Issue 117 - The Tokenization of 2026

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Issue 117 – The Tokenization of 2026

January 1, 2026

With 2025 behind us, we now have some perspective on how the market is starting to shake out, and we begin to look ahead with some educated ideas of where 2026 may be heading in terms of real estate.

To look back: The year wrapped up with many legislative policy changes. Merrill Lynch’s implementation of tax plans included a mix of permanent extensions of 2017 tax cuts and new, temporary provisions that Governor Hochul and Albany sought to block. There was a lot to digest — and even more to chew on in the coming months.

Standard deductions increased, and in particular, SALT itemized deductions were temporarily raised.

But something even more notable happened: Despite predictions of slowdowns, the NYC real estate market achieved astronomical volumes and sales prices in the typically quieter summer “off-season.” This resilience reflected continued investor confidence in New York as a capitalist hub, even amid the socialist-leaning policies in city government.

To me, one of the things that sets New York City apart — from many other cities, countries, or regions—is its core capitalist drive. Love it or hate it, it’s a fundamental motivator of human ambition. Think: Darwin’s the survival of the fittest.

What is amazing as well is that anyone from anywhere on the planet can come here and reinvent themselves, building wealth and forging a new identity, including a family legacy. Real estate has proven to be one of the most effective vehicles for generating strong, long-term wealth, so why wouldn’t it also become one of the biggest commodities to trade in the world? Spoiler alert: It has.

I, too, was an immigrant who came to this country with little more than a dream and a drive — which were everything. Like many, I’ve transformed my life through the American Dream, recreating myself in a place with no preconceived history and glass ceiling.

While I can’t predict what will unfold in NYC with our incoming mayor (Zohran Mamdani, who takes office on January 1, 2026), I can emphasize how important the dream of bettering oneself with hard work, gumption, and heart remains. The American Dream should stay at the forefront of all our city and state policies, regardless of who is in office. Whether capitalist or socialist in outlook, countless immigrants like me have come to NYC from far-off places to build something lasting. We have integrated and rallied through periods of discord and disconnection, finding equilibrium in our adopted home.

In a spirited way, these vignettes create a very rich tapestry for the year ahead.

One of the key predictions I see for 2026 is: Gone are the days of “listing gatekeeping.” The ‘Tokenization of 2026’ refers to a widely anticipated inflection point (not tied to a single law or event) in which real-world assets, including real estate, move at scale onto blockchain platforms, functioning like digital securities.

Tokenized assets are traded on open yet regulated (permissioned) platforms, providing qualified buyers with direct access to offerings. As a result, fractional ownership lowers barriers, removing the question of “who can afford it.”

This year favors a broker who can interpret data like an analyst, negotiate like a diplomat, and market property like a tech entrepreneur.

Our buyers expect real-time valuations, AI-powered negotiations, 3D-visualizations that vary by time of day, and predictive due diligence — all before they ever view a property in person.

In that vein, tokenized title transfer and instant cross-border settlement will speed up transactions. Crypto and other blockchain technologies free transactions from the limitations of “bankers’ hours.” Additionally, fractional ownership makes luxury properties accessible to different forms of acquisition.

The traditional 90-day closing process will become obsolete in 2026. Brokers who are unable to deliver a 10-year ROI, carbon efficiency commentary, or local political risk assessment in under 30 seconds will be left behind. Closing within seven days (or less) will be the new standard; anything lower will be considered outdated.

Merely keeping pace will be as if you are lagging behind. So, here’s to a dynamic, fast-paced, and prosperous year ahead!

I would like to acknowledge all the people in our sphere who have trusted us with their transactions — some laughing, much learning, and definitely growing together along the way. Each one of you has made a profound impact! Thank you to each deal which has been an opportunity for us to expand and cultivate more knowledge and reach by you.

As we enter 2026 and beyond, I would like to wish you a meaningful year filled with empathy, momentum, and joy — forward, together.

Issue 124 – “The Freeze Heard Across New York”

August 1, 2026

Even those of us who spend most of our days in the world of sales rather than rentals cannot ignore the conversation dominating New York real estate this summer: the city’s newly approved two-year rent freeze on nearly one million rent-stabilized apartments. The decision, fulfilling one of Mayor Zohran Mamdani’s signature campaign promises, has ignited passionate debate from tenants, landlords, developers, and economists alike.

As Time Magazine recently reported, “’Freeze the rent’ became the definitive rallying cry of Mamdani’s affordability-focused mayoral campaign for New York City, one of the most expensive cities in the world. Despite skepticism that he could actually pull it off, a board he controls made good on his pledge just six months into his term.”

In a 7-1 vote this June, the Rent Guidelines Board approved a rent freeze on one- and two-year leases on rent-stabilized apartments — which, according to the Time article, “make up about 27% of overall NYC housing stock.”

For tenants living in stabilized housing, the appeal is obvious. In a city where affordability persists as one of the defining challenges of our time, freezing rents offers immediate relief and greater certainty in an increasingly pricey environment.

Yet, as is so often the case in New York real estate, the story is more nuanced than the headlines suggest.

The New York Post presented the other side of the story, explaining that building owners are grappling with rising operating costs: insurance premiums, labor expenses, property taxes, and capital improvements have all increased substantially.

Critics argue that while the freeze protects tenants in the short term, rising expenses without corresponding rent increases may make it harder, particularly for smaller landlords, to maintain and improve aging buildings.

Rent freezes are not unprecedented. Previous freezes have provided short-term relief for tenants while renewing debates over maintenance, capital improvements, and investment in aging housing stock.

The broader issue is supply. Economists across the political spectrum generally agree that New York’s housing shortage cannot be solved through rent regulation alone. As Vox reported, demand continues to outpace inventory, making new housing production, zoning reform, and development incentives essential.

Although the freeze does not directly affect market-rate apartments, landlords with both stabilized and market-rate units may feel pressure to offset constrained revenue by increasing free-market rents where legally permissible. New York State’s 2024 Good Cause Eviction law, however, limits annual rent increases to the lesser of 10% or the local inflation index.

For buyers, particularly investors considering multifamily assets, the freeze introduces additional uncertainty around future income growth. Buildings with significant rent-stabilized components may trade at lower valuations because purchasers will have to underwrite higher operating costs against stagnant revenue.

For sellers, especially owners of mixed-use or rent-stabilized assets, the challenge becomes demonstrating long-term upside. We may see some owners delay sales, while others bring assets to market sooner out of concern that future regulation could become even more restrictive.

From a residential perspective, one unintended consequence may be increased demand for condominiums and co-ops. When rental policy becomes less predictable, many affluent New Yorkers begin to view ownership as a more stable, controllable alternative.

Foreign investors are unlikely to retreat from purchasing trophy condominiums or prime co-ops, which operate outside the stabilized system. In fact, increased regulation in the rental market could strengthen the appeal of luxury ownership as a store of wealth.

The greater consequence will be on institutional and international investors exploring multifamily acquisitions, where limits on revenue growth coupled with rising operating expenses may prompt some capital to pause, reprice risk, or seek opportunities elsewhere.

A major concern today is that the economics are more challenging than they were a decade ago. The Rent Guidelines Board’s own data shows that operating expenses continue to rise, with insurance costs increasing by more than 10% and overall operating costs rising by more than 5%. The effects will likely be felt most acutely in neighborhoods with large concentrations of rent-stabilized housing, while luxury condominium markets such as Tribeca, SoHo, and much of the West Village, where condominium and market-rate inventory dominate, will experience relatively little direct change.

New York remains one of the most desirable real estate markets in the world. The larger question is whether future housing policy can strike the right balance between protecting tenants and preserving the incentives necessary to maintain and improve the city’s housing stock. Recent reporting suggests that landlords and tenants alike are increasingly worried about the long-term sustainability of that balance.

Perhaps most interesting is what this moment reveals about New York itself. Housing has become far more than an economic issue—it has become a cultural and political one. The debate over rent stabilization reflects larger questions about who gets to stay in the city, who can afford to enter it, and what balance should exist between protecting existing residents and encouraging future investment.

As someone whose business focuses primarily on the sales market, I often remind clients that New York real estate rarely moves in straight lines. Policy shifts ripple through every corner of the market, shaping rental demand, buyer behavior, and investment strategy alike.

Yet what doesn’t change is New York’s capacity to reinvent itself. The conversation around housing will evolve, administrations will change, and policies will come and go. But the city’s enduring challenge — and opportunity — will always be finding ways to be both livable and aspirational.