NEW YORK–(BUSINESS WIRE)–A packed auditorium at the CUNY Graduate Center greeted panelists and the keynote speaker for AmTrust Title Insurance Company’s latest Summit Series event, The Residential Real Estate Market in NYC in Light of the Housing Act of 2019. Both panels were led by moderator Michael Stoler, of New York Real Estate TV, LLC and host of the Stoler Report, a weekly television show profiling the real estate and business trends in the tri-state area.
The first half of the event constituted a one-on-one fireside chat with Jeffrey Levine, Chairman & CEO, Douglaston Development/Levine Builders. Levine, a Brooklyn native with decades of experience in the industry, discussed both the difficulties and opportunities the new law presents to developers and tenants alike. Touching on the topics such as the outlook of affordable housing, the slowing residential markets, and his new projects, Levine provided valuable insight into the current industry landscape from a nuanced and knowledgeable perspective.
A pragmatist, Levine stated to the audience that, “the only deal worth doing is a deal that pencils a return on a rational basis.” Closing out the first half, Levine discussed his developments in growth markets such as Arizona and answered audience questions regarding his experience in the industry.
The second half of the event featured a diverse panel of industry experts from Slate Property Group, OceanFirst Bank, Pistilli Realty & First Central Savings Bank, Ariel Property Advisors, Belkin Burden Wenig & Goldman, LLP, Joy Construction, and ACORE Capital speaking to the 2019 NYC Rent Regulations.
Members of the panel discussed their wariness regarding the new regulations and the impact they will have on the industry and the residents of the five boroughs. Eli Weiss of Joy Construction pointed out the discrepancy in property taxes stating that now, a person in their late 20s residing in Hudson Yards in a one bedroom will be paying more in taxes than a family in a million-and-a-half-dollar home in Brooklyn. The panelists all agreed that it would be beneficial for members of the industry to commit to being more involved in the legislative process, bringing an inside perspective on the impact of potential rent laws to the forefront of the discussion rather than have them be litigated in the courts after they are passed.
“The New York City real estate market is one of the most dynamic and exciting in the country,” said Jason Gordon, President of AmTrust Title. “We are thrilled that our expert keynote speaker and distinguished panelists were able to speak at this AmTrust Title Summit Series and shed light on the changes, uncertainties, and opportunities that these new rent regulations present to our city.”
Discussions of opportunity zones, attraction of new businesses to the city, lawsuits challenging the new housing laws, and the impact rent regulations have on tenants, landlords, and developers alike were at the forefront of the event. Audience members were passionate about these topics and were able to engage with the speakers during question and answer sessions following the moderated portions.
“The Residential Real Estate Market in NYC in Light of the Housing Act of 2019 truly highlighted the breadth and diversity of knowledge and experience possessed by the speakers at these events,” stated Steven Napolitano, Senior Executive Vice President of AmTrust Title. “The ability to stimulate an engaging conversation on topics ranging from current lawsuits to future opportunities in the New York real estate market showcases just how compelling these events are to attend.”
The breakfast event was held at the CUNY Graduate Center, 365 Fifth Avenue, Midtown South and 100 percent of the proceeds were donated to Friends of the Israeli Defense Forces. FIDF, headquartered in New York City, was established in 1981 and is dedicated to the men and women serving in the Israel Defense Forces (IDF), wounded veterans, and the families of fallen soldiers.
AmTrust Title’s next summit, Renewable Energy Project Finance, is scheduled to take place October 17, 2019.
About AmTrust Title Insurance Company
AmTrust Title is a wholly-owned subsidiary of AmTrust Financial Services, Inc., an insurance holding company headquartered in New York, which offers specialty property and casualty insurance products, including workers’ compensation, business owner’s policy (BOP), general liability and extended service and warranty coverage. AmTrust Title is headquartered and domiciled in New York, New York, and is licensed in forty-two states. For AmTrust Title, this combination of strong financial backing and advanced technology translates into immediate strength for real estate clients. For more information about AmTrust Title, visit www.amtrusttitlegroup.com.
Anuska S. Amparo