2025 Power Players in Real Estate

At Acacia Network, Lymaris Albors has led network-wide integration, organizational restructuring, and the transition of new, high-impact affiliates into Acacia Network. She holds a master’s from Fordham University, a bachelor’s from the University of Puerto Rico, and Executive Leadership Certificates from Harvard University’s John F. Kennedy School of Government and the Center for Creative Leadership. She is a board member of the Legal Action Center, Casabe, and Blythedale Children’s Hospital.

Is there a project you are excited to work on or see completed in 2025?
Acacia Network remains laser-focused on increasing access to affordable and supportive housing for vulnerable, low-income individuals and families – not just in New York City, but across the State and beyond. I am particularly excited about expanding our footprint in Puerto Rico, and we are presently exploring several opportunities to replicate and improve upon our existing sustainable “casitas” model, which we believe is the future of housing in disaster-prone areas such as the Caribbean.

How do you see real estate evolving in the future?
Inflation, climate change, and population increases, compounded by the lingering effects of the COVID-19 pandemic, have placed increased demands on New York City’s aging infrastructure and further widened economic disparities. Real estate must adapt to this reality by focusing on: (1) the preservation and rehabilitation of existing buildings to safeguard and expand access to safe, affordable housing, and (2) streamlining the development pipeline by eliminating barriers that often slow down projects and increase costs.

What is the most important lesson you’ve learned in your career so far?
The odds are oftentimes stacked against nonprofit and minority housing developers. The slow development pipeline and overwhelming bureaucratic process can be discouraging. We might start a project with lofty goals to serve our community members in a way we feel truly meets their needs but then have to alter our plans to meet the guidelines of financing entities or oversight agencies. Learning to navigate this process creatively and by building strong relationships has been key.

Lisa was appointed NYCHA CEO in July 2023 after previously serving as interim CEO and general counsel. She was general counsel of the City University Construction Fund and executive university counsel of CUNY. Lisa also previously served as executive director of the NYS Governor’s Office of Storm Recovery, and was a senior attorney and chief advisor for nearly 20 years at the NYC Law Department. She graduated from Villanova University and Brooklyn Law School.

Is there a project you are excited to work on or see completed in 2025?
All of our rehabilitation projects that enhance conditions for NYCHA residents make me the most excited and proud. Every day, the Authority is utilizing our available tools like PACT, the Public Housing Preservation Trust and Comprehensive Modernization to bring billions of dollars of investment into our properties. I look forward to seeing this important work continue in 2025 and consider it a great honor and responsibility to be at the helm of these efforts.

How do you see real estate evolving in the future?
Pertaining to NYCHA, my hope is that the preservation and transformation of public housing continues to be prioritized through the use of innovative recapitalization strategies, ensuring that this crucial resource remains available to future generations of New Yorkers. At the same time, as we reimagine our campuses using programs like PACT and the Trust, I would love for NYCHA to contribute to the creation of more inclusive and connected communities across the five boroughs.

What is the most important lesson you’ve learned in your career so far?
Throughout my nearly 30 years of public service, I have seen firsthand the value of pairing the implementation of innovative policies and actions with robust community and resident engagement. New Yorkers rightfully want a say in what is happening in their communities. I believe that instituting mechanisms for public input yields better outcomes and solutions that are often more responsive to a community’s specific needs and assets.

Ben Brown is a managing partner in Brookfield’s Real Estate Group, where he is head of the Americas region and global head of office. He is responsible for overseeing all real estate activities in the Americas, including investments and portfolio management. As global sector head for Brookfield’s office business, he also oversees one of the largest office portfolios in the world with 340+ high-quality properties comprising 150+ million square feet in gateway cities worldwide.

Kenny Burgos is the inaugural CEO of the New York Apartment Association (NYAA), representing the owners and operators of nearly one million apartments in New York City. As a former New York State Assembly member and New York City Council staffer, Kenny worked directly on issues relating to housing and affordability. He is a lifelong New Yorker, who was raised in the Bronx and still lives there.

Is there a project you are excited to work on or see completed in 2025?
NYAA is focused on improving housing policy for all New Yorkers by building a robust coalition of stakeholders who believe abundant housing is necessary to make the state more affordable. This year, we are focused on reducing insurance costs, getting property tax relief for buildings that are in financial distress, and expanding voucher access to renters who need help.

How do you see real estate evolving in the future?
Elected officials at all levels of government and from both parties realize housing is a top issue for voters. So I think change is inevitable when it comes to housing policy. We will be doing everything we can to make sure that change focuses on increasing supply and not doubling down on regulations that will do nothing to address the core problems in the state.  

What is the most important lesson you’ve learned in your career so far?
I’ve learned that the complexities of operating rental housing in NYC cannot be understated. Most older rent-stabilized buildings have layers of regulations that have changed over the years, impacting how the building has grown and developed. I think it’s similar to looking at the lines of a tree stump, determining if there was a lot of rain one year versus another. You really cannot teach rent-stabilization, you just have to learn it through experience.

Adolfo Carrión, Jr. is New York City’s deputy mayor for housing, economic development, and workforce. Carrion oversaw three record years in housing production at HPD. With a career focused on affordable housing and urban life, he served as a council member, Bronx borough president, regional administrator for HUD, deputy assistant to President Obama, and director of the White House Office of Urban Affairs. Carrión is an urban planner committed to improving cities across the country.

Is there a project you are excited to work on or see completed in 2025?
As deputy mayor, I am excited to advance the work this administration has focused on since day one: putting a dent in the housing crisis, growing jobs, and bringing tourists back to the greatest city on earth. We are energized by addressing our housing crisis in a more equitable way with the City of Yes, transforming NYCHA, and continuing to push through legacy projects such as SPARC Kips Bay, Brooklyn Marine Terminal, and more.

How do you see real estate evolving in the future?
I believe New York will maintain its status as a global hub. As a financial and culturally diverse capital, we’ve taken important steps to strengthen our anchor industries—like tech and finance—and support emerging ones like legal cannabis and life sciences. The real estate market will further remain strong as the City continues to create sustainable, affordable housing for the people who make it thrive.

What is the most important lesson you’ve learned in your career so far?
I believe in providing opportunities to families who seek them. My family migrated from Puerto Rico in the 1950s to a basement apartment in Brooklyn, then into subsidized housing on the Lower East Side. That allowed us to thrive in this great city, and within one generation, my parents became homeowners with the help of a federal program. This is the American story, and we should provide families with a strong start on their journey.

Kenneth Crystal, partner at Phillips Lytle LLP, is a seasoned real estate lawyer with a national practice and deep connections in New York City who has built a reputation for getting the deal done. Ken’s clients range from Fortune 100 automotive manufacturers, global financial institutions and fashion retailers to companies establishing their first presence in New York City. He focuses on commercial real estate, including real estate sales, leasing, finance, development and construction, and restructurings.

Is there a project you are excited to work on or see completed in 2025?
The restoration and repurposing of the historic Victoria Theatre on 125th St., including the expansion of the even more historic Apollo Theater, was a major accomplishment that took many people and a great deal of time and effort to complete. We have also completed the infrastructure work relating to several state-of-the-art factories that manufacture batteries for electric vehicles.

How do you see real estate evolving in the future?
The demand, use and patterns for office space have changed, but New York City is the most resilient place in the world, and hopefully, there will be many successful conversions to residential use.

What is the most important lesson you’ve learned in your career so far?
The most successful people recognize the multiple pieces and players that are essential to a successful project.

Michelle de la Uz has over 25 years of experience as a nonprofit community development leader serving as Fifth Avenue Committee’s executive director, co-chair of the NY Housing Conference, a member of the CAB of the NY Fed and as a former NYC Planning commissioner. She oversees FAC’s mission and comprehensive programs serving 7,000 low- and moderate-income New Yorkers annually and a development pipeline of over 2,000 affordable homes, representing $1 billion in total development costs.   

Is there a project you are excited to work on or see completed in 2025?
I am deeply excited about Gowanus Green’s first closing in 2025.  FAC was selected to co-develop the site into a sustainable, mixed-use, 100% affordable housing development with 955 units over six buildings, a public park and a school. At least 50% of new rental homes will be for households at or below 50% AMI, including at least 15% for formerly homeless individuals. It represents 10% of the affordable housing created as part of the Gowanus neighborhood rezoning. 

How do you see real estate evolving in the future?
New York’s housing and affordable housing crises are solvable with political will, investment at scale and public opinion that demands both. The evolution of real estate largely rests on the public, private and nonprofit sectors working together to ensure that housing is recognized as a human right, that climate risks are more broadly shared and that both the private and nonprofit sectors are appropriately incentivized and supported to address our urgent need for housing. 

What is the most important lesson you’ve learned in your career so far?
I’ve learned that if you believe in something deeply enough you fight for it, no matter how long it takes. I first proposed that NYC build 100% affordable housing over a public library in 2006.  FAC completed our Sunset Park Library and Affordable Housing Project – NYC’s first project to combine both – in 2022. Given our need for affordable housing and 21st-century public libraries, it should be replicated over and over again.

Toby Dodd drives strategy, revenue growth and client service excellence. Relocating eight times with Cushman & Wakefield and with leadership experience across the Americas and Asia Pacific, he’s managed global teams and major client accounts. Key achievements include founding Cushman & Wakefield in Vietnam, managing the Asia Pacific merger integration and leading strong business performance across the Americas. Since joining in 2001, Toby has excelled in delivering impactful solutions for clients across all service lines.

Is there a project you are excited to work on or see completed in 2025?
PENN 2 is truly one of New York’s most exciting projects. Situated in the thriving PENN District with exceptional transport connectivity, it represents a new era of high-quality office space. This project embodies the city’s reinvention, catering to tenants seeking vibrant neighborhoods and best-in-class workplaces. Cushman & Wakefield is pleased to be working with Vornado on this exciting project.

How do you see real estate evolving in the future?
The future of New York commercial real estate lies in the flight to quality, with constant innovation and reinvention. Tenant demand in the office market will continue focusing on high-quality assets in the best locations like Midtown, Hudson Yards and the newly completed PENN District. Meanwhile, other assets and locations will find new life through innovative redevelopment and strategic transformations to meet tenant needs.

What is the most important lesson you’ve learned in your career so far?
At Cushman & Wakefield, we have the best talent in the industry which enables us to build long-term and meaningful relationships with our clients through consistent and high-quality advice and service. I’ve had the privilege of working with the best talent across our global platform, servicing the most sophisticated client portfolios. These experiences continue to highlight the importance of surrounding yourself with great talent, building meaningful relationships and continuously getting better.

Thomas Durels is responsible for all of ESRT’s real estate activities – leasing, property redevelopment, management and construction. Durels is a member of the Real Estate Board of New York, the Urban Land Institute and the Young Men’s and Women’s Real Estate Association, for which he served as Treasurer in 2003, and is a licensed real estate broker in New York and Connecticut. Mr. Durels received a bachelor’s degree in mechanical engineering from Lehigh University.

Is there a project you are excited to work on or see completed in 2025?
The opening of ESRT’s 1333 Broadway Rooftop. The outdoor rooftop deck and lounge space will be accessible to all tenants at ESRT’s Broadway Campus. The new rooftop deck will feature a reservable event space for more than 150 people and will include private cabanas with seating. This will be a great compliment to ESRT’s portfolio amenities that include fitness, basketball/pickleball court, all hands presentation facilities, golf simulators and tenant lounges.

How do you see real estate evolving in the future?
The gap between the “haves” and “have-nots” will continue to widen. Tenants will continue to lease with landlords who provide modernized buildings, topflight amenities, leadership in sustainability, convenient access to mass transit, superior services, turnkey tenant installations and who have the balance sheet strength to deliver on promises.

What is the most important lesson you’ve learned in your career so far?
Show up, be engaged and always make good on a promise.

Queens-raised brothers Tom and Fred Elghanayan have worked together to build a reputation for quality, integrity and vision. Fred is the president, COO and co-founder of TF Cornerstone. Fred leads the construction division. Both brothers are actively involved in the financing, acquisitions, planning, and development of future projects.

How do you see real estate evolving in the future? 
With the current lending market and uncertainty with cost and availability of labor and materials, I suspect that the desire to build new buildings and  convert existing structures will reduce. That said, TFC is moving full steam ahead on a number of new construction projects in the pipeline. 

What is the most important lesson you’ve learned in your career so far?
Your word is your bond.