IT.>>THE QUESTION IS WHEN YOU ARE LEASING UP IT IS BINARY. YOU ARE OFFERING CONCESSIONS, IT IS THE SAME THING.>>LET’S CHANGE THE FOCUS. YOU’RE BUILDING FOR SALE. WHY?>>OVERALL, THERE ARE CERTAIN SUBMARKETS THAT ARE SUPPLY CONSTRAINED. WE FEEL GOOD ABOUT THOSE MARKETS. WHEN WE FIND A GOOD DEAL, LIKE THE UPPER WEST SIDE WE GO FOR IT. THAT IS THE CASE. THERE ARE OTHER MARKETS LIKE THAT. WEST VILLAGE IS SUPPLY CONSTRAINED. FORT GREENE, WHERE JEFF IS BUILDING IS, ANOTHER MARKET LIKE THAT. I THINK WE ARE GOING TO DO GREAT THERE.>>WE HAVE A PROJECT IN DOWNTOWN BROOKLYN THAT WE HAVE ON THE MARKET. BROOKLYN GROVE. 180 APARTMENTS. WE HAVE DONE VERY WELL. WE ARE PRICED AT A REASONABLE NUMBER. 1350 A FOOT. WITH A TAX ABATEMENT. SMALLER UNITS AGAIN. NOT LOOKING FOR LARGER UNITS.>>A REASONABLE PRICE MARKET.>>CORRECT. ANOTHER PROJECT IS A BOUTIQUE BUILDING OF 35 UNITS IN GREENPOINT THAT WE THINK IT IS GOING TO DO NICELY. A BIGGER UNIT MORE FAMILY ORIENTED. VERY PRICE POINT DRIVEN. WE ARE FOCUSED ON STAYING BENEATH CERTAIN NUMBERS IN BROOKLYN. A SMALL UPPER WEST SIDE CONVERSION IN MANHATTAN. ANOTHER 35 UNITS STAYING WELL BELOW WHAT EVERYONE — IT IS JUST NOT THE SPACE WE HAVE EVER BEEN IN.>>I HAVE SIX UNITS LEFT IN TRIBECA. WE CONVERTED 122,000 SQUARE FOOT OFFICE BUILDING TO RESIDENTIAL. I’M TRYING TO BECOME ENLIGHTENED. I HAVE MOST OF MY BACKGROUND IN AFFORDABLE HOUSING. TO ME, RENTAL HOUSING IS A NECESSITY. FOR SALE HOUSING, LUXURY OR NOT, IT IS STILL A LUXURY. IF YOU ARE TRADITIONALLY HAVING A HOME YOU DON’T NEED TO OWN IT. TO ME CONDO PROJECTS LOOK FANTASTIC ON MICROSOFT, AND IT JUST NEVER ENDS. YOU JUST KEEP ADDING TABS TO THE MODEL. I’M MORE COMFORTABLE WITH RENTAL AND OWNING WHAT WE HAVE. IT IS MORE TAX EFFICIENT.>>MY ENLIGHTENMENT CAME FROM MY EXPERIENCES. I REALIZED THAT AS GOOD AS IT MAY BE AT EXECUTING THE PROCESS OF DEVELOPMENT NOBODY CAN ANTICIPATE WHAT THE WORLD IS GOING TO DO IN TERMS OF ITS ECONOMICS, INTEREST RATES, PSYCHOLOGY, SECURITY — I DON’T WANT TO BET ON GOOD LUCK AND GOOD FORTUNE. I LIKE TO BET ON CAPABILITY OF THESE PROJECTS. GOING BACK TO THE GREAT RECESSION, IT IS THE 10 YEAR ANNIVERSARY, I WAS BUILDING A LARGE LUXURY CONDO AND A LUXURY RENTAL, IN WEST CHELSEA, I LOOKED LIKE A GENIUS. I MISSED MY MARKET RENTS BY 20%, I MADE MORE MONEY BY ACCIDENT THAN ON PURPOSE BECAUSE INTEREST RATES WERE SO LOW. MY RATE WAS TIED TO A FLOATING RATE. I DID GREAT. AT THE SAME TIME, I WAS DOING 600 CONDOMINIUM UNITS. NOBODY WAS BUYING BECAUSE THE PSYCHOLOGY LEFT THE BUILDING. IN A RENTAL BUILDING IT IS NOT A PERISHABLE PRODUCT. YOU CAN SURVIVE A DROUGHT OR FREEZE. IN A CONDO, — ON THE EQUITY OR THE DEBT WILL EAT YOU UP AND SPIT YOU OUT. IF THAT DOESN’T GET YOU THE MAINTENANCE WILL BURY YOU.>>PRIOR TO THE SHOW WE WERE DISCUSSING SENIOR HOUSING. WHAT IS YOUR THOUGHTS ABOUT SENIOR HOUSING? IN MANY ASPECTS, THE MODERN HAS A LARGE NUMBER OF SENIORS.>>WE WOULD NOT CALL IT SENIOR HOUSING. THE DEMOGRAPHICS MAKES SENSE. I GET THE BUSINESS MODEL. WE HAVE NOT STUDIED IT DEEPLY. I CAN SEE WHY IT IS GOING TO WORK AND GET BETTER AND BETTER BECAUSE OF BABY BOOMERS GETTING OLDER.>>BE CAREFUL.>>YOU ARE SEEING GREAT BUILDINGS.>>I THINK I UNDERSTAND THE BUSINESS MODEL. I DON’T PERSONALLY KNOW HOW DEEP THE MARKET IS FOR IT.>>WITH THE NUMBER OF PEOPLE WHO LIVE IN NEW YORK, COMING BACK, YOU CAN ABSORB IT.>>LOOKING AT THE BUILDINGS THAT HAVE TRADED FOR THIS NURSING HOME FACILITY.>>I’M TALKING TRUE SENIOR HOUSING.>>I BUILT THE TWO LARGEST ASSISTED INDEPENDENT LIVING FACILITIES IN NEW YORK GOING BACK 25 YEARS AGO. MY FLAVOR OF THE BUSINESS TOOK ME OUT TO ARIZONA WHERE I OWNED AND BUILT AND OPERATED 1500 UNITS OF ASSISTED AND INDEPENDENT LIVING. IT IS A DIFFICULT BUSINESS. I LIKE DIFFICULT BUSINESSES. IT IS NOT ONLY HOUSING.>>IT IS HOSPITALITY BUSINESS.>>IT IS BECOMING MORE AND MORE DIFFICULT BECAUSE LABOR COSTS ARE GOING UP BY REGULATION. IF YOU CAN ACHIEVE A PRICE POINT THAT IS AFFORDABLE TO SENIORS THERE IS A HUGE DEMAND. THE BABY BOOMER IS NOT THE MARKET YET. THE BABY BOOMERS ARE APPROACHING 70. WE ARE AGING BETTER. YOU DON’T NEED THE INDEPENDENT ASSISTING LIVING SERVICES. THE FUTURE IS GOING TO GET BETTER. WE HAVE TO BE IN A POSITION TO TAKE ADVANTAGE OF THAT.>>THEY RECENTLY SOLD FOR AN OUTRAGEOUS PRICE. THERE WAS NO SENIOR HOUSING. ON THE WEST SIDE, IT WAS SOLD OVER THERE. IT IS NOT THE SENIOR, IT IS THE 80-YEAR-OLD WANTING TO MOVE THERE. THE AFFILIATIONS WITH THE MEDICAL CENTERS, THEY WANT TO GET THE BEST HEALTH CARE.>>WE HAVE BECOME A TALE OF TWO NATIONS. RED STATES AND BLUE STATES. WITH THE LIBERAL SOCIAL PROGRAMS IT IS EASIER FOR SENIORS TO AGE IN PLACE AND HOUSING, VERY OFTEN WHICH IS SUBSIDIZED. IN TEXAS OR ARIZONA, SENIORS BUSINESS, THE COMMUNITY DOESN’T PROVIDE THE PICKUP AND DROP-OFF SERVICE THAT WE EXPERIENCE HERE IN NEW YORK. FOR THAT REASON AND THE FACT IT IS A MORE MODERATE COST, I BUILT AND FURNISHED FACILITIES IN ARIZONA FOR A TOTAL COST OF $200,000 A UNIT. YOU CAN’T DO THAT IN NEW YORK. THEY ARE TALKING ABOUT GETTING 15-20,000 DOLLARS A MONTH PER UNIT.>>HOW DEEP IS THAT MARKET? WE ARE TALKING SENIOR HOUSING OUTSIDE OF THE NEW YORK CITY MARKET. THE TRADES WE HAVE SEEN IN THE PRICING METRICS TO JUSTIFY THOSE NUMBERS, IT IS A BIG NUMBER. I’M UNCLEAR HOW DEEP THAT MARKET IS.>>LUXURY CONDO DEVELOPERS.>>I WOULD ECHO THE RED STATE BLUE STATE, YOU’RE GOING TO SEE A MAJOR SHIFT IN DEMOGRAPHICS. WE WILL SEE A LOT OF ELDERLY PEOPLE BECAUSE OF THE ESTATE TAX LEAVE THE NEW YORK STATE, EVEN THOUGH THE ESTATE TAX IS IN FEDERAL LEVEL, NOT IN TERMS OF EXEMPTIONS, ACTUALLY NEW YORK GOT WORSE. AFTER THAT YOU LOSE THE ENTIRE EXEMPTION. ON THE HOMEOWNERSHIP SIDE OF THE SENIOR SIDE, IN THE FIRST AND SECOND INNING, WE WILL SEE A MAJOR CHANGE, THIS TAX CODE.>>WITH REGARD TO A MAJOR CHANGE, EVERYBODY IS TALKING ABOUT QUEENS AND THE BRONX. SINCE YOU ARE INVOLVED IN THE BRONX WHAT IS YOUR THOUGHTS? JEFF HAS BEEN INVOLVED SINCE THE DINOSAUR AGE.>>GOES BACK TO THE CONVERSATION ABOUT TRANSPORTATION. AT SOME POINT, AS POPULATION EXPANDS PEOPLE TAKE THE SUBWAY. I DON’T DRIVE A CAR. I TAKE THE SUBWAY. SO, THE REALITY IS I GO TO MY SIDE OF THE BRONX, I’M THERE IN 40 MINUTES. PEOPLE HAVE TO MOVE SOMEWHERE. YOU CAN DEVELOP THERE. THERE IS A USUAL PATTERN JEFF AND I HAVE SEEN. IT STARTS WITH AFFORDABLE HOUSING. IT MOVES TO MIDDLE INCOME HOUSING. THEY DON’T WANT AFFORDABLE HOUSING ANYMORE. WHAT YOU ARE SEEING NOW IS 20 YEARS OF PEOPLE LIKE JEFF WOULD BUILD AFFORDABLE HOUSING IN THE BRONX AND WE SEE THAT MARKET MATURE. JUST LIKE WHAT HAPPENED IN HARLEM.>>I AM BUILDING 600 UNITS IN THE BRONX, FRANKLY SPEAKING IT IS NOT YET READY FOR PRIME TIME. IMPROVE THESE NEIGHBORHOODS, IMPROVE THE QUALITY OF LIFE. WHEN WE DEVELOP AFFORDABLE HOUSING, THE NEGATIVE ELEMENTS, THE STREET PEOPLE DON’T WANT TO BE THERE BECAUSE THEY DON’T LIKE THE LIGHT OF DAY SHONE UPON THEM.>>DO YOU SEE MARKET RATE HOUSING BEING BUILT IN STATEN ISLAND?>>I’M NOT IN THAT MARKET. I TAKE THE SUBWAY.>>ABSOLUTELY. IT IS UNLIKE MANHATTAN, WHICH IS NOT INTERCONNECTED TO THE REST OF THE CITY OTHER THAN BY A FEW BRIDGES. THERE MAY BE MORE DEVELOPMENT AT ST. GEORGE. IT IS CHALLENGING IN THE LONG TERM. OUR GOOD FRIEND IS BUILDING THE EMPIRE OUTLET STORES THERE. OUR GOOD FRIEND JEFF HOPEFULLY WILL GET THE WHEEL DONE. THE COMBINATION OF ALL OF THESE MOMENTUM. YOU TALK ABOUT QUEENS. I DON’T BELIEVE THE BRONX IS READY FOR PRIME TIME. LOOK AT QUEENS. CITICORP WENT UP IN THE LATE 70s AND FINISHED IN 80s. EVERYBODY SAID THIS IS THE BEACON FOR THE FUTURE. THE ECONOMIC CYCLE WASN’T THE WIND BEHIND ITS SALE. IT STOOD THERE ALONE FOR 25 YEARS UNTIL THE REZONING. AT SOME POINT THAT WILL HAPPEN IN THE BRONX. WHEN IS THE QUESTION.>>MAY BE WHEN YOU COME BACK WE WILL CONTINUE THE DISCUSSION. I WOULD LIKE TO THANK YOU ALL. SEE YOU NEXT WEEK. ♪ [THEME MUSIC] ♪

2 thoughts on “The Stoler Report – The Residential Market

  1. In terms of development no one can anticipate what the world economic is going to do but, it seems to me like NYC is in steroids.

  2. This is a good quality show. 🦄

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