{"id":70083,"date":"2023-05-24T12:10:36","date_gmt":"2023-05-24T16:10:36","guid":{"rendered":"https:\/\/rockrose.com\/?p=70083"},"modified":"2026-03-31T16:18:15","modified_gmt":"2026-03-31T20:18:15","slug":"interview-with-president-at-rockrose-justin-elghanayan","status":"publish","type":"post","link":"https:\/\/rockrose.com\/zh\/interview-with-president-at-rockrose-justin-elghanayan\/","title":{"rendered":"INTERVIEW WITH PRESIDENT AT ROCKROSE &#8211; JUSTIN ELGHANAYAN"},"content":{"rendered":"<p><strong>Justin Elghanayan<\/strong><br \/>\n<strong>President at Rockrose<\/strong><br \/>\nBY THE EDITORS November 1, 2022 10:00 AM<\/p>\n<p><strong>Tell us about a deal that did NOT go through this year and why it didn\u2019t happen?<\/strong><br \/>\nSome sellers just see rent increases this year and set unrealistic price expectations, not<br \/>\nconsidering inflation\u2019s impact on construction costs, operating expenses, financing rates and<br \/>\nother factors. We\u2019ve avoided a few acquisitions when sellers have not been flexible with their<br \/>\npricing.<br \/>\n<strong>Have you refinanced anything in 2022? How difficult\/easy was it?<\/strong><br \/>\nShifting dynamics in the capital markets have been challenging in 2022, but, thanks to our long<br \/>\nhistory and relationships, top-tier lenders have remained eager to lend to us.<br \/>\n<strong>There\u2019s a lot of Class B and C office in NYC. If you could lay your hands on them at a <\/strong><br \/>\n<strong>really great price, what would you do with them?<\/strong><br \/>\nIt\u2019s too easy to say these commercial buildings should be converted to residential to solve the<br \/>\ncity\u2019s housing shortage. When conversions were successful in the past, such as in Lower<br \/>\nManhattan, tax abatements were associated with them. There is not much political appetite for<br \/>\nnew financial incentives for development right now.<br \/>\n<strong>What market outside of NYC do you like and why?<\/strong><br \/>\nRockrose has stayed committed to developing housing in NYC for the past 50 years, but for the<br \/>\nfirst time in our history we are exploring markets outside of New York state. Money can travel,<br \/>\nand there are several attractive markets outside of New York.<br \/>\n<strong>There\u2019s a midterm election this year. How closely are you following, and do you think the <\/strong><br \/>\n<strong>national political climate will have an effect in New York?<\/strong><br \/>\nThe future of housing development in New York is extremely dependent on state actions, so I\u2019ve<br \/>\nbeen focused more closely on the state elections.<br \/>\n<strong>How many days per week are you in the office?<\/strong><br \/>\nUsually four or five days per week.<br \/>\n<strong>How many days per week are your tenants in the office?<\/strong><br \/>\nMost are in the office at least three days a week, but we continue to see more people returning<br \/>\nsince Labor Day.<br \/>\n<strong>NYC apartment rents have reached never seen levels. How much further can it go? How <\/strong><br \/>\n<strong>does the housing squeeze play out?<\/strong><br \/>\nThe underlying issue is a supply problem. Until New York focuses on incentives to produce new<br \/>\nhousing, I don\u2019t see rents going down significantly. Unfortunately, the electeds in New York are<br \/>\ncurrently doing the opposite, removing incentives for developers to build new housing.<br \/>\n<strong>ESG: fad or fixture?<\/strong><br \/>\nInterest in ESG will diminish over time but won\u2019t completely go away.<\/p>","protected":false},"excerpt":{"rendered":"<p>Justin Elghanayan President at Rockrose BY THE EDITORS November 1, 2022 10:00 AM Tell us about a deal that did NOT go through this year and why it didn\u2019t happen? Some sellers just see rent increases this year and set unrealistic price expectations, not considering inflation\u2019s impact on construction costs, operating expenses, financing rates and [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-70083","post","type-post","status-publish","format-standard","hentry","category-news-press"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>INTERVIEW WITH PRESIDENT AT ROCKROSE - JUSTIN ELGHANAYAN | Rockrose<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rockrose.com\/zh\/interview-with-president-at-rockrose-justin-elghanayan\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"INTERVIEW WITH PRESIDENT AT ROCKROSE - JUSTIN ELGHANAYAN | Rockrose\" \/>\n<meta property=\"og:description\" content=\"Justin Elghanayan President at Rockrose BY THE EDITORS November 1, 2022 10:00 AM Tell us about a deal that did NOT go through this year and why it didn\u2019t happen? 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