Coffee & Cap Rates

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.