Inside Rosewood Realty’s holiday party: PHOTOS

Croman, Yardeni and Moskovits among attendees at annual I-sales-centric bash

TRD New York /
Dec.December 09, 2016 01:40 PM

For one night, the city’s landlords were one big happy multifamily.

Hundreds of the city’s movers and shakers in the multifamily market, from landlords to developers to brokers, packed into the red-hued room at The Gansevoort Park Avenue hotel in NoMad for Rosewood Realty Group’s annual holiday bash Thursday.

Attendees included Stonehenge Partners’ Ofer Yardeni, Heritage Equity Partners’ Toby Moskovits, Slate Property Group’s David Schwartz, Morgenstern Capital’s Robert Morgenstern, Heller Realty’s Ben Heller and Newcastle Realty Services’ Margaret Streicker Porres. There were also emissaries from firms such as CBRE, GFI Realty Services, Eastern Union, HPNY and Meridian Capital Group, including its CEO Ralph Herzka.

Steven Croman, who faces up to 25 years in prison for 20 felony charges, made a brief appearance early in the evening.

Guests indulged in an array of Kosher meats, sushi and liquid nitrogen ice cream. Rosewood president Aaron Jungreis, whose 10-person multifamily-focused firm is one of New York’s most prolific brokerages, doled out hugs, handshakes, and good wishes.

Slate’s Schwartz said players with patience and access to capital will be fine next year, but those who “didn’t know what they were doing” would be in a lot of trouble, which could create an opportunity in the market for distressed assets.

Stonehenge’s Yardeni predicted a solid year ahead for the multifamily market.

“The underwriting will change,” Yardeni said, “but there’s no place like New York.” Yardeni also talked about being part of a bike-riding club with Herzka and other real estate players, involving 7a.m. bike rides on the Long Island shore.

Market chatter, however, wasn’t restricted to investment sales.

Elie Gabay, vice president on Greystone’s capital markets team and a cousin of his namesake at Coney Realty Group, weighed in on the luxury residential market.

“The top of the luxury market is absolutely struggling – there is glut to the 100th degree,” Gabay said.

Yardeni reminded The Real Deal of his bold proclamation in 2014 about Billionaires’ Row. At the time, he said that had the ultra-exclusive street been a stock, he would have shorted it.

“Look at where it is now,” he gloated.

On the lending side, CBRE’s Shawn Rosenthal said construction lending, “which is incredibly tight,” would be the biggest challenge in 2017.

For many in attendance, the forthcoming year is marked by uncertainty, amid fallout from the president election and the flurry of industry brokerage shake-ups as Colliers International and Cushman & Wakefield made huge hiring gains.

“It’ll be interesting to see how it affects middle-market guys like us,” said Jeremy Nazarian of Venture Capital Properties.

Hiten Samtani and Rich Bockmann contributed reporting. All photos by Alistair Gardiner for The Real Deal. 


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
902 Drew Street and 400 East 58th Street (Google Maps)

New York’s multifamily sales improve in Q3

New York’s multifamily sales improve in Q3
(iStock)

Dead weight: A breakdown of NYC’s rental listing glut

Dead weight: A breakdown of NYC’s rental listing glut
San Francisco and New York (iStock)

San Francisco rents continued unprecedented slide

San Francisco rents continued unprecedented slide
(Getty)

Affordable apartments could suffer 50% hit to bottom line: Fitch

Affordable apartments could suffer 50% hit to bottom line: Fitch
(iStock)

3.7M renters may lose their homes due to eviction: Census Bureau

3.7M renters may lose their homes due to eviction: Census Bureau
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...