Legal Outreach’s James O’Neal, Executive Director, Tamika Edwards, Managing Director of Partnerships, and Massiel Ramos, Director of Program Administration, announced the organization’s new Professional Exposure Program, which started as a pilot program last year, to the event’s real estate industry attendees. The program arranges career workshops at participating firms for high school students, exposing them to opportunities in a wide array of career pathways.
Shimon Shkury, President, Ariel Property Advisors, noted the importance of diversity in the real estate industry. ''Legal outreach is an impactful, grassroots organization,'' he said. ''It is crucial for the real estate industry to help support PEP and open new avenues for the next generation of diverse commercial real estate professionals.''
Shkury also delivered a market insights presentation with Ariel’s latest research and analysis to review prevalent trends from 2019. Across all five boroughs, there was a drop in transaction volume in all asset classes, as well as reductions in all submarkets, save for two major transactions in Northern Manhattan. With the volume drop having a resounding effect across the city, cap rates have gone up in almost every borough. Concurrently, New York City is experiencing low unemployment rates and with the influence of an election year, it is important to keep an eye on the market.
The market insights presentation was followed by a panel discussion moderated by Michael Stoler, President, New York Real Estate TV, and featuring Tyrone Barnes, Vice President, Taconic Investment Partners; Joseph E. Fingerman, Managing Group Director and Senior Vice President, Commercial Real Estate Lending Group, Signature Bank; and Nadir Settles, Managing Director, Americas, Nuveen Real Estate.
Panelists discussed an array of topics currently at the forefront of New York’s real estate and development industries, including the multifamily, commercial and office markets, the rising importance of transportation and the current state of retail, among other developments.
Since the introduction of new rent regulations, investors have become increasingly selective with investing in multifamily properties within the city. Investors are now looking at multifamily deals for the long term. In terms of New York’s commercial office market and master-planned communities, a positive halo effect is spreading throughout the city. With Hudson Yards, Chelsea and now Grand Central, businesses are looking to properties that promote events, amenities and sustainability, as well as hospitality and wellness.
Speakers stressed the importance of community involvement and engagement in plans before construction to provide neighborhoods with amenities and retail they would actively engage with. On the topic of emergent developments in Long Island City, panelists highlighted the growing demand and benefit of investing near major transit hubs. While New York is experiencing issues with retail, there has been a surge of developments in the urban retail market. Single-faceted retail is performing, but trends are showing that consumers desire multi-tenant retail that targets different markets.
About Legal Outreach
Legal Outreach prepares low-income, first generation and minority youth from New York City for admission to college and for entry into professional careers. The organization implements a series of programs over the course of four years to close the achievement, outlook, and college matching gap. Over 99% of the students completing the intensive four-year program have matriculated to college with over 90% graduating from their respective institutions. Upon graduating, Legal Outreach's alumni have secured positions in the fields of law, business, finance, medicine, marketing, education and many others. To learn more about Legal Outreach, visit the website at www.legaloutreach.org.
