2025 Year in Review: Sean Cronin, Cronin & Cronin Law Firm

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

This year underscored a structural shift in the office market. Demand has permanently changed, leaving many assets functionally obsolete and clearly over-assessed and entitled to significant tax reductions. Forward-looking municipalities are acting nimbly, embracing conversions and adaptive reuse to repurpose under-performing offices into residential and mixed-use projects, stabilizing tax bases while addressing housing and economic needs.

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

Obtaining significant refunds on a number of high-profile cases was rewarding in 2025, but equally important was positioning owners at assessment levels that allow them to operate sustainably going forward. Successfully navigating complex cases, securing reductions on over-assessed properties, and helping stabilize cash flow during a period of market change reinforced the value of attention to detail and advancing each case with a thoughtful, strategic approach.