Build a Culture of Ownership. Empower your team to take real ownership of their work. Encourage initiative, back their decisions, and let them see the impact they make. The best teams aren’t micromanaged — they’re trusted.Build a Culture of Ownership. Empower your team to take real ownership of their work. Encourage initiative, back their decisions, and let them see the impact they make. The best teams aren’t micromanaged — they’re trusted.
The commercial real estate industry is a dynamic and challenging landscape that offers enormous potential for success. However, it requires a unique blend of skills, knowledge, and aptitude to truly excel. How does one establish themselves in such a competitive field? What does it take to consistently rise to the top in commercial real estate?
How does one rise above the headwinds that are challenging the commercial real estate industry today? In this interview series, we are talking to commercial real estate professionals, brokers, investors, leaders of Real Estate Firms and Real Estate Investment Trusts (REITs), as well as anyone who’s found significant success in this industry. As part of this series, we had the pleasure of interviewing Brad Gerstman.
Brad Gerstman is a prominent attorney, lobbyist, and government relations expert known for his work in real estate, regulatory compliance, and navigating complex political and legal landscapes. He advises developers and corporate clients on high-stakes transactions, zoning, and public-private partnerships, leveraging a vast network in government to secure project success and legislative wins. Beyond his professional accolades- including several industry awards- Brad is also a public advocate, foundation co-founder, bestselling author, and lifelong sports enthusiast.
Thank you so much for joining us in this interview series! Before we dive in, our readers would like to learn a bit about your origin story. Can you share with us a bit about your background and how you grew up?
Iwas raised in Valley Stream, Long Island, where I developed a strong sense of community and drive from an early age. I went on to attend Hofstra University, where I played football and built the discipline and teamwork skills that continue to shape my professional life. After earning my degree, I pursued a law degree and began my legal career at the Bronx District Attorney’s Office — an intense and formative experience that gave me a firsthand look at the justice system and set the foundation for the rest of my legal journey.
Can you share with us the ‘backstory’ of how you got into the real estate business?
I got into the real estate business through my law firm — specifically, through the lobbying side of my practice. Over the years, countless owners, developers, and companies came to me to help them navigate complex regulatory issues in New York City. Once I successfully resolved those challenges, the next question was always, “What else can your firm do for us in the real estate space?” That demand led me to expand our services into transactions and commercial leasing, creating a full-service platform that meets the needs of clients from regulatory advocacy all the way through to closing deals.
Can you tell us about your company and what makes it stand out?
We’re a law firm with deep expertise in commercial leasing — but what truly sets us apart is our powerful lobbying and regulatory advocacy arm. Unlike traditional firms, we don’t just help clients close on space — we also help them navigate government agencies and get open faster. Our unique value proposition is that we combine legal precision with political know-how, giving our clients a competitive edge in one of the toughest markets in the world.
Can you tell our readers about the most exciting new projects you are working on now?
Every project we take on is exciting — because each one represents something important to our clients. At our firm, we’re fully invested in their success, and we don’t settle for anything less. That said, restaurant projects are always especially fun for me personally. I love food, and I have a deep respect for how passionate, hardworking, and committed people in the hospitality business are.
We understand what’s at stake: it’s not just about negotiating a lease — it’s about helping someone realize their dream. So while we’re meticulous with the legal details, we’re not here to flex legalese or score points with an overinflated ego. We know it takes serious money, effort, and heart to build out a restaurant space in New York City, and we work side by side with our clients from lease signing all the way through to opening day.
Ok, let’s now move to the main part of our interview about commercial real estate. What are the 3 things that most excite you about the industry now? Why?
Reflecting on the current landscape of commercial real estate, three aspects particularly excite me:
- Technological Integration in Real Estate (PropTech): The rapid advancement of property technology is revolutionizing how we approach real estate transactions and management. Innovations such as digital dashboards for property management, smart building technologies, and data analytics platforms are enhancing efficiency and transparency in the industry. This integration not only streamlines operations but also offers clients more insightful and responsive services.
- Resurgence of Retail Spaces: Despite the challenges faced in recent years, the retail sector is experiencing a revitalization. Retailers are reimagining physical spaces to offer immersive and experiential environments that complement online platforms. This evolution presents opportunities to engage with clients in developing creative leasing strategies and navigating the complexities of modern retail developments.
- Emergence of Data Centers: The exponential growth of data consumption and the rise of technologies like artificial intelligence have led to an increased demand for data centers. Developers are expanding into this niche market, recognizing its potential for substantial growth. This trend opens new avenues for investment and development in specialized real estate sectors.
These developments not only invigorate the commercial real estate landscape but also align with our firm’s commitment to staying at the forefront of industry trends, ensuring we provide innovative and comprehensive solutions to our clients.
What are the 3 things that concern you about it? Why? What should be done to address and alleviate those concerns?
Three things that concern me about commercial real estate right now — and what we can do about them — are:
1. Bureaucratic Red Tape in NYC:
Navigating city agencies like the Department of Buildings, the Health Department, and others can be overwhelming, slow, and unpredictable. This creates costly delays for clients trying to get open or move a deal forward.
Solution: That’s exactly why we built a team with deep regulatory knowledge and lobbying experience. We don’t just fill out forms — we advocate, escalate, and get answers. Streamlining communication with agencies and staying proactive with compliance strategy helps us cut through the red tape.
2. Rising Costs for Tenants and Developers:
Construction costs, rent, legal fees, and insurance are all going up. For restaurants and small businesses especially, it’s harder than ever to launch something sustainable in the city.
Solution: We work closely with clients to structure smarter deals — negotiating realistic lease terms, helping secure rent concessions or TI allowances, and thinking long-term. Creative, business-minded legal support can make or break a project in today’s market.
3. Unpredictability in the Market and Regulation:
From zoning changes to shifting market demand, the playing field is constantly evolving. What was viable a year ago might not work today.
Solution: Constant education, real-time analysis, and strong relationships in both government and the private sector allow us to anticipate changes instead of reacting to them. Our firm doesn’t just close deals — we help clients understand where the market is going next.
If you had the power to put in place 3 changes to improve or reform the industry, what would you suggest? Please share stories or examples, if possible.
1. Faster, More Transparent City Approvals:
The permitting and approval process in NYC is notoriously slow and inconsistent, which stalls projects and creates unnecessary costs.
Reform: The city needs to embrace technology, streamline agency coordination, and implement clear, consistent timelines. A centralized digital platform for permitting — similar to what some other cities have adopted — would be a game changer.
2. Standardized, Fairer Lease Terms for Small Businesses:
Many small business owners, especially in the restaurant and retail space, enter into leases that are heavily one-sided or vague, putting them at major risk.
Reform: Industry-wide best practices for more balanced leases — especially for new tenants — could promote healthier long-term commercial relationships. Education and legal advocacy are key here, and it’s something our firm is deeply committed to.
3. Greater Collaboration Between the Private Sector and City Agencies:
Right now, there’s often a disconnect between what the city is trying to regulate and what developers and tenants actually need to operate effectively.
Reform: Creating regular, structured dialogue between real estate professionals, city officials, and community stakeholders would lead to smarter policies and better outcomes across the board. We’re already helping lead that effort through our lobbying and advocacy work.
How has technology changed the commercial real estate industry, and how do you foresee it shaping the future of the sector?”
Technology has already transformed the commercial real estate industry — and it’s only just getting started.
Today, everything from how deals are sourced to how buildings are managed has been streamlined by tech. Property listings, lease negotiations, and closings are faster and more transparent thanks to digital platforms. Tools like virtual walkthroughs, AI-driven analytics, and online permitting have made it easier for clients, brokers, and attorneys to collaborate in real time.
But the real shift is in how we think about space. Data is helping landlords and tenants understand usage patterns, adjust lease structures, and optimize everything from energy efficiency to layout. Tech is also opening doors to new asset classes — like data centers, co-working hubs, and ghost kitchens — that simply didn’t exist a decade ago.
Looking ahead, AI, automation, and smart infrastructure will define the next wave. Buildings will become more intelligent, leases will get negotiated and signed with fewer touchpoints, and decision-making will be more data-driven than ever. The firms that stay ahead of this curve — adapting, not resisting — will be the ones that thrive.
I am hearing the phrase “Stay alive until 2025” a lot. What is your plan to survive in the current market?
Commercial real estate made it to 2025 — but the game has changed, and so have the challenges. This isn’t a market where you can sit back and wait for the perfect moment. Success now demands constant reinvention, creative thinking, and the willingness to stay on the front edge of change.
But here’s the upside: where there’s change, there’s always opportunity. The firms, owners, and operators who lean in — who adapt, innovate, and move fast — will be the ones leading the next chapter of this industry.
Do you have three things you would advise a new real estate professional to avoid?
1. Chasing Every Deal Without a Strategy
It’s tempting to say yes to everything when you’re starting out, but spreading yourself too thin leads to burnout and mediocrity. Focus on building expertise in a niche — whether it’s retail, office, or industrial — and become known for delivering real value in that space.
2. Overlooking the Importance of Relationships
This is still a relationship-driven business. If you treat deals like transactions instead of building long-term connections with clients, brokers, attorneys, and city officials, you’re leaving a lot on the table. People remember who follows up, who shows up, and who delivers.
3. Acting Like You Know It All
Confidence is important — but so is humility. The best professionals are always learning. Don’t let ego get in the way of listening, asking smart questions, and soaking up knowledge from more experienced people around you.
When evaluating deals or opportunities in real estate, what are the most important factors you look for and why? Can you provide some examples?
When I evaluate a deal as a lawyer, I’m not just looking at whether the contract is clean — I’m looking at the whole picture to protect the client’s interests, anticipate risks, and make sure the deal is actually viable. Here are a few key factors I always focus on:
1. The Lease or Purchase Terms
It’s critical to understand what’s really being agreed to — rent escalations, pass-through costs, default clauses, renewal options, and personal guarantees.
Example: I’ve seen tenants lock into long-term leases with hidden cost escalators or “restoration clauses” that could cost six figures down the road. If you don’t catch that early, it can be a deal-breaker later.
2. Zoning and Permitting Issues
Just because a space exists doesn’t mean it can be used for what the client intends.
Example: A restaurant client once signed a lease without realizing the space needed a special use permit and DOB approvals for venting. We had to jump in, renegotiate lease terms, and help them get it done — but if we weren’t involved, they might’ve lost the space and their investment.
3. The Timeline and Contingencies
Commercial deals are all about timing. If the deal structure doesn’t allow for due diligence, financing approvals, or regulatory review, your client could be locked in too soon — or miss their window entirely.
Example: In one deal, we pushed for a zoning contingency clause so our client could walk away if the city wouldn’t approve their use. It saved them from a multi-year headache.
4. The Parties Involved
Who’s on the other side of the table? Are they reputable, responsive, and realistic? The best deals involve good partners, not just good numbers.
Example: We’ve advised clients to walk away from deals where the landlord or developer had a history of litigation or bad-faith behavior. You can’t fix a bad partner with a good contract.
Ok, here is the main question of our interview. Based on your personal experience and success, can you please share “Five Things You Need To Create A Highly Successful Career In The Commercial Real Estate Industry”? If you can, please share a story or an example for each.
1. Master the Art of Relationship-Building
In CRE, your network is your net worth. Deals don’t just happen on paper — they happen over coffee, dinners, and decades-long relationships. Early in my career, I made a habit of showing up — to community board meetings, industry events, even impromptu ribbon cuttings. One relationship with a local landlord turned into a 10-building portfolio of repeat business simply because I followed up consistently and stayed top of mind. People want to work with people they trust — that’s the foundation.
2. Understand the Regulatory Landscape
Too many brokers or investors hit walls because they don’t grasp zoning, permits, or local politics. In NYC especially, navigating regulations is half the game. That’s why we built a firm that includes lobbying and legal strategy — I saw deals collapse because people didn’t realize a restaurant needed a special permit or community board approval. One time, we helped a high-profile hospitality client get through a brutal approval process by combining our legal insight with deep community outreach. That saved the deal — and it became a model for how we operate today.
3. Think Like an Owner, Not Just a Broker
Top CRE professionals go beyond transactions. They think strategically about asset value, tenant mix, financing, and long-term growth. When we launched Gerstman Commercial Real Estate, we focused on helping clients grow their businesses, not just sign leases. I once advised a landlord to take a lower rent from a credit-worthy tenant with strong brand appeal. That tenant transformed the block, drove foot traffic, and now every space in the building commands a premium. That’s thinking like an owner.
4. Build a Diverse Team That Reflects the Market
Commercial real estate is about people — and New York City is one of the most diverse markets in the world. I’m proud that our firm includes leaders like Ambassador Adrian Neritani, who brings deep connections to the Albanian community. That cultural insight has opened doors to clients and deals that other firms simply couldn’t reach. You need people who can speak the language — literally and figuratively — of the communities you serve.
5. Never Stop Learning and Adapting
The market is constantly shifting — interest rates, demand trends, legislation. If you’re not evolving, you’re falling behind. When COVID hit, we quickly pivoted to help restaurants renegotiate leases and navigate emergency regulations. That flexibility helped clients survive — and it positioned us as trusted advisors, not just dealmakers. Being curious, staying informed, and adapting fast is what keeps a career (and a firm) thriving.
What advice would you give to another real estate professional about improving the work culture, building team morale, and helping each employee thrive?
Advice on Improving Work Culture, Building Team Morale, and Helping Employees Thrive:
1. Lead with Clarity and Purpose
People do their best work when they understand why it matters. Set clear goals, communicate your vision regularly, and make sure every team member knows how their role contributes to the bigger picture. In commercial real estate — where deals can be complex and high-pressure — clarity creates confidence.
2. Treat Culture Like a Daily Practice, Not a Perk
Culture isn’t free snacks or team outings — it’s how people treat each other when things get tough. Be intentional about creating an environment where respect, collaboration, and accountability are the norm. Celebrate wins, check in often, and call out great work and great attitude.
3. Invest in People’s Growth
If someone wants to learn leasing strategy, public policy, or how to read a deal sheet — support it. Provide mentorship, send them to industry events, and give them room to grow. When your team feels like their future is tied to the firm’s success, morale and performance rise together.
4. Be Human
Real estate can be intense. People work hard, and burnout is real. Show empathy, be flexible when it counts, and recognize that your team has lives outside the office. A little humanity goes a long way in building loyalty and trust.
5. Build a Culture of Ownership
Empower your team to take real ownership of their work. Encourage initiative, back their decisions, and let them see the impact they make. The best teams aren’t micromanaged — they’re trusted.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
If I were to lead a movement for good, it would be one that truly uplifts individuals and families living in poverty — not through empty promises or broken systems, but through real, tangible support.
I’m not talking about the usual government programs that too often get bogged down in red tape. I’m talking about a bold, results-driven movement focused on housing, feeding, training, and educating people who never got a fair shot at the American Dream — especially in places like New York City where inequality is right in front of us every day.
This movement would bring together public and private partners, tap into underutilized real estate, and invest in communities the way we invest in development. It would treat people with dignity, not as statistics or charity cases, but as future business owners, employees, neighbors, and leaders.
Because at the end of the day, a strong society isn’t just built on skyscrapers — it’s built on opportunity. And everyone deserves access to it.
How can our readers further follow your work online?
We can be found online at www.gerstmancre.com.
Thank you for your time, and your excellent insights! We wish you continued success.
