The TreppWire Podcast: A Commercial Real Estate Show

In this week's episode of The TreppWire Podcast, we discussthe recent economic headlines we’ve seen week after week – including inflation, tariffs and immigration – to continue to bring you fresh perspectives on why matter for the commercial real estate (CRE) markets. We discuss the GSA office property data behind the properties they want might want to sell, analyze the impact of the trade wars on the industrial market, and do a deep dive into the concept of anticipatory value. We share our latest CMBS Delinquency numbers before turning to notable credit stories from the week, including crabgrass and green shoot office stories, as well as retail and mixed-used property stories. Tune in now. This episode is sponsored by ⁠BetterPitch.⁠ Episode Notes - Economic Update: Inflation, Tariffs, ADP Job Report, Beige Book (0:27) - GSA Office Property Data (9:59) - Impact of Trade War on Industrial (15:34) - Anticipatory Value 101 Segment (18:55) - Trepp February Delinquency Report (23:33) - Office Stories: Crabgrass & Green shoots (29:08) - Retail Stories: Target, Staples, Natick Mall Loan (35:19) - Mixed-Use Property Loan Extension (40:35) - Programming Notes (41:58) - Shoutouts (45:00) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In a special guest episode of The TreppWire Podcast, we welcome Bill Sexton, CEO of Trimont, to discuss Trimont's landmark acquisition of Wells Fargo’s non-agency third-party commercial mortgage servicing business. This deal makes Trimont the largest loan servicer in the U.S., managing approximately 11% of all U.S. commercial real estate (CRE) debt. Bill provides insights into why this acquisition was a strategic move, how it reshapes the competitive landscape, and what it means for bondholders, investors, and the broader CRE market. He also shares perspectives on the evolving role of AI, data aggregation, and technology in loan servicing, as well as the challenges and opportunities in today’s CRE finance environment. Visit https://trimont.com/ today to learn more. Tune in now. Episode Notes: Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: https://www.linkedin.com/company/trepp/

In this week's episode of The TreppWire Podcast, we analyze recent economic indicators showing mixed signals, including declining consumer confidence at an 8-month low and the Fed's expected rate path through 2025. We examine the impact of new tariffs on market volatility and discuss recent high-profile CRE deals, including Apollo's acquisition of Bridge Investment Group. We break down notable appraisal value reductions across office, mixed-use, and retail sectors, the latest Mall of America appraisal showing a 14% reduction. We also review Microsoft's pullback from datacenter leasing amid their quantum computing breakthrough and analyze a flurry of industrial sector activity across the U.S. Tune in now. This episode is sponsored by ⁠BetterPitch Episode Notes - Economic Update - Consumer Confidence & Market Uncertainty (0:29) - Mixed-Use Atlanta Value Reduction (23:41) - Retail Value Reductions in Denver and Bloomington, MN, and a $30M transaction in Braintree, MA (29:06) - Office: $49M financing for a midtown Manhattan office and a $38M transaction in Irvine, CA (35:06) - Industrial: acquisitions in Uxbridge, MA, Sumner, WA, Las Vegas, Nashua, NH, and Weston, FL (37:55) - Programming Notes (43:52) - Shoutouts (45:19) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Michael Bull, founder and CEO of Bull Realty, and host of America’s Commercial Real Estate Show. With over 35 years in commercial real estate and more than $8 billion in transactions, Michael shares insights from his journey from leasing apartments while in college to running a successful brokerage licensed in 8 states. We discuss how integrity and quality service have been the cornerstones of his business through multiple market cycles, and how creative problem-solving helps close complex deals. Michael offers his perspective on the current office market, predicting it may be "the buy of the decade" despite current challenges. We also explore his experience hosting America's Commercial Real Estate Show for over 14 years, and how it has sharpened his industry expertise. Tune in now. Episode Notes: - Michael's Journey into Commercial Real Estate (01:24) - Building a Brokerage on Integrity (3:30) - Navigating Market Downturns (6:29) - The Future of the Office Market (13:35) - Hosting America's Commercial Real Estate Show (20:27) - Life Outside of Real Estate (24:47) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine the Fed's latest signals on interest rates, covering the evolving inflation landscape and newly proposed bank capital requirements that could reshape CRE lending. We review Walmart's lower-than-expected 2026 fiscal guidance and potential impacts of tariffs on retail spending. We explore DOGE's aggressive push on government lease terminations and analyze GSA data showing over 2.3 million square feet of terminated space. We dive into several notable special servicing transfers for office and lodging and an office value reduction. We also discuss CMBS maturities and issuance in 2025 and recent retail store closures. Tune in now. Episode Notes - Economic Update (1:25) - Walmart Earnings & Retail Outlook (3:59) - GSA Lease Developments & DOGE’s Aggressive Push (7:59) - Trepp Connect (in NYC) Conference (16:30) - CMBS Maturities & Issuance in 2025 Report (20:04) - Office Trading Alerts: Chicago & Philadelphia Loans Transferred to Special Servicing, & Another Chicago Loan Reappraisal (30:59) - Lodging Trading Alert: Midtown Manhattan Loan Transferred to Special Servicing (39:48) - Retail Updates & Forever 21 Store Closures (41:37) - Programming Notes (44:45) -Shoutouts (46:16) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we analyze January's hotter-than-expected CPI print and Fed Chair Powell's Congressional testimony on rate cuts. We break down the mechanics of recourse loans and personal guarantees in distressed deals, like The Hotel Carter near Times Square. We then examine three major office refinancing deals in Midtown Manhattan totaling over $2.8 billion. We also dig into DOGE's federal real estate reduction strategy and its implications for commercial real estate, particularly in the DC market. We also discuss a few retail stories including Joann Fabrics' closing of 500 stores, Blackstone's $4 billion retail portfolio acquisition, and Party City's hundreds of lease rejections. Plus, we introduce TreppAI, our new artificial intelligence-powered search tool. Tune in now. Episode Notes: - Economic Update: CPI Print, FedWatch, & Capital Markets (1:31) - Recourse Loans 101 & America’s Dirtiest Hotel (13:19) - Positive Office News in Midtown Manhattan (23:04) - DOGE’s Federal Real Estate Cuts & Implications for CRE (29:34) - Retail store closures, acquisitions, and redevelopments (36:30) - Trepp Connect (in NYC) conference in Rockefeller Center in May (42:10) - New TreppAI Search Feature & Examples (44:00) - MBA CREF25 & Shoutouts (47:43) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Scott Douglass, Co-Founder and Co-Chief Investment Officer at Prime Finance. Scott shares his extensive experience in the commercial mortgage-backed securities (CMBS) space and breaks down the evolution of B-piece buying from the '90s to today. We examine how past crises can provide a critical lens when assessing today’s market. Scott explains how the Great Financial Crisis reshaped the CMBS market and the role of the B-piece, and shares lessons from that time period that remain relevant in today's market. We also dive into the CMBS issuance data and provide insight into what the numbers show over time. Tune in now. Episode Notes: - Background in commercial real estate securitization (1:29) - Launch of Prime Finance (4:42) - Insights into the origins of the B-piece buyer role (6:02) - Lessons from the 90s and early 2000s (9:40) - CLO issuance numbers & predictions for 2025 (12:06) - CMBS issuance expected in 2025 (15:45) - Risk retention in the CMBS market (18:30) - Thoughts on office, hotels & data centers (25:10) - SASB deals in 2024 & 2025 (34:40) - Importance of having a strong platform (37:33) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode of The TreppWire Podcast, we dive into economic data and headlines of the week, including manufacturing and job openings figures, the implications of tariffs on the CRE market, and the thought that lending standards for commercial real estate (CRE) may be tightening. We discuss the inflection point for the office market after seeing some increased optimism and signs of activity, especially in NYC. We talk Blackstone’s big Midtown Manhattan office buy, the largest office-to-residential conversion in the U.S., as well as recent stories at Manhattan’s MetLife Building. In retail, we cover Walmart’s mall purchase and Amazon’s physical store closures. We reflect on the narrative for apartments and the multifamily market at large, after the NMHC 2025 Annual Meeting. We wrap up the episode with our thoughts on the Super Bowl and highlight Kansas City, Philadelphia, and New Orleans market data from TreppCRE. Tune in now. Episode Notes: Economic Update (0:27) Tariffs & Other Headwinds Impacting the Market (3:35) Office Sector Activity (10:54) Blackstone NYC Midtown Office Buy (13:16) Largest Office to Resi Conversion in the U.S. (17:00) Refinance at 3 Bryant Park (21:02) Irvine Loan for Manhattan’s MetLife Building (25:24) Walmart Pennsylvania Mall Purchase in Pennsylvania (28:07) Amazon’s Physical Store Locations Closing (30:02) Equinox is Becoming the Largest Retail Tenant in Manhattan (33:39) NMHC 2025 Annual Meeting Recap (35:01) Credit Stories in California & Texas (40:13) Slice of Life: Kansas City vs. Philadelphia + Market Overview (42:37) Trepp Connect (in NYC) on May 13-15, 2025 (46:31) Shoutouts (49:16) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode of The TreppWire Podcast, we examine how Chinese AI startup DeepSeek's sent shockwaves through tech markets, raising questions about data center demand. We analyze the Fed's decision to hold rates steady and discuss Trump's federal worker buyout offer impacting office demand. We break down Amazon's record-breaking lease in Miami, dig into an office loan value reduction in New York and special servicing transfer in Virginia. For retail, we discuss a loan value reduction in Chicago and a sale in West Palm Beach. We wrap up with several multifamily transactions in Arizona, Florida and Colorado. Tune in now. Episode Notes: - DeepSeek and its market-moving debut (1:23) - Return to office & Trump’s resignation offer for federal workers (8:12) - Office activity: Amazon’s record-breaking lease in Miami (18:05) - Rye Brook, NY Office Loan value reduction (25:09) - Falls Church, VA Office loan sent to Special Servicing (31:22) - Chicago Retail loan value reduction (33:19) - West Palm Beach, FL Retail sales transaction (39:39) - Multifamily transactions in Arizona, Florida and Colorado (41:09) - Programming notes (46:00) - Shoutouts (47:15) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Ulysses Awsumb, Head of Research, and Melody Wright, Contributing Writer at MacroEdge, as well as Rachel Szymanski, Trepp’s Chief Economist, to discuss the current state of the real estate market and challenge common narratives. Drawing from their extensive research and on-the-ground observations, they share insights on housing inventory, affordability challenges, and demographic shifts affecting both residential and commercial sectors. We explore the disconnect between housing supply narratives and market realities, the impact of recent policy changes, and the complexities of new home construction. We also dive into the emerging trends in multifamily development and the future of housing affordability. Tune in now. Episode notes: - Introduction to MacroEdge and Guest Backgrounds (0:21) - Current Housing Market Headlines and Executive Orders (5:43) - Housing Shortage Narrative (8:29) - Market Demographics and Population Shifts (21:28) - Affordability Challenges and Market Misallocation (24:57) - Key Factors Preventing Home Ownership (33:45) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode of The TreppWire Podcast, we discuss recent economic headlines, including AI spending, optimism in commercial real estate (CRE), and Trump’s return to office executive order for federal workers. We share scenarios on what could happen with this mandate and preview an analysis on GSA exposure and the respective average rent per square foot. We then turn to the privatization of Fannie Mae & Freddie Mac and discuss its potential impact on CMBS issuance. In a digging through the data segment, we look at maturities by property type and dive into multifamily issuance, delinquency, and trends. We close the episode with credit stories and office leasing transactions, including Bloomingdale’s closing its flagship store in San Francisco, and Blackstone buying the Kimpton Hotel Eventi in New York City. Tune in now. Episode Notes: - Economic Update (0:28) - Trump’s RTO mandate for Federal workers (7:27) - GSA exposure analysis (10:27) - Fannie Mae & Freddie Mac privatization (13:12) - Digging through the data: multifamily issuance, delinquency, and trends (23:00) - Credit Stories (28:05) - Office Leasing Stories (32:39) - Bloomingdale’s closing its flagship store in San Francisco (36:57) - Blackstone buying the Kimpton Hotel in New York City (40:49) - Industrial property acquisition in Queens, NY (41:51) - Programing notes (43:41) - Shoutouts (44:36) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode of The TreppWire Podcast, we review the themes, discussions and key takeaways from CRE Finance Council (CREFC)’s January 2025 conference. We also analyze the latest economic data including the increase in both the Consumer Price Index and the Producer Price Index, the rise in jobless claims and the pickup in economic activity reported by the Fed’s Beige Book. We review the bank earnings reported on the 15th, discuss the California wildfires and real estate taxes, and Local Law 97 in NYC. We then go over two trading alerts about special servicing transfers and review some notable multifamily, office, retail and industrial sales transactions. Tune in now. Episode Notes: - CREFC January 2025 Conference themes & takeaways (1:14) - Last week's Jobs Report (5:28) - Bank earnings reports – JPMorgan, Wells Fargo, Citigroup & Bank of America (14:52) - California Wildfires, Real Estate Taxes & Local Law 97 in NYC (20:11) - Self-storage trading alert: Self-Storage Portfolio SASB Loan Enters Special Servicing, Appraised Value Cut (32:17) - Lodging trading alert: Montauk Lodging Loan Heads to Special Servicing (34:57) - Sales transactions: Multifamily in NC, Office in NYC, DC & CA, Retail in MI, and Industrial in AZ, NJ & IL (38:30) - Programing Notes (47:24) - Shoutouts (48:19) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by David Auerbach, Chief Investment Officer at Hoya Capital to discuss the current state and future of the Real Estate Investment Trust (REIT) sector. David shares his journey into the REIT industry, insights on market trends, and the importance of long-term investment strategies. He emphasizes the significance of dividend growth and the need for investors to understand the underlying dynamics of the REIT market. David also goes over the current state of the REIT market, focusing on the single-family rental sector, the evolution of retail, and the importance of healthcare REITs. We wrap up with a discussion on the need for diversification in REIT investments and the outlook for the sector leading into 2025. Episode Notes: - Introduction to REITs and David’s Background (0:19) - Current Trends in the REIT Sector (07:25) - Long-Term Investment Perspectives in REITs (13:14) - The Power of Compounding Dividends (19:24) - Understanding the REIT Market Dynamics (25:07) - Exploring the Single-Family Rental Market (27:54) - The Evolution of Retail (37:51) - A Deep Dive into Healthcare REITs (44:56) - Looking Ahead to 2025 (49:44) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Happy 300th episode of The TreppWire Podcast! In this week’s milestone episode, we are here to share the data behind the headlines. We first reflect on the wildfires in California and the potential impact on real estate, insurance costs, and the market at large. We ‘dig through the data’ into office originations to provide transparency into the performance of the sector. We also provide insight into stories across office, lodging, and multifamily – including a juicy $500k/unit apartment property transaction. Stick around to hear how to enter our podcast giveaway. Tune in now. This episode is sponsored by ⁠EisnerAmper⁠. Episode Notes: - Episode 300 Milestone (0:27) - Economic update (2:53) - California Wildfires and Prop 13 (3:52) - Office loan originations (10:59) - Office stories: value reduction in NYC and sales transactions in Dallas and Chicago (21:51) - Multifamily: juicy transaction in Virginia, for $500k/unit, and another acquisition in Florida (30:57) - Lodging: special servicing transfer in Florida and a sales transaction in Virginia (37:56) - Programing notes & triple giveaway (44:49) - Shoutouts (45:58) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we delve into the current landscape of the commercial real estate (CRE) market, providing some much needed context for 2025. We begin by analyzing the latest CMBS delinquency data, offering our interpretations and breaking down the numbers dating back to January 2000, when Trepp first began tracking these rates. We spend some time reflecting on 2024 and provide additional predictions for the new year in terms of issuance, distress metrics, interest rates, and other factors that may impact the CRE market. We wrap up the episode with themes we saw in the credit stories we reported throughout the year and discuss where there is room for opportunities. Tune in now. Episode Notes Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

We hope all our listeners are having a joyous holiday season and thank you all for tuning in each week. In this week's episode of The TreppWire Podcast, we take stock of the major commercial real estate (CRE) headlines of 2024 and make sense of it all with Trepp’s data. We provide our insights into both the positive and negative stories we’ve seen this year, including the maturity wall narrative, the bank sector rebound, insurance costs, and major retail bankruptcies. Diving into the data, we look at the 2024 maturity schedule, debt yield numbers, CMBS loans originated, and provide our predictions on future delinquency rates. We wrap up the episode with CRE optimism for 2025. Tune in now. Episode Notes: Maturity Wall (0:51) Insurance Costs (4:55) Retail Bankruptcies (6:45) 2024 Maturity Schedule (12:29) Underwritten Debt Yield (14:49) Delinquency Predictions (16:11) Weighted Average Debt Yield for Urban Office Maturities (23:22) Banking & Lending Snapshot (30:04) CRE Optimism for Next Year (33:39) Preliminary December Delinquency Rate Estimates (38:00) Programming Notes (42:10) Shoutouts (45:02) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This episode is sponsored by EisnerAmper. Resiliency is the word of 2024, but uncertainty might be the word of the day. In this week’s episode of The TreppWire Podcast, we are joined by our Chief Economist to discuss mixed signals from the recent economic data, including contrasting PMI figures, retail sales growth, and the latest Fed rate cut. We also discussed the continued chatter around extend & pretend, the unexpected resilience of the U.S. economy in 2024, and what to expect for 2025. We break down Flagstar Bank's sale of troubled NY loans, value reductions across office properties in Philadelphia and San Francisco, and major portfolio loans entering special servicing including the $1.23 billion Workspace Property Trust Portfolio and $379.1 million Selig Office Portfolio. We also discuss Party City mulling a second bankruptcy, significant multifamily sales, and California's rejection of Prop 33. Tune in now. Episode Notes: - Economic Update & 2024 Economic Review (0:32) - Flagstar Bank Looking to Sell Portfolio of Eight Underperforming NY Loans (9:14) - Office stories: Seattle portfolio special servicing transfer, Federal Center Plaza GSA updates, Philadelphia & SF value reductions (16:01) - Retail stories: Party City’s second bankruptcy concerns, California mall loan special servicing transfer and a Kentucky shopping center transaction (28:54) - Mixed-Use: a $23B portfolio loan special servicing transfer and an NYC value reduction (35:40) - Multifamily stories: NYC $318M loan special servicing transfer, Seattle, South Carolina, Columbus, and DC property transactions (41:21) - Rent control & California Prop 33 implications (45:24) - Shoutouts (47:46) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Bernadette Brennan, Managing Director, and Owen Toland, Real Estate Salesperson at SERHANT. Known for its presence on the Netflix show, "Owning Manhattan," SERHANT is a full-service real estate agency, and Bernadette and Owen are here to discuss the commercial side of the business. We dive into the shift in the real estate landscape post-pandemic, discussing the rise of owner-user purchases, the contrast between Class A and B offices, and the retail leasing market. We also hear stories of high-profile clients and unusual deals that would make great reality TV. Tune in now. Episode Notes: - Bernadette's Journey from Music to Real Estate (01:41) - Owen's Path to Commercial Real Estate (03:35) - Current State of New York City Real Estate (05:00) - Retail Leasing Insights and Market Trends (10:58) - Building the Commercial Division at SERHANT (15:32) - Unique Client Stories and High-Profile Deals (19:11) - Conclusion and Final Thoughts (27:46) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we discuss the latest CPI reading, expected Fed interest rate cut, nonfarm payrolls, and the City of Yes zoning reform plan that was approved by the New York City Council this week. In commercial real estate news, we examine the latest talks of spinning off Macy’s real estate portfolio and the Kroger and Albertsons merger that turned into a lawsuit. We also examine several office stories, including a residential conversion, large lease renewal and acquisitions and appraisal value reductions. In multifamily we talk about a student-housing acquisition and a few special servicing transfers and value reductions. Tune in now. Episode Notes: - Economic Update: latest CPI reading, expected Fed rate cut, Macy’s real estate portfolio, Kroger-Albertson’s merger turned lawsuit, nonfarm payrolls (00:23) - Wall Street firms, AvalonBay Communities, a multifamily REIT, buying or developing single-family homes (13:19) - City of Yes Zoning Reform Plan Approved by City Council (19:29) - Office stories: residential conversion, acquisitions, lease renewal and appraisal value reductions (26:44) - Multifamily: student-housing acquisition & special servicing transfers (38:32) - Lodging: value reduction of a Portland hotel (44:13) - Programming Notes (46:36) - Shoutouts (48:36) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Seth Glasser, Senior Managing Director at New York Multifamily at Marcus & Millichap. As one of the top-producing multifamily agents in their office, Seth shares insights into his journey in commercial real estate (CRE), the major challenges facing the NYC multifamily market due to evolving legislation, and where the opportunities lie. We also dive into key topics including 1031 Exchanges, triple net leases (NNN), current cap rates, and the importance of knowing the data in your market. Tune in now. Episode Notes: - Background and Start in CRE (1:44) - Government Role in NY Housing (4:23) - Biggest Challenges in Multifamily Sector (6:45) - Buyers' Appetite for New Debt (11:43) - Navigating the Market and Continuing to Grow (19:00) - Affordable Housing World in NY (24:07) - Office-to-residential Conversions (28:41) - 1031 Exchanges, NNN Leases & Cap Rates (30:49) - Multifamily Opportunities in NYC (36:48) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp