2025 Year in Review: Eldad Gothelf, Kasirer

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

New York remains one of the most sought after cities in the world. We continue to see companies relocating or expanding, overall strong employment figures, and a generally stable population with declining out-migration year over year. To support this, one recently passed initiative embodied these pillars: OneLIC, which will spur the development of new housing, jobs, enhanced infrastructure and public spaces. Kasirer successfully advised a coalition of developers and property owners to support this rezoning, which will produce 15K new homes, $2 billion in community investment, and 14,000 jobs.

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

2025 could easily be coined the ‘Year of the Conversion’. Kasirer worked on one of the most notable and successful undertakings, advocating for the office-to-resi conversion of 5 Times Square. The former headquarters for EY, the tower has been mostly vacant since 2022. Leveraging governor Hochul’s Affordable Housing for Commercial Conversions Program, the project will deliver 1,250 residential units including hundreds of permanently affordable housing units to the heart of Times Square, while generating approximately 1,400 construction jobs and 830 permanent positions.