2015 Year in Review - Steven Schleider

What was your most notable project, deal, transaction or professional achievement in 2015? Our firm appraised many of the New York City high-profile transactions of 2015. Probably the most visible was the appraisal in support of the acquisition financing for the Peter Cooper Village/Stuyvesant Town sale. This $5.4 billion transaction has had a storied past – not the least significant was the Super Storm Sandy damage and subsequent restoration, modernization and re-purposing of space to enhance the competitive position of the asset. What real estate project, transaction, market trend or product had a significant impact on your industry in 2015?  - The overall impact of a static low interest-rate environment in spite of false signals that rates would rise during the year, coupled with the capital flight to this country in search of safety continued to drive the real estate investment metrics. What emerging trends will drive investment and development in 2016? For the New York City market, the continued health of the employment base will drive both commercial occupancy costs and residential pricing (both rental and for-sale) upward.  Without any further increase in the rate of household formation, the demand for housing will go unmet given the current development pipeline.  If the economy pushes along and grows even a bit faster than projected, the result is that the supply of housing will become extremely constrained and demand-push pricing inflation will take off.