Power Players in Residential Real Estate

Jim Capalino is one of New York’s premier urban problem-solving strategists. In 1977, Jim co-managed Congressman Koch’s successful mayoral campaign, and, at 28, was named Commissioner of the Department of General Services, setting a record for youngest commissioner in city history. As founder and CEO of Capalino, Jim has overseen the growth of New York’s leading urban strategy firm, responsible for developing and executing forward-thinking strategies to navigate the complex political, business, and regulatory landscape.

What led you to get involved in the real estate industry?
My appointment to Commissioner of the Department of General Services (a 2,000+ employee, $750 million agency) by Mayor Koch. I managed the City’s enormous real estate portfolio, which included commercial, residential, industrial, and vacant sites. Understanding all the challenges and opportunities of getting things done in NYC, I became a key strategist at Capalino to launch some of the city’s most widely recognized developments including The High Line, MetroTech, Hudson Yards, and Coney Island.

What’s your favorite neighborhood in NYC?
East Harlem, where I live, is my favorite neighborhood. The diversity of cultures and backgrounds make it vibrant.

Describe a recent project you’ve enjoyed working on.
As a founding board member of Friends of the High Line, this is one of my principal NYC civic engagements. I am focused on expanding its education programs and ensuring people see the key role it played in the growth of NYC’s economy.

Michael Carr is a member of the Litigation Department at Rosenberg & Estis, P.C. After only two years at R&E, he became one of the youngest attorneys in the firm’s history promoted to member. He specializes in residential landlord/tenant matters and advises some of New York City’s most prominent commercial owners, developers, and multi-generational families in both real estate transactions and disputes.

What led you to get involved in the real estate industry?
My father was in construction and that introduced me to the business of real estate. When I was a newly minted attorney, just out of law school, my landlord asked me to handle some landlord/tenant cases. I enjoy the intricacy of the procedures and the art of the negotiation. When you are dealing with apartment buildings, it usually involves different specialists, so I am always broadening my experience.

What’s your favorite neighborhood in NYC?
I love Carroll Gardens in Brooklyn. Carroll Gardens is like a suburb in the city with gorgeous tree-lined streets and everything from neighborhood bakeries to world-class restaurants within walking distance. When I lived in Carroll Gardens, I walked the Brooklyn Heights Promenade often to take in the views. You can see the Brooklyn Bridge, Manhattan Bridge, Williamsburg Bridge, 59th Street Bridge, and amazing views of Downtown Manhattan.

Describe a recent project you’ve enjoyed working on.
The new East Side Access project is one of the most important developments in the city in decades. I wasn’t directly involved in the project but as someone who now commutes from Long Island, it has been truly transformative. Although it took decades to build, it has modernized one of the busiest train lines in America, cut down commuting time, and created a beautiful new terminal.

Aaron Carr is the founder and executive director of the non-profit housing watchdog group Housing Rights Initiative. HRI uses a data-driven and systematic approach to investigating and uprooting real estate fraud and connecting tenants to legal support. Aaron’s work has been profiled in the New York Times and the Wall Street Journal. Carr is also featured in Season 2, Episode 3 of the Netflix series Dirty Money, which explores HRI’s investigation into Kushner Companies.

What led you to get involved in the real estate industry?I used to work in the South Bronx. The South Bronx was saturated with real estate fraud, which hurt countless numbers of families. The government wasn’t doing anything about it, so I started a housing watchdog agency to do something about it.

What’s your favorite neighborhood in NYC?
Upper West Side.

Describe a recent project you’ve enjoyed working on.
Investigating affordable housing tax benefit fraud, which doesn’t just hurt tenants, but taxpayers. Everybody should care about this!

Adolfo Carrión Jr. works to build and strengthen communities. His career in public service includes serving as NYC Council Member, Bronx Borough President, Regional Administrator for the US Department of Housing and Urban Development, Deputy Assistant to President Obama, and Director of the White House Office of Urban Affairs. Prior to HPD, Carrión founded Metro Futures, a real estate development and consulting firm focused on affordable housing and mixed-use economic development projects in New York.

Rafael Cestero is CEO of the Community Preservation Corporation, the largest community development financial institution dedicated solely to investing in multifamily housing, and is co-host of The Housing Problem podcast. From 2009–2011, Cestero was Commissioner of the New York City Department of Housing Preservation and Development.

Scott Durkin has been an industry leader for nearly three decades and is a driving force behind Douglas Elliman’s globally recognized brokerage’s ranking as one of the largest independent residential real estate firms in the United States. Scott’s meteoric rise at the firm began when he was hired as executive vice president in January 2016 as part of the company’s effort to grow a nationwide presence. He was quickly promoted to COO in October 2016, president in December 2017 and CEO in 2021.

Queens-raised brothers Tom & Fred Elghanayan have worked together to steadily build a reputation for quality, integrity, and vision. Tom is the chairman, CEO and co-founder of TF Cornerstone. He is actively involved in overseeing Residential Leasing and Property Management. Fred is the president, COO and co-founder. Fred leads the Construction Division. Both brothers are actively involved in the financing, acquisition, planning, and development of future projects.

What led you to get involved in the real estate industry?
While growing up, we always had interest in real estate as our father Nourollah speculated in real estate in NYC and Tehran. After graduating from business school, and Tom had finished basic training for the US Army reserves in 1969, together we created a fund for wealthy Iranians to invest in the US. We worked together renovating three brownstones on the UWS, and learned the business by immediate immersion.

What’s your favorite neighborhood in NYC?
The West Village is no doubt a favorite, with much of our company history based there. We also love LIC, where we were one of the earliest real estate companies to see the value in the neighborhood. We have now developed seven buildings with 3200 apartments in the neighborhood, which spurred the massive explosion of housing in LIC.

Describe a recent project you’ve enjoyed working on.
We are currently developing a three building, mixed-use project at the tip of LIC. The project requires extensive site work, waterfront preservation work, new roads and new infrastructure, and we have worked closely with many NYC and NYS agencies. The project will bring 1300 apartments – of which 390 are affordable – local retail space, parking, and an abundance of new public park space. Our objective is to continue building a vibrant and attractive neighborhood.

Eric Enderlin joined the New York City Housing Development Corporation as its president in October 2016 and was reappointed by Mayor Eric Adams in January 2022.  As President of HDC, Mr. Enderlin is tasked with leading the nation’s largest municipal Housing Finance Agency towards furthering the Administration’s goals to create and preserve affordable housing and rehabilitate the city’s public housing stock.

Rachel Fee is the executive director of the New York Housing Conference, a nonprofit affordable housing policy and advocacy organization that supports safe, decent, and affordable housing for all New Yorkers. With nearly 20 years of experience in the industry, Ms. Fee is one of New York’s most prominent housing advocates and consistently works to improve housing policy and expand resources at the city, state, and federal levels.

What led you to get involved in the real estate industry?
I have always cared deeply about social justice issues, and while housing is a basic human need, affordable housing is out of reach for many New Yorkers. I joined the Department of Housing Preservation and Development in 2004. There I saw how connecting vulnerable New Yorkers with high-quality housing can improve their safety, physical and mental well-being, and economic success. It’s been my mission ever since to advocate for policies that create those connections.

What’s your favorite neighborhood in NYC?
Soho in Manhattan and Gowanus in Brooklyn tie for my favorite New York City neighborhoods at the moment. Their respective rezonings will create thousands of new units of affordable housing in affluent neighborhoods with great schools. They represent exactly the kind of land use reform New York needs to promote racial and economic justice. Plus, they are each very cool neighborhoods to explore. The annual Gowanus Open Studios offers a peek at local artists in action.

Describe a recent project you’ve enjoyed working on.
Last year, the NYHC developed the NYC Housing Tracker to track affordable production and the economic need for housing in each borough and New York City Council District. Its initial release was in May 2022, with an update coming soon. Every neighborhood must do its part to help solve the city’s affordable housing crisis. We’ve found it’s a way to ensure our elected officials are held accountable for creating more housing in their districts.

Winston Fisher is a partner at Fisher Brothers. With nearly nine million square feet of assets in New York, Washington, D.C., Florida and Las Vegas, Fisher Brothers has been growing rapidly and expanding into new sectors under his leadership, including experiential retail and entertainment, asset management, and hospitality management. He co-founded and serves as Chief Executive Officer of AREA15, the world’s first purpose-built immersive entertainment district located minutes from the Las Vegas Strip.

What led you to get involved in the real estate industry?
Fisher Brothers is a family-owned business that has excelled in real estate innovation, developing, owning, and operating unique spaces for more than a century. I am proud to be a member of the third-generation of Fisher leadership as we continue to expand into new and exciting fields which complement our heritage of traditional commercial and residential development and management. 

What’s your favorite neighborhood in NYC?
I grew up in the Upper East Side and love working in Midtown, but my favorite thing about New York is that the city has something for everyone to enjoy. From the amazing food in Astoria, to summers in Coney Island, it is impossible to choose a favorite neighborhood when the city has so many amazing experiences to offer. 

Describe a recent project you’ve enjoyed working on.
In 2018, we completed a 157-unit luxury condominium at 111 Murray Street in Tribeca. The 64 story residential tower stands 800-feet tall, making it an iconic new addition to the Manhattan skyline. The property features gorgeous views of the city and 20,000 square feet of luxury amenities including a private garden, a fitness center, hammam, 75-foot lap pool, spa and recreation areas for residents of all ages to enjoy.