Can Conversions Solve NYC’s Housing Crisis? (with REAL NY CEOs Louis Adler and Robert Rahmanian)

Описание: On this episode of Closed, Brad was joined by Louis Adler and Robert Rahmanian, co-founders and co-CEOs of REAL New York. Since launching REAL NY in 2013, Robert and Louis have grown REAL from a two-person startup into a 150-agent powerhouse known for its work across residential, commercial, and especially New York’s fast-evolving conversion market.

Louis and Robert shared the latest on the market of conversions, and not just commercial-to-residential. They broke down their work on hotel-to-residential, medical-to-residential and even industrial-to-residential in New York City.

If you are keeping an eye on names to watch in New York City or want to learn more about how the private sector is addressing housing in NYC, this is the episode for you!

Key Timestamps
00:00 – The founding of REAL New York
01:06 – From Lower East Side rentals to 150 agents
03:43 – Government regulation, the Fair Act, and business challenges
05:53 – Why relationships matter more than AI in brokerage
08:42 – The office-to-residential conversion boom
09:12 – Turning a Mount Sinai hospital into 88 apartments
11:26 – Why conversions “pencil” in Manhattan right now
12:41 – Upper East Side and Williamsburg market trends
14:26 – Inside the 80-story Midtown project on 37th & 6th
15:30 – 45X buildings in Greenpoint and Dumbo
16:46 – Housing supply, politics, and the next administration
17:49 – Consolidation in brokerage and competitive advantage

Episode Highlights
• How REAL New York scaled from two founders to a 150-agent brokerage
• Why conversions are dominating Manhattan rental development
• What it takes to redesign hospitals and office buildings into livable apartments
• The financial realities of 45X replacing 421a
• Why many new rental projects are staying under 99 units
• Retail transformation in Williamsburg and the Upper East Side
• How Midtown is becoming more residential
• Why supply, not “greedy landlords,” is the real housing issue

Notable Quotes
“There’s not enough housing in Manhattan. These conversion projects make a ton of sense.” 

“If you’re not developing a relationship with your client, you will get replaced by AI.” 

“We don’t think we have a greedy landlord problem. We think New York City makes it extremely hard to build apartments.”