Ones To Watch: Innovators In Commercial Real Estate: Carrie Adduci,​​ Certilman Balin Adler & Hyman LLP

Industry Outlook:

I see the biggest opportunity for innovation on Long Island as property conversion and redevelopment. There simply is not enough vacant land on Long Island for traditional new construction. There is, however, a large inventory of properties that were built for a different economic era. Many buildings in our area were designed for a world that no longer exists: older office buildings and suburban retail are a couple examples. Taking something that already exists, determining its highest and best use, and executing those conversions opens the door to creative innovation.

Looking Ahead:

Along the same lines, conversion and redevelopment will create new obstacles to tackle. Zoning and entitlements are obviously major challenges. However, there will also be complicated physical, legal, and financing aspects too. Existing buildings can hide odd surprises, and converting them into something new will sometimes feel like trying to fit a square peg into a round hole. This presents an opportunity to think outside of the box, problem solve, and create a new way of doing things, in order to reshape the hometown – and THAT is exciting!