A veritable who’s who of those in real estate stopped by the The Real Deal’s NYC Forum on Wednesday. Many who are among the biggest newsmakers in the industry.
During a short speech, Mayor Eric Adams seized on a major theme of the mayoral race: housing and how to build more of it.
Adams boasted about zoning changes under the City of Yes for Housing Opportunity and the tens of thousands of units built under his administration.
The mayor detailed plans for a 50-year-old office building on city-owned land. The city, coordinating with developers Rabina and Park Tower Group, plans to replace 395 Flatbush Extension with 1,263 apartments, of which 253 to 379 would be affordable to those, on average, earning at or below 80 percent of the area median income.
He declared his time in office as “the most pro-housing administration in the city’s history” as he seeks another term, hoping to fend off rivals like Andrew Cuomo.
Steve Witkoff, developer turned international negotiator, was the day’s first panelist, made it very clear that he doesn’t have any ambitions to succeed Adams.
“Not even a shot,” Witkoff responded when asked about running for mayor, adding he had no political ambitions beyond working in Trump’s administration as Special Envoy to the Middle East. “And I’m never walking back from those comments.”
Witkoff recounted how Trump often tells him the real estate guys in New York are the toughest guys in the world, but they’ve got nothing on politicians in Washington.
“I couldn’t agree with him more,” he said. “It is a nasty business in Washington.”
Another nasty business — and typically a more violent one — unfolds in the boxing ring, a space Floyd Mayweather Jr. dominated in his undefeated career.
The boxing legend talked about his detour into real estate during the forum, where he was once again one of the biggest draws. He’s executed hundreds of millions of dollars in deals through his firm, Vada Properties — named for his home state of Nevada.
“I’ve always been a risk taker,” Mayweather declared with confidence. “It’s paid off great thus far.”
His portfolio spans several corners of real estate: retail properties, luxury rentals, the former Versace mansion and a $400 million investment in affordable housing. Alongside business partner Ayal Frist, the team talked of strategic investments where stable cash flow and a chance at generating “generational wealth” exist.
Outside the walls of the Metropolitan Pavilion, there was other big news this week.
The law has caught up with disgraced developer Josh Schuster.
He’s accused of stealing millions of dollars from investors for New York City real estate projects and using it to bankroll his lavish lifestyle, according to a federal indictment unsealed this week.
Schuster was arrested on Wednesday in South Florida, where he moved with his family after shutting down his troubled real estate development company, Silverback Development. From about 2018 to 2022, Schuster allegedly fooled Silverback investors “through inaccurate statements of fund usage and exaggerated portrayals of his business’s reputation,” according to a statement released by New York prosecutors.
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“It is a nasty business in Washington”: Steve Witkoff talks politics, real estate
Floyd Mayweather Jr. talks breaking into real estate: “I work hard to build my name”
“Here to support my developers”: Eric Adams boasts real estate chops to the industry, touts 1,200-unit Brooklyn housing project