INSIDE R&E PODCAST
State of the New York City Residential Market & Forecast:
Mixed-Use Developments Enticing Buyers Despite Interest Rates
In this episode of Inside R&E, Adam R. Sanders, Member in R&E’s Transactional Department, discusses the state of the residential real estate market in New York City with Stephen Lascher, Sales Manager at Wells Fargo. Together they compare the pre-pandemic market conditions of 2019 to today’s environment, and how those conditions have played out in various smaller neighborhood markets within New York City. Despite what he has seen as a decline of purchase activity and refinancing in response to a hike in federal interest rates, Stephen describes a robust pre-approval market that is continuing to attract potential buyers. In addition, as developers adapt to the needs of young buyers and a shifting market, Adam and Stephen discuss the emergence of new, mixed-use developments across prosperous Manhattan neighborhoods including Hudson Yards, Essex Crossing and the Upper East Side.
Stephen Lascher is a Sales Manager and a Founding Member of the Wells Fargo Private Mortgage Banking team in New York. After joining Wells Fargo in 2003, Stephen quickly became a member of the organization’s elite President’s Club, having ranked in the top 1% nationally for the past 20 years. Specializing in new development end-loan financing, condominiums, co-ops and multi-family properties, he has extensive experience with borrowers and developers of all backgrounds and property types, having successfully funded over $4 billion in residential mortgage transactions throughout his career. Prior to joining Wells Fargo, Stephen was an Associate in the Equity Research Departments at both UBS Warburg and Morgan Stanley.
Adam’s practice focuses on representing clients in a wide variety of commercial real estate and business transactions and matters, including acquisitions and sales, financing, leasing, construction, portfolio structuring, cooperative and condominium boards representation, New Markets Tax Credits, 1031 transactions and general corporate representation in the real estate, entertainment and web/technology industries. Adam is the firm’s go-to expert for all matters concerning Opportunity Zones. Investors and real estate developers exclusively rely on him for program updates and comprehensive legal analyses, keeping them on the cutting edge of the program even before regulations are released.
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