00:00We saw the New York Gaming Commission finally approved that license for Steve Cohen, that big project going on in Queens, New York, to build a casino.
00:07You're a part of that.
00:08I am.
00:08You think this is a good thing, and I am curious about what that development actually looks like when it's completed beyond just the sketches.
00:14What is the overall vision for this complex and for our viewers that don't know?
00:18This is basically a sports complex.
00:20It includes Met Stadium and across the way the Arthur Ashe tennis complex.
00:24As well as a lot of affordable housing that is currently being built.
00:28The new project will be $8.1 billion.
00:32Of course, it will include the casino and hotel, but it will also have this beautiful park space for the residents of Queens, as well as a new MTA station.
00:43I don't know if you've seen that station recently.
00:45Oh, I've been there.
00:45It's pretty bad.
00:46Yeah, I avoided it at all costs.
00:47Yeah, so new parking garages.
00:50It will be a transformative project for Queens.
00:53It's interesting you bring up the MTA.
00:55I mean, your firm has been an advisor to fill a lot of MTA projects over the years.
01:00I mean, building affordable housing or building a casino is one thing.
01:05Improving a subway station or a train station seems like a much politically fraught process.
01:10And I am curious as to how you navigate those types of projects, when it's not just really about the dollars and cents, but it's about all of the regulation and bureaucracy that comes with it.
01:18Well, it's part of the $1.7 billion give back to the community that the owners of the casino wanted to do.
01:27And so improving this station was paramount to that because that's how people will get there.
01:33The station right now is not safe.
01:36It doesn't look anything like you would want to walk through.
01:41No.
01:41But now with the new casino, the station will have access right on the main floor of the development.
01:49And so it's perfect.
01:51I am curious, you know, how the regulatory landscape has changed for how long you've been in business.
01:58You know, when it comes to building affordable housing, when it comes to, you know, improving stations, I have to imagine there's a lot of red tape.
02:05Has that always been the case?
02:07How has that evolved over the past several years?
02:09It's always been the case in construction in New York City.
02:12There's always been a lot of red tape.
02:15There's always been complaints about how long it takes to get permits out of DOB.
02:21You know, we're always trying to change that and streamline it.
02:26Just getting insurance in construction is very difficult.
02:29And, of course, that goes to the state and how to deal with the scaffolding laws that made our insurance extremely high.
02:38I guess I'm wondering, has it become more onerous or have we always been at sort of these levels?
02:43We've always been at these levels.
02:45It is not an easy place to enter when it comes to construction and real estate.
02:50No, and particularly New York.
02:53I mean, any time you talk to national real estate developers, I mean, there are some that don't even want to deal with this city.
02:57Absolutely.
02:58And the few that do deal with it, they just grumble about it the whole time.
03:01But I'm curious.
03:01But, I mean, you've obviously been here for quite some time.
03:03Your firm goes back over 100 years.
03:06And you've been instrumental in a lot of big projects, including the recent redevelopments we've seen at the airports, the two major airports here.
03:11Are you hopeful that we will see maybe some changes to the regulatory mashup here in New York City and New York State with the new administration coming in in terms of the mayor and maybe potentially a new administration for governor in about a year's time?
03:27I'm always hopeful that things in New York will be streamlined.
03:31And, you know, the onus right now continues to be on, you know, the working people of New York City with the high taxes that we pay, you know, state and city taxes.
03:43You know, so I'm always hopeful that we will be a much friendlier place to do business.
03:49Will it happen?
03:50I don't know.
03:51Have you spoken to the new mayor or anyone from the state?
03:54We have.
03:54I mean, the mayor is now in the process of trying to figure out who's going to lead DOB.
03:58And, you know, from the selections that I've seen so far, I think they've been excellent.
04:03I think they're people who know the city and understand what we need to change here.
04:08But it's always a process.
04:10So conversations happening, those selections happening, though, certainly a good sign.
04:14I do want to talk a little bit more about your new role as chair of the board.
04:17As Romaine said, that becomes effective on January 1st.
04:21Talk us through that decision, you know, to step into that role and what the succession plan looks like at your company.
04:27So I've been working on succession at least three or four years, and I decided that the management side would be easier than the ownership side.
04:37And so, you know, at first I tried to bring people in from outside of the company, but the culture, our culture is what it is.
04:44And it doesn't necessarily work for people coming from other companies, especially a company that's not like ours.
04:50I mean, you know, the type of services we provide and the fact that we're a family owned business and a lot of our senior leadership has worked with us for 20 years.
05:00So after the last try, I said, you know, let's do this internally.
05:05And so we began to start doing 360 reviews for our senior leaders and having our executive coaches come in and work with us and collaborate on what this would look like.
05:18And then I had to go in for a major surgery last February.
05:24And I'm like, well, this is it.
05:25This is the time to make this transition, at least temporary.
05:30And so during that time, I was able to see how good it worked out.
05:33And now I'm making it official January 1st.
05:37Thank you very much.
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