2025 Year in Review: Charlie Avolio, Shawmut Design and Construction

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? 

The clearest indicator of the New York market’s direction is the emergence of large, high-conviction bets on prime assets and housing-oriented redevelopment even as the economy is subdued and unpredictable. This shows up in new flagship office trades, office-to-residential conversions, and mixed-use neighborhoods. Many of these transactions can be traced back to the Greater East Midtown rezoning which has reinforced Midtown East as a premier Class A office district by enabling a new wave of office towers near Grand Central Terminal, as well as shifting Class B and C buildings into other uses.

What accomplishment, milestone, project or transaction stood out for you or your firm in 2025? 

We are incredibly proud of our work with BSE and the continued renovation at the Barclays Center. In time for the Brooklyn Nets home opener, Shawmut and our trade partners delivered the Populous-designed Gallagher Terrace, a new premium club, as well as the Modelo Bridge, an upper concourse fan zone. These new spaces have transformed the west end of the arena as part of BSE’s five-year, more than $100 million plan to enhance the visitor experience.

What emerging trends or shifts will shape opportunities for you, your firm, or market sector in 2026? 

The hospitality sector remains strong in the New York market, with up to 15% of the current hotel room stock in process of renovation or in planning for 2026 and 2027. Shawmut’s large project division has a backlog of major hotel renovations, including luxury brand redevelopments.