
The Real Estate Roundtable with IPRG
A Tale of Two Cities — NYC Real Estate, August 2026
Derek Bestreich, Adam Lobel and Luke Sproviero on a New York market running in two directions at once. Development sites, free market buildings and townhouse conversions are trading at all-time highs — while rent stabilized product gets hit harder every quarter, with 20-unit buildings selling for $1.3 million and owners sitting on apartments they can't afford to rent or leave empty. The conversation covers the international bid and where Japanese capital is going next, why extend-and-pretend is finally breaking at the bank level, what happens when an owner can't produce the receipts behind a $5,000 rent, the office market's return from the dead, and what the industry is and isn't doing about any of it. Follow IPRG: @iprg_ny www.IPRG.com

