Dania Beach, Fla. (October 17, 2023)  - These are interesting times for multifamily. Once the golden child of the CRE family, it is still considered to be a long-term favorite. But the short-term is fraught with problems. A supply pipeline that is reaching a 50-year high. An interest rate regime that has made refinancing harder and cut margins. A rental growth rate that is slowing in some cities dramatically. Navigating this environment for the past year has not been easy, and the men and women who have made this particular sector their careers have had to muster all of their skills and knowledge to do so. In the following pages, you will read about the people, teams, and companies that have made their mark on multifamily in the past 12 months by not only fielding these issues but also figuring out how to thrive in what has become a difficult environment. We hope you enjoy their stories.

MARC KOTLER 

During his more than 25 years working in the real estate industry, Marc Kotler reflects that the New York City skyline has changed significantly, from the completion of New York by Gehry to the introduction of supertall residential structures. Kotler has been part of some of the city’s next generation of iconic structures. These include Rafael ViƱoly’s 432 Park Avenue; One Wall Street, the largest commercial-to-residential conversion project completed in Manhattan to date; Jean Nouvel’s 53 West 53rd Street supertall tower above the Museum of Modern Art; and the reinvigoration of the historic Waldorf Astoria.

Kotler was promoted to president of FirstService Residential New York’s New Development Group last year, recognizing his success in establishing the group as a leading consultancy for multifamily developers and institutional investors. Since its initiation in 2015, Kotler’s team has consulted on more than 160 multifamily residential developments, representing nearly $45 billion in construction costs and millions of livable square feet.

Kotler keeps livability, design, and efficiency in mind on projects, giving thought to every detail, from elevator size and access points to lobby design. Under Kotler’s leadership, the team also offers resilience consulting for newly constructed and steady-state buildings based on lessons learned during preparation for Superstorm Sandy, including how to prevent and mitigate water damage, power loss, and plumbing interruptions. Its solutions include relocating mechanical facilities to upper floors, installing flood barriers, modernizing elevators, and balancing efficient interior organization with resilient design. Following the pandemic, the team also forged national relationships that address the pressures of supply chain interruption.

Recently, Kotler participated as a lecturer for New York University’s Schack Institute of Real Estate, instructing on the state of the market, the lifecycle of a building from predevelopment to completion, the potential of commercial-to-residential conversions, and the growing need for talented professionals in the multifamily sector.

To read the entire article, click here.

Oct 17, 2023