Shown seated (from left) are: Lindsay Ornstein, Transwestern; Jonathan Mechanic, Fried Frank; and Camille McGratty, Silverstein Properties.
Shown standing (from left) are: Craig Waggner, Cushman & Wakefield; Alexandra Budd, RXR; Jason Greenstone, Cushman & Wakefield; Jessica Kanfer and Darrell Handler, Handler Real Estate Organization.
Manhattan, NY Jonathan Mechanic, chairman of Fried Frank’s industry leading real estate department, was the guest speaker at the YM/WREA’s September 12 luncheon, which was held at the University Club.
A member of the YM/WREA for almost 30 years, Mechanic spoke to a gathering of top real estate professionals about law firms in the marketplace, the amount of space they occupy and how they approach leasing issues in a competitive market. Mechanic, who is the only practicing lawyer in the organization, noted that law firms account for 10% of the tenancy in the real estate market.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,