Real Estate Trends: An Interview with Kenneth Weissenberg
Honest Buildings spoke to Kenneth Weissenberg, partner and co-chair of the real estate services group at EisnerAmper, involved in over $50 billion of real estate transactions over the last 30 years.
As partner and co-chair of the real estate services group, Kenneth Weissenberg is responsible for structuring transactions, acquisitions, joint ventures, planning for group growth, and marketing. His experience ranges from “developing tax saving strategies for owning and operating property to structuring and negotiating complex sales, acquisitions, and financing transactions.”
Weissenberg began working as a lawyer in 1982. After attending a seminar about a new transfer gains tax, he became the firm expert in this area.
For Weissenberg, one the most rewarding parts about real estate tax work is walking down the avenues in New York, knowing he played a role in their purchase or sale. ”Looking up at some of those towers, gives me a sense of pride and fulfillment.”
He has advised on multi-million dollar transactions in New York as well as projects throughout the US. Though due to client confidentiality he couldn’t reveal which projects, he hinted two are iconic landmarks: “It’s an amazing feeling to be part of New York history.”
Weissenberg has noticed his clients in New York (Manhattan specifically) becoming increasingly interested in the high-end condo market. “Clients are building and buying new condos that were just a pipedream a few years ago.” Prices are climbing as steadily as the towers are getting taller.
Weissenberg sees new technology impacting real estate on a regular basis, especially through the introduction of new materials and energy generation. He also sees the reduction of carbon emissions as a continuing trend. “There’s solar paneling, wind generation, and green spaces within buildings—it’s like the hanging gardens of Babylon coming to New York.”
Weissenberg acknowledges that New York is a challenging place for real estate development. “It’s difficult to find land and the cost of construction is hard to control.” However, with the potential rewards being significant, NYC continues to attract developers. “There is only so much square footage in New York; they are not making more.”