MASTER NYC REAL ESTATE

Real Estate Education in NYC:

Learn everything you need to know about commercial and residential real estate in New York with three interviews: two from commercial real estate agents who have worked with brands like Nike, Crocs, Steve Madden, and Under Armour. and an interview from a NYC Landlord who has been renting out townhouses in Manhattan for the past 20 years

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Interview with commercial real estate agent Josh Podell:

Interview with commercial real estate agent Joanne Podell:

Interview with NYC Landlord: Jeanette Bozzo:

Interview with commercial real estate agent Josh Podell:

josh podell is a commercial real estate agent who has worked with companies like: Steve Madden, Crocs, and Lids

1. Can you walk me through your background and how you became interested in retail real estate?
I’ve been in commercial real estate for over 30 years, but my connection to it started before I ever closed my first deal. Real estate was something I grew up around—my mother ran a chain of furniture stores, so I had exposure not just to property ownership but to the day-to-day workings of retail. I learned early on how physical space can impact a business’s success. In many ways, real estate is in my blood. That natural familiarity drew me in, and I’ve been passionate about it ever since.

2. What types of commercial properties have you worked with (e.g., office, retail, industrial, multifamily)?
Throughout my entire career, I’ve worked exclusively in retail real estate. I’ve focused on helping retailers find the right locations, whether that’s in shopping centers, standalone buildings, or high-street environments. Specializing in retail has allowed me to dive deep into the nuances of consumer behavior, foot traffic patterns, co-tenancy dynamics, and retail brand strategies.

3. What’s your experience with real estate transactions, underwriting, or lease negotiations?
I’ve been fortunate to work on over 7,000 retail transactions over the course of my career. These have taken place in shopping centers across nearly every state in the country—all except Alaska, to be specific. My role typically includes everything from identifying ideal locations and structuring deals, to underwriting, financial analysis, and, of course, negotiating leases.

4. What markets are you most familiar with? What makes those areas attractive for investment?
I work extensively in Florida, the Northeast, and the Philadelphia area. Each of these markets has its own unique strengths. Florida, for example, has been experiencing significant population growth, which creates strong demand for retail. The Northeast is a more mature market, but it's dense and has a deep-rooted retail culture. Philadelphia combines urban energy with a large and diverse consumer base. In all three areas, I’ve built long-standing relationships, which helps when evaluating deals and understanding the local dynamics. What makes them attractive is a blend of stability, growth potential, and consumer demand.

5. What trends do you think will shape commercial real estate in the next 3–5 years?
Retail is definitely facing some headwinds right now, and I think the next 1–3 years may bring a downturn. That’s due to a variety of factors—economic uncertainty, shifting consumer habits, and ongoing changes in how people shop. My business is directly tied to consumer sentiment: if people feel good about shopping, my phone rings. If they don’t, deals take longer, and tenants pull back. That said, downturns also create opportunity. There will likely be chances to pick up well-located space at better terms for the right tenants.

6. Tell me about a deal you were involved in—what was your role, and what challenges did you face?
One of the most exciting deals I’ve worked on recently was securing the global flagship location for Crocs in SoHo, New York. I was deeply involved in the process—negotiating the deal terms and playing a major role in the lease negotiation. The biggest challenge was the physical configuration of the space. It was long and narrow, which is far from ideal for retail. We had to be very strategic in how we laid out the store, structured the deal, and coordinated with architects and designers. In the end, it turned out to be a great space that aligned with their brand’s goals.

7. Describe a time when a deal almost fell through. What did you do to help save it?
Deals are fragile—many come close to falling apart. Most recently, I had a client who was about to sign a lease when we found out the entire HVAC system needed to be replaced. That was a huge and unexpected cost that threatened to kill the deal. But I stepped in and negotiated directly with the landlord, making the case that it was in their best interest to cover the replacement. Fortunately, they agreed, and we were able to move forward. It’s moments like that where experience, trust, and strong negotiation skills really matter.

8. How do you evaluate risk when considering a new commercial real estate opportunity?
Research is everything. Before we even start talking numbers, I want to understand the market on a granular level. That means looking at demographics, psychographics, foot traffic, and spending patterns. I also compare sales and rent data from neighboring retailers. This is where having strong relationships in the industry really helps—sometimes you can only get accurate rent comps or performance benchmarks through backchannel conversations. Ultimately, it's about assessing whether a space aligns with the brand's goals and whether the market supports their success.

9. What is your salary?
Like most real estate brokers, I don’t have a fixed salary. My income is entirely commission-based, which means I only get paid when deals close. It’s a high-pressure model, but I actually prefer it. It keeps me motivated, focused, and aligned with my clients' success. If they win, I win.

Interview with commercial real estate agent Joanne Podell:

Joanne Podell is a commercial real estate agent and EVC of Cushman & Wakefield whose opened stores in Nyc for companies like : Nike, Under Armor, and MINISO

1. Can you walk me through your background and how you became interested in commercial real estate?

I started my career by taking over my father's company of 20 years, Brazil Contempo. Brazil Contempo was a furniture retail chain with 10 locations. I have always had a passion for real estate, and I thought that even though many of my decisions ended poorly, they were the best decisions for starting my career and figuring out what I wanted to do for the rest of my life.

2. Give some advice for some aspiring real estate agents

Know the difference between a leader and a boss

A leader makes everyone successful and acknowledges help from everyone, whereas a boss just delegates

Read as much as you can on a topic before committing to it
Always put the customer first
Help others around you that seem interested in what your doing

3.What trends do you think will shape commercial real estate in the next 3–5 years? In the next 3-5 years?

I see technology having a major impact on commercial real estate. More specifically, more accuracy in customer data and trends. In the next few years companies will be able to see how long you spend in the store, how many times you go back, and what you buy. And using this, they will advertise different items to you so you will continue to come back into the store. There are companies now that I know who are doing this but in the next couple of years i believe the accuracy would be more exact, and it would become more common. I also think that in the next 3-5 years, its hard to judge how retail spaces are going to preform due to the rising tariffs on imports, so we have to wait and see how this situation is going to play out

4. Tell me about a deal you were involved in—what was your role, and what challenges did you face?

OK, I guess the Nike deal because it’s such a high profile the Nike on fifth Avenue some challenges were We had to turn office spaces into retail spaces specifically retail spaces that aligns with nikes interactive vision of the store, and we had to go to the federal government to get a pool to have them seize the building because the buildings wasa secretly owned by the iranian government who used a front company called the Assa Corporation

5. You have had many successful deals in your time as a commercial real estate agent. What are some of your tips of success that you would give?

Its ok to take risks (Big risks usually come with Big rewards)
Failing is a blessing in disguise many of the times
Always network (it never hurts to meet new people especially who are in the same field as you)

6. What 2 jobs would you say changed your career?

My deal with TD Bank, where i was hired to do a rollout of 50 NYC stored over 7-8 years, was my first really big job This forever changed my carrer because i met people who i met people who im still in contact with and who i still do business with to this day
Another big deal i had was the chance to open 2 Nike stores in NYC one being on 5th avenue and the other being in soho

7. What is the best part of your job?

The best part of my job is that every day is a different day with new challenges and solutions, and every deal I make, I continue to learn more and more even though I've been in this line of work for many years.

Interview with NYC Landlord: Jeanette Bozzo:

Jeanette Bozzo is a NYC landlord who has been renting out properties in NYC for over 20 years

What type of properties do you own/manage, how long have you been renting properties out, and what area do you focus on?

My family and I own townhouses—single-family houses in NYC, and I have been renting out and managing the properties since 1997. I focus on residential properties in the Upper East Side because that is where the properties are located.

2. How do you determine rental prices for the units?

I determine rental prices by analyzing the market for similar properties. I consider the square footage of the properties that I am analyzing, the number of bedrooms, the number of full bathrooms, whether there is a finished basement or not, if the properties have recently been renovated (specifically the bathrooms and the kitchen), if they have fireplaces, if they have elevators, etc.

3. Have you noticed shifts in rental trends and prices over the past few years?

As the townhouse rental market is a specific customer, it has been pretty stable for us. I have seen that the rental market for Townhouses has been in demand because there are limited one-family townhouses, and the cost of property taxes is skyrocketing. The customer who once purchased this type of property is now renting it because of the increase in property taxes in New York City. I have also noticed that since COVID, townhouses have been a property desired by the customer base due to the level of independence and being in a single-family house in New York City.

4. What qualities do you look for in a tenant?

I look at the overall package.

I look for families looking to reside for at least 2 years or more.
I look at the company they are holding their current job with, their salary preferably being 3 times the amount of the rent I am asking per month to assure that the family would be able to meet the financial responsibility for renting the property, how long they have been working there and their work history as it would be able to give me a better sending of their consistency in the workplace.
I look at their credit scores. I prefer that a tenant has 700 plus, their financials, if they have had any issues with late payments or missed payments, and if they have ever filed for bankruptcy.
I research to see if they have ever had any criminal issues or have been evicted.
I ask for at least four recommendations: one from their current landlord, one from work, and two personal.
Upon everything above passing and looking good, I request a meeting, typically at the house. At the meeting, I look to see the family interaction, how they are with the kids, how they are as individuals, and if this is a family that I can get along with. As I rent a house, I look for the possibility of a long-term relationship.

5. How do you handle late payments and lease violations?

There is a 5% late fee after 10 days from the first of the month, which is part of my

terms on all my leases. After 10 days, I have a letter sent to the tenant notifying them of their late payments with 3 days to make their payment. Then I start the eviction process. For minor violations, I send the tenant a letter notifying them of the violation and, depending on the violation, ask for immediate remediation or give them a 5-10 day

Notice to have the situation remedied. I send them a notification letter for more serious violations—a legal letter to have the violation remediated ASAP— or I would have to take them to court.

6. Do you have an intriguing story from a tenant?

Yes, I do — one tenant story stands out in particular.

In June 2018, a lovely Southern family of five moved into one of our properties. On paper, everything was perfect — their finances checked out, solid references, good job history. When I met them in person, they were kind and charming, and the wife was even pregnant with twins. It felt like a great match.

Things went smoothly for the first six months — until suddenly, they started reporting a rodent problem. This was a property where the previous tenant had lived for 12 years without a single pest complaint. Still, I immediately sent an exterminator. Two days later, they called again: more rodents. I sent another pest control team. This cycle repeated over three weeks, so I brought in two more reputable companies for second and third opinions and documentation.

That’s when it took a bizarre turn. All three exterminators independently confirmed that the droppings weren’t fresh; they appeared to be old rodent feces planted around the house. One company even found droppings staged in the baby’s crib. It was shocking. According to the exterminators, rodent droppings don’t dry overnight, and what they found couldn’t have come from recent activity.

Then came the health claims. The tenants said one of their children had norovirus from the infestation. I consulted a pediatrician friend who confirmed that rodent feces don’t cause norovirus. I provided the tenants with a medical statement, but the complaints continued.

Shortly after, they claimed they had discovered lead paint. Upon inspection, I learned they had dug into the molding around the windows, creating deep holes almost ¾ of an inch deep to reach the base layers of paint. A professional lead inspection revealed only trace lead levels, well below anything that required remediation. Their damage, however, was substantial.

Communication with them became hostile. Eventually, the husband told me outright: “All these problems would disappear if you just sold us the house.” It became clear they were creating issues to pressure me into selling at a discounted price. I refused and involved my attorney. We filed for eviction and won.

When we finally regained possession of the property, the condition was appalling. They had sealed the fireplace, made holes throughout the home, installed padlocks outside the children’s bedroom doors, and worst of all, the basement reeked. We found hundreds of flies and, in the corner, an icebox filled with rotting meat and maggots. It had been left there for days, maybe weeks.

The whole experience was like a horror movie. Now, I’m much more cautious with tenant screening. Background checks are only one part of the equation. Occasionally, the things you can’t see make all the difference.

7. How do city regulations affect your ability to renovate?

Because most of the properties had major renovations when we first purchased them

There is little impact because it mainly updates a bathroom or a

kitchen. Other than the nuisance of getting the city permits, and how long it takes to

Get them approved; it has not affected us much to date.

8. What are your thoughts on the recent changes in NYC housing laws?

I’m not happy with some of the recent NYC housing laws because it seems like

It protects the tenant and not the landlord at all.

Broker fees- this is one that I am upset about. Sure, there are ways around it, but it was customary that the broker was responsible for broker fees. Now, the landlord has made me raise my prices when listing the houses to compensate for the broker's fee, which I must pay.

In the past, one could ask for a 2-month deposit and one month up front. Now,

one can only ask for a month's deposit and one month up front. I do

not like this change because if one has a tenant who damages the property (I’m not talking about wear and tear, but severe damage, the cost of repairing the property may be way more than one month's rent.

There is something called a fair house for housing rent. Now, every prospective tenant will be considered. I think one should consider whether they have participated in any criminal act. So, not judging a possible tenant for their crimes is ridiculous. I mean, I do not think that anyone wants to rent their properties to a murderer.

9. Do you have advice for aspiring landlords in NYC?

Have a fantastic career, and be smart when looking for a tenant. Make sure that everything checks, and listen to your gut when it comes to them personally. Ensure you have an excellent green agreement with details on what the tenant is responsible for. Have a rider in place of the boilerplate lease. If you are working with a realtor, ensure they always give you information weekly on how many viewings they have had and comments on the property. What can we do to make the property more desirable?

Most importantly, do not get stuck on renting the property at a high price if the market is not doing well. It is better to have consistent rent being paid and a decent price than to wait for the highest paying tenant to come along and have the property not rented for months or years. Most of all, landlord relationships are key! Make sure you are constantly communicating.