Coffee & Cap Rates: Commercial Real Estate Podcast

In this episode of Coffee & Cap Rates, Shimon Shkury sits down with Kenny Burgos, CEO of the New York Apartment Association, to discuss the current state of New York City’s multifamily housing market and the growing challenges facing the rent-stabilized sector.

The conversation takes a deep dive into the long-term effects of the 2019 Housing Stability and Tenant Protection Act (HSTPA), including vacancy control, rising operating costs, capital constraints, declining valuations, and affordability pressures across the city’s housing stock.

Together, they explore how policy changes, economic vacancy, and structural market constraints are reshaping investment acti...

Shimon Shkury, President and Founder of Ariel Property Advisors; Victor Sozio, Founding Partner; and Matthew Dzbanek, Senior Director in the Capital Services Group, take a deep dive into New York City’s multifamily market on this episode of Coffee & Cap Rates. They discuss key trends from Ariel Property Advisors’ Q1 2026 Multifamily Quarter in Review New York City, and what to expect for the remainder of the year.

Highlights from the podcast include:

The NYC multifamily market recorded approximately $2.4 billion in transaction volume in Q1 2026, up 7% year-over-year, reflecting sustained investor activity despite a bifu...

In the latest Coffee & Cap Rates podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, Jason Gold, Senior Director, and Daniel Mahfar, Director, discuss multifamily and development market trends in the Bronx as reported in Ariel’s Bronx 2025 Year-End Commercial Real Estate Trends report.

Highlights from the podcast and report include:

The Bronx real estate market reached $1.8 billion in 2025, a 46% year-over-year increase, with multifamily dollar volume rising 66% and development up 26%.The average price per unit for multifamily units hit a 7-year low of $105,000, influenced by high interest rates, increased expenses, including insurance and ta...

Shimon Shkury, President and Founder of Ariel Property Advisors; Michael A. Tortorici, Founding Partner; Christoffer Brodhead, Senior Director; and Howard Raber, Director, take a deep dive into Manhattan’s investment sales market on this episode of Coffee & Cap Rates. They discussed trends in Ariel Property Advisors’ Manhattan 2025 Year-End Commercial Real Estate Trends report and what to expect in 2026.

Highlights from the podcast include:

Manhattan’s transactional dollar volume reached $22.77 billion in 2025, signaling strong investor confidence and positive growth trends across development, multifamily and office sectors.Driven by limited inventory and a high-performing condo market, develo...

Shimon Shkury, President and Founder of Ariel Property Advisors, Sean R. Kelly, Esq., Partner, and Stephen Vorvolakos, Director, discuss trends in Brooklyn’s commercial real estate market and the findings of Ariel Property Advisors’ Brooklyn 2025 Year-End Commercial Real Estate Trends report.

Highlights from the report include:

Brooklyn closed 2025 with $6.66 billion in total commercial real estate sales across 951 transactions, reflecting an 8% decline in dollar volume and 2% increase in transactions compared to 2024.The development market rallied in 2025 with 172 transactions totaling $1.8 billion, an increase of 25% and 41%, respectively, compared to 2024.Multifamily dollar volume dipped 3% year over year to $3.47 bill...

Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director in the Capital Services Group, discuss New York City’s multifamily market and the findings of Ariel Property Advisors’ Multifamily Year In Review New York City 2025.

Highlights include:

Total dollar volume was relatively unchanged year-over-year, totaling $8.91 billion in 2025 compared to $9.1 billion in 2024.Free market buildings led multifamily sales citywide, accounting for 66% of dollar volume and 48% of transactions. Rent stabilized assets followed in deal frequency (47%) but trailed in value (20%), while affordable housing rounded out the market with 13% of the volu...

To celebrate 15 years of Ariel Property Advisors, President & Founder Shimon Shkury sits down with Roxanne Donovan, President of Great Ink, for an exclusive conversation about the firm’s journey in New York City’s commercial real estate market.

From its founding in 2011 to growing into a 65-person team united by shared values and collaboration, Ariel has evaluated, sold, and financed billions of dollars of real estate in NYC while arranging financing for clients nationwide.

Listen to the episode to hear reflections on the past 15 years, the story of Ariel’s grow...

 Shimon Shkury, President and Founder of Ariel Property Advisors, provides an in-depth overview of New York City’s office, development, and multifamily markets. This presentation, “Behind the Sales: What’s Fueling Investment in NYC Real Estate?”, was delivered at the NYC Real Estate Expo on October 28, 2025, at the New York Marriott Marquis. 

Listen to the presentation on this podcast and click here to access the slides.

Ariel Property Advisors, together with Cozen O'Connor, recently hosted State of the Brooklyn Real Estate Market: What’s Ahead?—an exclusive commercial real estate trends conference and networking breakfast held on November 13. This discussion explored how Brooklyn’s CRE market is evolving and the forces shaping the borough’s future.

The event opened with remarks from Shimon Shkury, President and Founder of Ariel Property Advisors, followed by a panel moderated by Sean R. Kelly, Esq., Partner at Ariel, and Kenneth K. Fisher, Esq., Member at Cozen O’Connor.

The expert pan...

Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Ben Schlegel, Director in the Capital Services Group, discuss New York City’s multifamily market and the findings of Ariel Property Advisors’ Q3 2025 Multifamily Quarter in Review New York City.

Highlights include:

New York City’s multifamily market gained momentum in the third quarter, rising to $2.55 billion in sales, up 14% quarter-over-quarter and 17% year-over-year.Free-market assets are attracting significant investor interest due to strong fundamentals like growing rents and less regulation compared to rent-stabilized buildings.Nearly half of the dollar volume in the third...

In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, and his guests Barbara Blair, President of the Garment District Alliance, and Howard Raber, a Director in Investment Sales at Ariel, unpack the recently approved Midtown South Mixed-Use (MSMX) Plan, which replaces outdated manufacturing zoning with residential use. The Midtown South rezoning spans 42 blocks across four distinct quadrants—roughly between 23rd and 41st Streets and Fifth and Eighth Avenues—and is expected to create nearly 10,000 new homes, of which close to 3,000 will be permanently affordable.

Raber said that owners and developers are tremendously optimistic about the...

Join Shimon Shkury, President and Founder of Ariel Property Advisors, Partner Sean R. Kelly, Esq., and Director Stephen Vorvolakos, for an in-depth discussion of the state of Brooklyn's commercial real estate market. They analyze the market's robust performance, including $3.25 billion in total investment sales in 1H 2025, trends shaping investment strategies across the borough and other key findings from Ariel’s Brooklyn 2025 Mid-Year Commercial Real Estate Trends report.

Highlights include:

In the first half of 2025, Brooklyn saw 282 multifamily transactions, totaling over $2 billion, representing a 10% and 14% increase respectively over the first half of 2024.Of the multifamily tr...

In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s Bronx 2025 Mid-Year Commercial Real Estate Trends report with the Bronx market experts Senior Director Jason Gold and Director Daniel Mahfar.

Key findings include:

The Bronx investment sales market experienced a significant recovery in the first half of 2025 with dollar volume rising to $1.07 billion and transactions to 126, year-over-year increases of 106% and 18%, respectively.Multifamily sales totaled $565 million across 60 transactions in 1H 2025, driven by investors seeking low-basis, high-cash-flow opportunities in rent-stabilized assets.The most significant rent stabilized transaction wa...

Shimon Shkury, President and Founder of Ariel Property Advisors, Mike Tortorici, Founding Partner, Chris Brodhead, Senior Director, and Howard Raber, Director, unpack the findings of Ariel's Manhattan 2025 Mid- Year Commercial Real Estate Trends report. They discussed Manhattan's strong real estate performance in the first half of the year, with nearly $7 billion in dollar volume driven by the sale of exceptional Class A office, free market buildings, development sites and retail.

Key Manhattan report highlights include:

Investors are paying top dollar for Class A office assets because high quality tenants are seeking buildings with amenities...

In this episode, Shimon Shkury, President and Founder of Ariel Property Advisors, reviews the latest trends in New York City’s multifamily market with Victor Sozio, Ariel Founding Partner, and Matthew Dzbanek, Senior Director in Capital Services. They discuss financing options and highlight findings from Ariel’s Q2 2025 Multifamily Quarter in Review New York City.

Key takeaways include:

 Dollar volume rose to $2.3 billion in Q2 2025, up 11% from Q1 2025, while transactions fell 3% over the period to 293.Over 70% of the dollar volume and over 50% of the transactions were concentrated in affordable and rent stabilized assets.Related Companies sold a 36...

Ariel Property Advisors hosted its summer Coffee and Cap Rates event on July 30th, sharing the latest trends in New York City’s investment sales market.

Over 250 NYC real estate professionals gathered for this live networking breakfast at TD Bank’s conference center at One Vanderbilt. The theme of the event was “Investing Through Change.”

Ralph Bumbaca, Regional President – Metro New York for TD Bank, moderated the panel of industry experts: Meredith Marshall, Co-Founder & Managing Partner at BRP Companies; Justin Pelsinger, Chief Operating Officer at...

Ariel Property Advisors hosted its summer Coffee and Cap Rates event on July 30th, sharing the latest trends in New York City’s investment sales market.

Over 250 NYC real estate professionals gathered for this live networking breakfast at TD Bank’s conference center at One Vanderbilt. The theme of the event was “Investing Through Change.”

Shimon Shkury, President and Founder of Ariel Property Advisors, opened the event with a comprehensive overview of New York City’s investment sales market and highlighted key insights from the firm’s recently published mid-year research reports.

For more details...

In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, and Ariel Partner, Sean R. Kelly, Esq., interview Justin Pelsinger, COO of Charney Companies, who will be one of the panelists at Ariel’s next Coffee & Cap Rates event 8:30-11 am on Wednesday, July 30. 

Pelsinger discussed how and why his firm became a pioneer developer in Gowanus and the recent acquisition by Charney and Tavros Capital of a vested 421-a site at 175 Third Street where the developers are planning 1,000 residences across approximately 1 million square feet. The project will be the fourth bui...

In this episode of Coffee & Cap Rates, Shimon Shkury, President and Founder of Ariel Property Advisors, explores key trends in the Bronx commercial real estate market with Senior Director Jason Gold and Director Daniel Mahfar. According to Ariel’s Bronx 2024 Year-End Commercial Real Estate Trends report, investment sales in the borough declined 33% to $1.23 billion, while transactions held steady at 220.

Despite the overall slowdown, development sales surged 39% to $363.1 million across 59 transactions, fueled by the extension of 421a, the introduction of 485x, and the Bronx Metro-North Station Area Plan, which rezoned a 46-block area around four future stations. Development pr...

In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s Brooklyn 2024 Year-End Commercial Real Estate Trends report with Brooklyn experts Partner Sean R. Kelly, Esq., and Director Stephen Vorvolakos. Overall, the dollar volume of investment sales in Brooklyn rose to $7.15 billion in 2024, a 37% increase compared to 2023, and transactions increased 5% to 890 year-over-year. 

Mr. Vorvolakos said nearly 50% of the dollar volume in Brooklyn last year was in the multifamily sector, which totaled $3.5 billion, a 59% increase from 2023. He noted that investors last year shied away from rent stabilized assets but were attracted to smaller tax-class pro...

In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Ariel’s Manhattan experts Michael Tortorici, Founding Partner; Chris Brodhead, Senior Director, and Howard Raber, Director, about the Manhattan market in 2024.

According to Ariel Property Advisors’ Manhattan 2024 Year-End Commercial Real Estate Trends report, investment sales in Manhattan rose to $15.75 billion across 378 transactions, a 38% and 22% increase, respectively, compared to 2023. The office market rebounded, recording $5.1 billion in sales, a 74% year-over-year increase. Of the 55 office transactions, five were for Class A office buildings with the remainder for Class B and C properties. Multifamily sales rose 11% from 2023 to $...

Join Shimon Shkury, President and Founder of Ariel Property Advisors, as he delves into Ariel’s 2024 Multifamily Research Report with Founding Partner Victor Sozio and Senior Director of Capital Services Matt Swerdlow. 

In 2024, New York City’s multifamily market saw $8.91 billion in sales across 1,107 transactions, marking year-over-year increases of 14% in dollar volume and 4% in transactions. Rent-stabilized properties, which comprised 29% of the market, faced continued pressure due to high leverage, rising expenses and the lingering impact of HSTPA—leading some owners to consider 610 amendments for affordable housing conversions. Meanwhile, free market assets dominated in Manhattan and Brooklyn and attract...

This podcast is a recording of the panel Ralph Bumbaca, Regional President – Metro New York for TD Bank, moderated at Ariel's February 5th Coffee & Cap Rates event hosted by TD Bank. 

The panel of affordable housing experts Eli S. Weiss, Principal of Joy Construction; Tell Metzger, SVP of Equity Investments at Community Preservation Corporation; and Brendan McBride, Senior Development Director at Gilbane Development Company shared their unique perspective on New York City’s commercial real estate market, with a particular focus on new housing policies and opportunities in the affordable multifamily secto...

This podcast is a recording of the overview of the New York City investment sales market and key insights from Ariel Property Advisor’s newly released end-of-year research reports that Shimon Shkury, Ariel’s President and Founder, presented at the firm’s February 5th Coffee & Cap Rates event hosted by TD Bank. Over 200 NYC real estate professionals attended the networking breakfast held at TD Bank’s conference center at One Vanderbilt. More information about the event is available here.

In his latest podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, explored the challenges facing owners of rent stabilized buildings with guests Kenny Burgos, CEO of New York Apartment Association, a landlord group created by the merger of the Rent Stabilization Association (RSA) and Community Housing Improvement Program (CHIP), and Matt Engel, President of Langsam Property Services Corp. and one of the executive members of the New York Apartment Association. Topics included the impact of the 2019 HSTPA regulation on rent stabilized properties; the need for the government to incentivize private investment in rent stabilized buildings; rising expenses...

Shimon Shkury, President and Founder of Ariel Property Advisors, Michael Tortorici, Founding Partner, and Sean R. Kelly, Esq. Partner, discuss highlights from the recently approved City of Yes for Housing Opportunity plan, which will add more than 80,000 new apartments over 15 years and invest $5 billion in infrastructure updates and housing. The partners explore how the new initiative will add housing in neighborhoods throughout New York City, increase the density of some development sites, promote office conversions, allow new development on large campuses and much more. A summary of the City of Yes is available here.

Shimon Shkury, President and Founder of Ariel Property Advisors, Victor Sozio, Founding Partner, and Matt Dzbanek, Senior Director in Capital Markets, explore trends in the multifamily market and discuss Ariel’s Q3 2024 Multifamily Quarter in Review New York City research report in this podcast.

Among the topics: there were $2.33 billion in multifamily sales in Q3 2024, a 17% decline from Q2 2024; of the total sales, $1.27 billion of the trades were in Manhattan below 96th Street; multifamily assets are offering investors a buying opportunity today because values have fallen across all segments; mortgage maturities are forcing sales, while sales based on...

In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, interviews Ariel’s Manhattan experts Michael Tortorici, Founding Partner; Chris Brodhead, Senior Director, and Howard Raber, Director, about what they’re seeing in the Manhattan market. They discuss how mortgage maturities are driving transactions, the increase in rent stabilized multifamily sales, condo development trends, office to residential conversions and housing policies including the City of Yes.

According to Ariel Property Advisors’ Manhattan 2024 Mid-Year Commercial Real Estate Trends report, investment sales in Manhattan in 1H 2024 rose to $5.8 billion over 167 transactions, a 14% and 16% increase, respectively, compared to 2H 2023...

This podcast is a recording of the panel Shimon Shkury, President and Founder of Ariel Property Advisors, moderated at Ariel’s July 31st Coffee & Cap Rates event hosted by TD Bank.

Sharing their perspectives on the commercial real estate industry with an emphasis on the development market were panelists Ralph Bumbaca, NYC Market President - TD Bank; Christopher V. Albanese, President - Albanese Organization; and Jasper Wu, Vice President - ZD Jasper. Over 200 NYC real estate professionals attended this networking breakfast held at TD Bank’s conference center at One Vanderbilt.

More information about the even...

In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s Brooklyn 2024 Mid-Year Commercial Real Estate Trends report with Brooklyn experts Partner Sean R. Kelly, Esq., and Director Stephen Vorvolakos.
 
Overall, investment sales in Brooklyn rose to $3.36 billion in 1H 2024, a 43% increase compared to 2H 2023 and 18% increase compared to 1H 2023. In the multifamily market, Mr. Vorvolakos said owners are adjusting their pricing, which is creating opportunities for investors. The average cap rate rose to 6.48% in 1H 2024, the highest level since 2012, which can be attributed to elevated interest rates and uncertainty about new regulations. In...

This podcast is a recording of the overview of the New York City investment sales market and key findings from Ariel Property Advisor’s mid-year research reports that Shimon Shkury, Ariel’s President and Founder, presented at the firm’s July 31st Coffee & Cap Rates event hosted by TD Bank. Over 200 NYC real estate professionals attended the networking breakfast held at TD Bank’s conference center at One Vanderbilt. 

More information about the event is available here.

In this podcast, Shimon Shkury, President and Founder of Ariel Property Advisors, discusses the findings in Ariel’s Mid-Year Bronx report with Jason Gold, Senior Director, and Daniel Mahfar, Director.

Overall, the dollar volume of investment sales in the Bronx rose 13% to $445 million in 1H 2024 compared to 2H 2023, according to Ariel’s Bronx 2024 Mid-Year Commercial Real Estate Trends report. Transactions fell 10% to 90 for this period. Compared to 2H 2023, multifamily dollar volume increased by 38% in 1H 2024 from 2H 2023 for a total of $208.5 million. Transaction volume declined by three transactions to 36 over the same period. A total of 33 development site...

Shimon Shkury, President and Founder of Ariel Property Advisors, discusses Ariel’s latest multifamily research report with Victor Sozio, Founding Partner, and Matt Swerdlow, Senior Director in Capital Markets. Mortgage maturities were one of the drivers in the multifamily market in the second quarter with dollar volume jumping 108% quarter-over-quarter to $2.83 billion and transactions rising 4% to 265. The future looks even better for the multifamily market as Treasuries have fallen below 4% and the market expects the Fed to cut rates at its next meeting in September. More information is available in Ariel’s research Q2 2024 Multifamily Quarter in Review: New York City...