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Today we're discussing NYC's newly implemented pied-à-terre tax on condominiums only.  We discussed co-ops last week, so they are the second-most-common inventory for NYC real estate buyers & owners.  The tax affects about 17,500 co-ops and condos that clear the city’s $1 million official-value line. Only about one-third to one-half of those are real second homes after you pull out people who actually live there. Call it maybe 6,000 to 8,500 apartments. A tiny slice of the city, but important information to know for buyers & owners of NYC.  Thank you, as always, for listening, and we will be sure to send more updates as they come!

We're back on today's topic: the NYC Pied-à-terre tax, focusing purely on co-ops. The mathematics for co-ops is tricky & most definitely not what you think, or perhaps what the CITY thinks!

Today on the show we’re joined by Reese Chase, Real Estate Advisor with Compass in South Florida.   Reese didn’t come up the traditional way. He got his start renovating investment properties—tearing into the bones of homes, figuring out what actually creates value, and learning firsthand what makes a property sell. That hands-on construction background still shapes how he works with clients today, whether he’s helping sellers maximize equity before listing or guiding buyers through both the purchase and potential rehab. Now based in the Broward County market, Reese brings deep local knowledge from Plantation to the coast, with a particular strength in investment properties, rehabs, and larger estate and acreage deals. He’s closed over $50 million in career sales and is known for combining that renovator’s eye with strong negotiation and a no-nonsense, service-first approach. When he’s not working deals, you’ll usually find him on the water—fishing both the east and west coasts of Florida. For Reese, boating and fishing aren’t just hobbies; they’re how he stays connected to the South Florida lifestyle he helps his clients live every day. We’re excited to dig into his path, the South Florida market, and what he’s seeing right now. Follow him on Instagram at reesechase.re

My special guest on this episode is none other than my friend who shares a name with one of the greatest quarterbacks of all time — but this is definitely not Tom Brady, the NFL legend. No touchdowns on the field here, but plenty in the investment sales game.   Tom Brady & I first met almost two decades ago at what was once known as Town Real Estate, here in the same office we’re in today on 5th Avenue & 17th Street. Fast forward to today: Tom was recently a Managing Director at BKREA (BK Real Estate Advisors), run by Bob Knakal, also a friend of the pod, and has since transitioned to Douglas Elliman Commercial.    With nearly two decades in the NYC commercial real estate trenches, Tom specializes in Manhattan’s mixed-use and multifamily investment sales. He’s been closing major deals, including the Friars Club, a historic elevator building spanning 15K square feet across six floors with 33 feet of frontage, offering stunning architecture and flexible potential for private club, hospitality, embassy, or luxury residential use. The club in its heyday boasted members including Johnny Carson, Jimmy Fallon, and Joan Rivers, and was known for its comedy roasts of showbiz legends.    From navigating interest rates and office recovery to spotting opportunities in an evolving market, Tom brings that street-level expertise and war stories you don’t want to miss.   Please give Tom a follow on IG @TVBNYC

It’s officially the start of the summer season — and in true solo pod fashion, we’re kicking it off with a timely breakdown of the brand new NYC Pied-à-Terre Tax that just got enacted.   In this episode, I walk through exactly how the new surcharge works (Phase 1 vs. Phase 2), why the crazy-low DOF market value on high-end condos actually shields many owners from the tax in both phases, and what the switch to comparable sales in 2028 could mean in the long term.   Then we zoom out: the never-ending “tax the rich” playbook in NYC and beyond. I compare the actual tax landscape of 2021–2026 (post-COVID, Inflation Reduction Act, state cuts vs targeted hikes) against 2005–2010 (recession-era increases) at the federal, state, and major city levels. Property taxes, mansion taxes, transfer taxes, income surtaxes — who’s really raising what, and how much?   Follow me for more:  LinkedIn X Instagram YouTube

Pleased to have my friend & industry veteran, Justin Rubinstein, founder of J. Rubinstein Homes, back on the pod. We jump on this quick episode to discuss the newly proposed pied-à-terre tax by Mayor Mamdani. We discuss the pros, cons, and likely pain points of this tax, as well as the political climate in our real estate industry.    I end the episode by reading the recently released letter from Vornado Realty Trust CEO Steve Roth, which he addressed at a recent REBNY (Real Estate Board of New York) conference.   Please check out Justin's updated website, along with his recent interview with our Founder & CEO, Rob Reffkin, here or here!   Follow my socials:  Instagram LinkedIn X

Very excited to have Brandon Polakoff, Principal and Head of NYC Investment Sales at Avison Young, join us on this episode of the Real Takk Pod.  Based in the firm’s New York City office, Brandon leads a team of more than 30 professionals, guiding clients through the sale of multifamily, office, development, and retail assets across New York City and beyond.  Brandon joined Avison Young in 2018 and quickly rose through the ranks, becoming one of the company’s youngest Principals. He’s been involved in approximately $5 billion in transactions and has consistently ranked as the top producer for Avison Young’s Tri-State Investment Sales group, and has earned multiple awards in the commercial field since.   Prior to joining Avison Young, Brandon worked in investment sales at Cushman & Wakefield (following its acquisition of Massey Knakal Realty Services), with earlier experience and internships at Silverstein Properties and Beacon Capital Partners. He brings over a decade of specialized experience, particularly in the multifamily sector, where he has helped build and scale Avison Young’s platform in the region. A highly regarded leader in commercial real estate, Brandon’s accolades include: Commercial Observer’s Power 100 list (2024 and 2025) Commercial Observer’s 30 Under 30 Crain’s New York Rising Stars and Notable Leaders in Real Estate GlobeSt’s 50 Under 40 and Aspiring Leaders Connect Media’s Next Generation Award And multiple “Ones to Watch” and Rising Stars honors from New York Real Estate Journal and Real Estate Weekly Brandon holds a BA in Economics from Trinity College, where he was a member of the lacrosse team and earned All-Academic and All-Sportsmanship honors.  Please follow Brandon on LinkedIn & Instagram, and check his listings on the company website.

I’m excited to bring Gabe Phillips onto The Real Takk Podcast. Gabe is the founder and CEO of Catalyst Power, a New York-based integrated energy company that’s helping mid-market commercial and industrial businesses across the Northeast decarbonize their operations without the burden of upfront costs. Gabe’s journey in energy began with trading electricity and gas at Sempra Energy Trading. He went on to found GP Energy Management, a full-service energy trading and risk management platform, which he successfully built and sold. From there, he launched Catalyst Power from the ground up, creating a true one-stop shop for building owners: retail electricity supply, cogeneration, on-site solar, battery storage, community solar, and EV charging infrastructure. The goal is simple but powerful — dramatically lower energy bills while shrinking the carbon footprint. Gabe was recently named one of Goldman Sachs’ Most Exceptional Entrepreneurs of 2025, and his expertise lands right at the intersection of commercial real estate, sustainability, and the evolving way New York buildings are powered. With Local Law 97 penalties now in full effect, this discussion is more relevant than ever for our audience of property owners and managers. Catalyst Power's Website Gabe's LinkedIn

I am thrilled to have Ann Korchak, the Board President of the Small Property Owners of New York, or SPONY. What exactly is SPONY? They are a non-profit, all-volunteer advocacy and education organization founded in 1984. It represents small housing providers—primarily independent, family-owned landlords and multi-generational businesses in New York City (and, to some extent, statewide)—who own and manage smaller multifamily buildings (often with an average of around 11 units per member, many of whom live in or alongside their properties). In short, SPONY positions itself as the voice for the "little guy" in NYC's housing ecosystem: small-scale landlords who provide a significant portion of the city's rental stock but face disproportionate burdens from overregulation, high costs, and policies that favor larger entities or tenants over owners without adequate protections. Anna has become a powerful voice in Albany and at City Hall—testifying on issues like tax liens, good cause eviction, rent guidelines, and policies like COPA —always pushing for balanced, sustainable solutions that support both owners and tenants without driving small providers out of business. She's been featured in outlets like the New York Post, The Real Deal, the NYT, and at various industry events, as recently as 72 hours ago.  Please follow her organization on:  Spony's X Spony's Instagram SPONY's Website Ann's LinkedIn

In this solo episode of The Real Takk Podcast, I unpack the complexities of NYC rezoning and spotlight the Midtown South Mixed-Use Plan, approved in August 2025. After decades of outdated zoning, it finally opens 42 blocks to nearly 10,000 new homes. Then I dive into this month's hottest topic: the renewed attention on the Epstein files following the DOJ's massive January 2026 document release, with a focus on the elite real estate connections and broker name-dropping linked to Epstein's former Upper East Side townhouse.

Ladies and gentlemen, welcome back to The Real Takk Podcast, where we dive deep into the high-stakes world of NYC real estate, the stories behind the deals, and the lives of the power players making it all happen.  AND it’s that time of the year again!  The end-of-the-year wrap-up pod is here, where we discuss all things real estate in 2025, along with our prediction pod for real estate in 2026.     Today, I'm absolutely thrilled to introduce our guest, Frank Giordano, a seasoned New York City real estate advisor and the Director of Brokerage Services at Charney Companies, a dynamic boutique firm specializing in sales, leasing, and investments across the city's luxury and multifamily markets. With over a decade of hands-on experience, Frank honed his expertise at Compass, where he collaborated with top agents on high-profile new developments like One York Street, 70 Greene Street, and 88 Franklin Street. A graduate of Pace University's Lubin School of Business with a focus on entrepreneurship, Frank and I first met when he was just a young 20-year-old front desk administrator, starting from the ground up, at the once legendary real estate brokerage Town Real Estate, here in this very same office building almost 18 years ago.  We became great friends, ultimately taking him on a trip to Japan and inviting his family, and, fast forward, he now lives with his wife, Sarah, and son Leo in the Gramercy Park neighborhood.   Please follow Frank on the socials @f_roundtown on IG

Ladies and gentlemen, welcome back to The Real Takk Podcast, where we dive deep into the high-stakes world of NYC real estate, the stories behind the deals, and the lives of the power players making it all happen.  AND it’s that time of the year again!  The end-of-the-year wrap-up pod is here, where we discuss all things real estate in 2025, along with our prediction pod for real estate in 2026! Today, I'm absolutely thrilled to introduce our guest, Esther Patten, a powerhouse real estate agent with Compass in the heart of NYC. With over 15 years of expertise navigating the fast-paced worlds of Manhattan and Brooklyn, Esther is your go-to expert for everything from sleek condo sales and co-op closings to savvy multi-family investments, cutting-edge new developments, and seamless residential leasing. She's shattered records—like setting the bar for the priciest townhouse in Bedford-Stuyvesant at 1 Verona Place—and has racked up an impressive $360 million in transactions, all while building her success almost entirely on glowing client referrals and deep-rooted connections with investors, developers, buyers, and sellers across the city. A proud Northwestern University alum and former Division I women's basketball player, Esther brings that same competitive edge and Midwestern grit to every deal, making her an invaluable resource for clients from Chicago and beyond. She's passionate about giving back, supporting causes like the Leukemia and Lymphoma Society and Meals on Wheels NYC, and when she's not outpacing the market, you'll find her dominating on the court in women's basketball leagues or fueling up with high-energy workouts at Barry's Bootcamp and Tone House. @estherpatten

We're back with an annual tradition of wrapping up the good & the bad of real estate in 2025, and the prediction pod of 2026.  I am here with my good friend Elkin Serna,  Elkin is voted the “Best Realtor in the USA” by his daughter and is the principal of the Serna Team here in NYC.  He is a 9-time NYC Marathon Runner and part of the prestigious Real Trends 2025 by sales volume. I have had the pleasure of knowing for almost 2 decades in the real estate business.  Born in Colombia and a New Yorker since age 10, Elkin brings that Wall Street grit from a decade in finance before joining the brokerage world.  Elkin & I first met at a showing for one of the portfolios I represented in Midtown Manhattan. Eventually, I worked in the same office at the now-defunct brokerage TOWN Real Estate, once located here at 110 5th Avenue.  Please follow Elkin on the socials @elkinjserna

I’m absolutely thrilled to introduce a powerhouse who's not just reshaping the Boise, Idaho market but inspiring a whole generation of agents with her blend of grit, heart, and unyielding expertise.   Please join me in welcoming Rachel Hausman Masse, a trailblazing real estate advisor with Compass in Boise, Idaho. What sets her apart isn't just the numbers; Rachel grew up in a generational real estate brokerage family, where her grandparents were home builders in Chicago, her mother was a top agent in her neighborhood, and now Rachel who joined the family business right out of college, eventually starting from scratch once again to open up her real estate practice in Boise Idaho with her family.  Rachel is a nonstop hustler, working & showing homes while in labor, connecting with buyers while on her flight to Oregon, hosting client events, & closing over 150 transactions per year while raising her two daughters with her husband.   On this episode, we’ll discuss her family, her upbringing, the difficulties of being in this business, and, of course, learn about the housing market dynamics of Boise, Idaho.  Please give her a follow on Instagram at @rachelsellsboise Compass Website Rachel's Website

Very excited to bring back Chris Okada of Okada & Co., this time in person, since he last joined us back during the depths of COVID back in the summer of 2020.   Chris is the founder & owner of Okada & Co, a commercial real estate brokerage firm specializing in the ownership, acquisition, & leasing of office, building, land, & storage facilities across NYC & New Jersey.  Chris & his firm are tasked with overseeing a portfolio of more than 110 Manhattan properties spanning 6.5 million square feet, a market share that he has grown significantly since 2021.  He’s also been involved in residential new development at 432 West 52nd Street, along with acquisitions of commercial building 41-15 West 34th Street, retail properties like 894 Avenue of Americas on West 32nd Street, 148 West 24th Street (where the Barcade is located), and the retail at 135 West 52nd Street (across 6.5 Avenue)    Chris’s story is a unique one, as he hails from a real estate family whose parents moved from Japan in the 60s. His father carved out a niche in the commercial real estate world, working with companies like Toyota Motors, Mitsubishi, Kawasaki, Sony, and many restaurant and hospitality companies to establish their first North American headquarters back in 1967.   Chris has been featured numerous times in publications including The Wall Street Journal, The New York Times, Crain's Business, The New York Post, The Real Deal Magazine, & The NY Observer, to name a few.  He also has a powerful presence on his social media platforms, including Instagram & LinkedIn, which I will plug in the show notes.  His insightful posts are educational, thought-provoking, and likely the most interesting among the many commercial thought leaders in his business.  Please give Chris Okada a follow on:  Instagram Linkedin Okada & Co Website