2025 Year in Review: Dean Wang, Emerald Creek Capital

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? 
Coming into the year we saw optimism with federal tailwinds including calls for easing monetary and pro-business tax policies, which was quickly dampened by a massive injection of volatility with tariff politics. However, the most pivotal moment of the year was the Fed’s decision to cut rates. September marked the official end of the “higher for longer” era, with futures markets pricing in an additional four cuts over the next year. While this didn’t immediately make debt “cheap”, it marked the start of alleviating some fear of uncertain future costs.

What emerging trends or shifts will shape opportunities for you, your firm, or market sector in 2026? 
With clearer guidance on material and monetary costs and as the market fully digests the implications of the landmark legislations of City of Yes and ANNY, we expect to see additional capital come off the sidelines in 2026, with a thawing acquisitions market providing opportunities for value-add lenders like Emerald Creek Capital.