2025 Year in Review: Tom Ortinau, GFP Real Estate

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

Blackstone’s purchase of 1345 Avenue of the Americas was a clear signal that institutional capital is regaining confidence in the New York office market. For years after Covid, major investors stepped back from the sector. Seeing a global institution make a high-profile acquisition marked a real shift in sentiment and suggests the market’s most sophisticated players are beginning to lean back in.

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

Completing 25 Water was a defining milestone for our team in 2025. Transforming a distressed office tower into 1,320 new apartments — 330 of them permanently affordable — was both a massive undertaking and a meaningful contribution to the city’s housing needs. It showcased what adaptive reuse can achieve when vision and execution align, and I’m incredibly proud of the role our team played in delivering it.

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

In 2026, I expect the debt markets — especially private credit — to continue driving activity. Unlike past cycles led by equity, this recovery is being shaped by lenders willing to step into gaps left by traditional institutions. Long-term, lower-yield investors remain cautious, and the real turning point will come when they return, restoring balance and liquidity that have been missing since before the pandemic.