NOTES FROM STEPHEN

The new email format seems to be a hit, so we're sticking with it. As always, if you have questions, comments or suggestions, reply directly to this email and let me know.

Now that most of the collaboration between members happens in the community, I'm getting the same two questions from a lot of people: "How can I add value to JSuite?" and "How can I let people know about me and my business without spamming everyone?"

There's one answer to both: post an AMA.

Tell us who you are and what you do, then field questions from the community. You share your expertise, members get insightful and actionable answers, and the people who need what you do find you. Jeff Weiss did exactly that this week on franchise ownership (see Thread of the Week below).

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THIS WEEK IN JSUITE

MEMBER OF THE WEEK

Shane Neuringer
Managing Principal, Gemini Real Estate Associates
New York, NY · Invests in, develops and advises on NYC real estate; now buying retail and mixed-use with SteeleHarbour

Shane was one of the first JSuite members, and he's spent his career in New York real estate — asset management, acquisitions, development and private lending. He and SteeleHarbour just launched a platform to buy and finance NYC retail and mixed-use properties, and his ask to the community is at the end.

Gemini is a New York–based real estate investment, development and advisory firm. We work across property types and the full life of a deal — sourcing, underwriting, financing, execution and asset management. We own, operate and lease real estate ourselves, which shapes how we underwrite and who we partner with. SteeleHarbour is a privately held investment manager with roughly $1.4 billion in assets under management and about $2 billion acquired since 2019. Together we've launched a new platform to acquire and provide capital for retail and commercial mixed-use properties in NYC.

My father was an architect and some of my mom's family was in real estate, but I didn't study business. After college I explored marketing, video production and the music business. A real estate investing class at NYU led to the master's program there, while I worked full time as an asset manager and then in acquisitions. From there I followed my passion for urban development and worked with some of the top developers in NYC. Eventually I became a partner in development projects and a private lender. Being creative, always learning and nurturing relationships has kept me going as an entrepreneur.

It's a challenging market, but there's real opportunity. Vacancy in some retail corridors is at historic lows. Retailers have figured out that storefronts and online sales work together — it's not one versus the other. Rates are elevated from the lows the industry got used to, but they're not high historically, and financing is available. Food and beverage, fitness and experiential tenants are actively leasing. And many owners and lenders are still under stress, which creates interesting opportunities for us.

NYC real estate is hyper-local, and real estate in general is very cyclical. I've never chased trends — data centers, build-to-rent single family, whatever is popular at the moment. Some say NYC isn't business friendly and it's getting worse. That may be true, but it's still the greatest city in the world, and there's a lot of demand for the right product for the right customer. It's not an easy business and right now it's particularly challenging, but there are plenty of opportunities for experienced operators with relationships who are willing to roll up their sleeves.

I expect New York to remain the deepest, most liquid commercial market in the country, in two phases. 2026–2028 is a reset turning into opportunity: fundamentals have recovered faster than pricing, and loan maturities are forcing some sales. 2029–2036 is a supply-constrained market: zoning favors housing and construction is costly, so new commercial space stays limited. Interest rates matter most, then supply and tenant demand. The biggest unknown is policy and operating costs. I'm optimistic but disciplined — focus on in-place cash flow, modest leverage and buying below replacement cost, so the thesis works without lower rates.

We're buying retail, office and commercial mixed-use properties in NYC, generally $20–200 million. We're looking for intros to owners, brokers and lenders, as well as accountants and attorneys whose clients need help refinancing or funding a lease-up. We can help owners and lenders solve maturing-loan problems by providing capital, buying the loan or buying the property. We're also looking for investors who want NYC exposure while prices are lower and cap rates are higher, and for commercial tenants and nonprofits looking for space.

Mickey Goldberg. I was doing some research at the time and he was helpful with some interesting information.

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THREAD OF THE WEEK

Jeff Weiss spent 15 years owning Learning Express Toys franchises before selling in 2019, and now helps people evaluate franchise ownership. He's taking questions on picking a brand, startup costs, financing and what he learned as a franchisee. 2 replies so far.

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