"“We are amenitizing in the way that works for them, he said.

"There are common areas where they can do barbeques and host [events] like that across our portfolio, [as well as] activating outdoor spaces. But there's also a technology piece, like utilizing tenant-facing apps in buildings, and providing the ability to get your packages through various modern ways, versus having doormen hand it to you." Gyms and spaces dedicated for work are also a part of the equation.

This is something Rudin is paying close attention to, with most of its residential portfolio on the East River West Side, consisting of older buildings. Gupta refers to them as "Class A buildings that feature large units." He added that used to be an amenity itself — but the landscape has changed today with the younger generation — so it's important to adapt.

The trend is similar to the wants in the office asset class too, according to Gupta.

CAPITALIZING ON THE WORK-FROM-HOME TREND

Sevinc Yuksel, senior vice president and head of design and construction at Rudin elaborated more on the residential sector and making sure that the work-from-home trend doesn't get ignored — even as office recovers.

"When we renovate apartments, we think about that co-working space," Yuksel said.

There are other considerations, she continued. "Is there a place where people can go take a phone call? Is there a place where they can entertain without being in their apartment? So that's anything from providing a catering kitchen, a TV room [that] has spaces like children's flavors. [Those] are becoming such a big demand."

Rudin operates 17 residential buildings and 14 office properties in NYC.

A CHALLENGE PRESENTS A NEW OPPORTUNITY IN RESIDENTIAL

New York is obviously a huge market — but one challenge might be navigating around Local Law 97, which requires emission limits on most buildings in the region that exceed 25,000 square feet.

However, Rudin is viewing the law as an opportunity to help create a sustainable environment.

"That's going to help us better our buildings," Hrisa Gatzoulis, director of sustainability at Rudin told the panel.

"I want us to take an opportunity to not just do measures, but look at them holistically, like work with the vintage team and say, Okay, great. This could be a bigger project and maybe better return on investment, energy savings, [and] also emissions."

Additionally, Rudin execs said the company was bullish on office, noting that some of its properties are even operating at occupancy above pre-pandemic levels. Meanwhile, office-to-residential conversions are becoming more prevalent in NYC. That should create more opportunities for residential developers.