The U.S. chapter of FFA Next Gen, in partnership with Clifford Chance, held its first virtual panel session earlier this week titled “‘New Normal’ in New York Real Estate.” Attendees heard from expert panelists, including Ronald Dickerman, Madison International Realty; David Toledano, Mizuho Securities; and Jeanne Roig-Irwin, Clifford Chance Real Estate Team, and the session was moderated by Leah Edelboim, Clifford Chance Banking and Finance/Fund Finance Team. Some key takeaways were:
There will be a change in the real estate market. It is still too early to see how vast that change will be, although there is an expectation of a return to normal by 2025.
The millennial workforce may look to work for companies offering remote working to take advantage of lower living expenses and taxes outside of New York.
It is possible we will see some buildings rezoned from commercial to residential.
The FFA Next Gen team is always looking for new ideas, so please reach out to committee chairs Jorge Grafal and Alexa Schult.
