2024 Year in Review: Shaun Pappas, Starr Associates

What noteworthy transactions or deals from this year best exemplified key market trends or shifts? 

2024 marked the revival of retail in New York City. We completed several large-scale retail leases and restaurant/member club leases and openings this year. Our client VCR Group opened members club Flyfish Club on East Houston this year spanning three levels and more than 11,000 s/f. This was a highly anticipated opening. We are seeing a significant uptick in the appetite for New York City commercial property, specifically in Manhattan, where there has been a lot of negotiation for new stores, gyms, restaurants and retail flagships.

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024? 

Professionally, my biggest accomplishment was the continued growth and expansion of our real estate law firm Starr Associates. We worked on several sophisticated and complicated projects, including establishing non-residential condominiums on behalf of not-for-profits, as well as working with developers to navigate a high interest rate, high inflation environment. Based on our guidance, we feel that our clients have successfully set themselves up toward a position of growth and capitalization for the coming 2025 year in real estate. 

What emerging trends will drive investment and development in 2025? 

New York City is intent on creating housing and staying competitive in the current financial environment which has created a strain on purchasers being able to afford homes. The City of Yes has been well received and developers are looking at all projects with a new perspective. The continued growth and demand for housing, and not just luxury but affordable housing, in New York will spur development. We are extremely excited about the upcoming year and the prospect of seeing New York City real estate continue to thrive post Covid.