That philosophy extends throughout the leadership team, where ongoing projects, clear accountability, and steady execution form the backbone of the organization’s operational rhythm. HIGH ENTRY COSTS SHAPING RESIDENTIAL DECISIONS Residential trends in New York City continue to diverge sharply from national homeownership patterns, particularly in supply-constrained coastal markets. Feldman explains that the barrier to ownership is fundamentally financial. “Supply-constrained cities, especially coastal cities domestically, are always going to lag behind national homeownership rates,” he says.“The main reason is simple. Prices are higher, so the entry point is higher.” In practical terms, that entry point can be prohibitive. Feldman notes that purchasing a $2 million apartment in New York City typically requires a minimum down payment of $400,000, with a more realistic figure closer to $500,000. Additionally, buyers should expect approximately $100,000 in closing costs, depending on the transaction. Once the purchase is complete, additional expenses quickly follow. “After you close on a $2 million apartment, you probably do not want to be eating Cheerios off the floor,” Feldman adds, pointing to the often-overlooked cost of furnishing a new home. Banks also require buyers to maintain six months of principal, interest, taxes, and insurance reserves, which increases the upfront liquidity burden. When all factors are considered, Feldman estimates that a buyer may need roughly $750,000 in available capital to purchase a 1,000-square-foot apartment. “That is going to keep a lot of younger professionals out of the marketplace,” he explains. Combined with high transaction costs and a highly mobile workforce, these financial realities reinforce renting as the more practical option for many residents. Feldman adds that New York City’s transient population further limits the appeal of ownership, as buyers must often commit to staying 179 BUSINESS VIEW MAGAZINE VOLUME 13, ISSUE 01 CHOICE NEW YORK COMPANIES
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