Here’s a Recap from that Deplorable ‘LES is More’ Developers Summit Yesterday
Yesterday morning, movers and shakers (nay, demolishers) in the real estate industry met to discuss the future of the Lower East Side vis-a-vis Donald Trump. Like a Pinky & the Brain segment, the summit was seemingly an opportunity to plot the future of how to dominate a neighborhood already suffering attack from all sides.
The event, dubbed “L.E.S. is MORE” (emphasis theirs), convened at the Sunshine Cinema on East Houston, and was moderated by Leonard Steinberg (President of Compass). Panel participants included Ben “Sledgehammer” Shaoul, Charles Bendit, Arthur Stern, Andres Hoff (Hogg Holdings; new development at 287 East Houston), José Antonio Grabowsky, and Nikolai Fedak. One Boogie reader obtained the CliffsNotes version of what went down, re-published below. Grab the barf bags in 3…2…1…
On the buyer’s vs. seller’s market:
“Make deals today. I see the supply dissipating and it becoming a seller’s market as opposed to a buyer’s market.” -Ben Shaoul
On the real estate market under the incoming Trump administration:
“People have gotten it wrong with regards to oversupply. They refer to DOB permits – not all of those will turn into buildings. People should be looking at new construction.” -Ben Shaoul
“People continue to move to New York year after year. Regardless of your feelings about him, the new President is pro-growth – his business policy is to increase jobs and increase growth. That will continue to drive jobs and people to New York, which will continue to eat up the supply of housing. I see the supply dissipating and it becoming a seller’s market as opposed to a buyer’s market.” -Ben Shaoul
The so-called authenticity of the Lower East Side:
“Developers are respecting the authenticity of the neighborhood. The architects are making sure they keep the authenticity and a design that fits in with old, traditional buildings.” -Andres Hoff, Owner of HOGG Holdings.
Inflation rates in the housing industry:
“If you watch inflation over the next three to five years, the value of that apartment will appreciate automatically and buyers will make money on their purchase.” -Ben Shaoul
Interest rates in the housing industry:
“Threat of rising interest rates is the one thing that really fuels a sense of urgency, because when you know rates are about to rise, that really can get you off your chair to make a (purchasing) decision.” -Leonard Steinberg, Compass.