As the managing partner at the New York real estate law firm Starr Associates LLP, Samantha Sheeber is well-informed about the city’s current housing market and has a perspective on its trajectory in the years ahead.

Sheeber specializes in structuring commercial, residential and mixed-use condominium projects and advises several of New York’s most prominent developers and investors on acquiring and financing their projects. She has been tasked as the lawyer on prestigious condominium developments such as One Wall Street, 520 Fifth Avenue, 111 West 57th Street and 15 Central Park West.

Sheeber, 56, recently spoke to Mansion Global about the city’s residential projects with the most traction, advice for buyers in new developments and how the recent elections may impact the city’s housing industry.

Mansion Global: The new development market in New York City has slowed down. What types of projects are moving ahead?

Samantha Sheeber: While the numbers may say otherwise, we have seen an uptick in sales for luxury development rehabilitation projects [historic building conversions, for example] over the past six months. In 2023, our firm closed approximately 750 new development rehabilitation projects, and it looks like we will surpass that number by year-end. Some larger rehab projects, such as One Wall and 111 West 57th Street, have seen significant activity over the past few months. New developments, including 520 Fifth Avenue and the Surrey, have also seen tremendous success.

How are developers getting creative in carving out amenity spaces within these conversions?

A popular trend among developers, as well as restaurateurs throughout the city, is to structure their amenity spaces as a social/member club by creating a separate nonresidential condominium unit to house some or all of the condominium’s amenities.

How do you assess a developer’s ability to deliver a quality product?

A successful track record is key. This assessment includes looking at the number and success of past projects, the description of the finishes and appliance brands to be delivered as part of the building’s construction (this can be ascertained via the offering plan, which contains details regarding the building’s construction), and the developer’s reputation among industry
professionals.

What new changes affecting the New York market should luxury buyers be aware of?

A change luxury buyers should be aware of is the City of Yes initiative, which may result in greater development opportunities. This broad initiative plans to reform and modernize the city’s zoning laws to support small businesses, create affordable housing, and promote sustainability. The City Planning Commission recently approved a City of Yes proposal known as the Housing Opportunity, which is pending a final vote.

What neighborhoods are hotbeds for residential conversions, and does proximity to Class A office space impact the locations developers choose for sites?

In terms of office-to-residential conversion, the locations that developers choose vary, depending on various factors. Neighborhood is certainly one and helps developers determine the price per square foot that can be achieved, but unfortunately, so much of the current site selection for these conversions is dictated by the ability to comply with zoning requirements (such as light and air requirements for residential dwellings)

Where are the wealthiest buying New York real estate right now?

Some of the wealthiest buyers can be found vying for the latest and biggest new development on Billionaires’ Row. However, we have also found that some of the wealthiest prefer a more boutique or individualized experience and seek buildings that contain fewer units but the same high-end amenities found in the larger new developments.

How does the Brooklyn market compare to Manhattan regarding quality and price?

The Brooklyn market has historically been seen as a more affordable alternative to the Manhattan market, and while this remains true today, that distinction is rapidly blurring as luxury condominium development in Brooklyn is on the rise. The biggest talking point for Brooklyn right now is inventory. Pricing in Brooklyn keeps going up, as we have seen in our Brooklyn projects,
which have been filing price-change amendments with increased pricing.

How will the recent U.S. election impact the city’s real estate market?

Some of [President-elect Donald] Trump’s policy proposals that may impact the market are deportations, regulation cuts, and federal land regarding the luxury real estate market. Others speculate that Trump’s pro-business agenda and fewer regulatory hurdles will result in a more favorable perception of the market from the perspective of buyers and investors and create a supportive landscape that may encourage new development.

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