Real Estate and Development Power Players

There is perhaps no skyline more iconic than that of New York City. The concrete pillars and lofty spires tower high above, daring any who lay eyes on them to challenge the tenacity and perseverance of New York and its residents. But these stalwart structures belie the changing tides within New York’s real estate and development sector. The past two years have seen the demand for residential real estate first plummet, then plateau, and – finally – boom once again. Commercial real estate has suffered at least as much, with many offices implementing work-from-home or hybrid employment models that seem to have become permanent fixtures in the labor economy. Coaxing commercial real estate back into the mainstream, while also adapting to meet the changing demands for residential real estate and mixed-use spaces, is a task best left to the experts. Our Real Estate and Development Power Players bring years of experience to meet the challenges of today and to envision New York tomorrow.

A&E Real Estate

Douglas Eisenberg, Founder and Executive Chairman
Douglas Eisenberg is the founder and executive chairman of A&E Real Estate, a vertically-integrated real estate management and investment firm with preeminent property management, asset management and construction capabilities. Mr. Eisenberg holds a Bachelor of Science degree in Urban and Regional Planning from Cornell University and a Juris Doctorate from Brooklyn Law School. Mr. Eisenberg currently is a member of the boards of Montefiore Hospital, New York Junior Tennis League, Randall’s Island Park Alliance, Citizens Committee for New York City and the New York Urban League.

What is your favorite landmark in New York State?
Statue of Liberty.

What has been your favorite development project and why?
My favorite project to date is the acquisition and development of Riverton Square in the heart of Harlem. Aside from beautifying and restoring this historic property, it was our honor to dedicate the community center in memory of former NYC Mayor, The Honorable David Dinkins, and his wife, Joyce.

How did you become interested in architecture, real estate, or construction?
Exploring New York City as a child, along with the exposure to real estate through my father’s property management firm, cultivated within me a strong visual acuity of structures, old and new. I’ve always been fascinated with how the interdependence of architecture, real estate, and construction contributes to the development of communities.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
2020 saw an exodus of Manhattanites fleeing to the suburbs, putting New York real estate on shaky ground. As the economy has slowly bounced back to pre-pandemic days, so have rent averages. As a die-hard New Yorker, I’m a big believer in this city. New York City is the epicenter of just about everything, as far as I’m concerned — including real estate. The recovery has shown that the city is open for business — big time.

What is your favorite place you’ve ever lived?
New York City — lived here my whole life!

James Patchett, CEO
James Patchett is the chief executive officer of A&E and joined the firm in 2021. He is responsible for overseeing all aspects of the firm including operations, investments, financing, capital programs, and dispositions and is a member of the firm’s Management Committee and Investment Committee. Prior to A&E, Mr. Patchett was president and CEO of the New York City Economic Development Corporation. Mr. Patchett holds a BA in Economics from Amherst College and an MBA from Stanford’s Graduate School of Business. He serves on the Board of the Prospect Park Alliance.

What is your favorite landmark in New York State?
I love the Empire State Building because it’s the only landmark building my (young) kids recognize. They love to point out the different colors at night from all parts of the city. And we were fortunate to visit it for the first time during the pandemic. It was amazing to go up when there was almost no one else there! (Now that the tourists are back, we probably won’t be!)

What has been your favorite development project and why?
I had the pleasure of overseeing Essex Crossing while at EDC. Essex is a major mixed-use development on the Lower East Side with the new Essex Market, a historic neighborhood staple, at its core. I don’t believe there is any more successful or widely supported example of a ground-up development project in the middle of such a dense urban area.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
The impacts really vary based on the asset class. At A&E, we’re fortunate to be in multifamily, which has come through the pandemic in great shape. That being said, the depths of COVID hit both renters and owners very hard.

How did you become interested in architecture, real estate, or construction?
I first worked “in real estate” in eighth grade when I started a Habitat for Humanity program at my church. From the first time I watched a family move into their new home, I was sold on the importance of housing in changing people’s lives.

What is your favorite place you’ve ever lived?
I’ve now lived in Brooklyn for 13 years, which is the longest I’ve ever lived anywhere. There is a reason I’ve stayed so long. Brooklyn has everything.

Maggie McCormick, President
Maggie McCormick is the president of A&E and joined the firm in 2012. Ms. McCormick is actively involved in the strategic direction of the firm and managing all areas of the firm, including operations, investments, financings, capital programs, and dispositions. She is a member of the firm’s Management Committee and Investment Committee. Ms. McCormick holds a BS in Civil and Environmental Engineering from Cornell University. Ms. McCormick is actively involved with Minds Matter, a college-focused program for underprivileged high school students.

What is your favorite landmark in New York State?
New York Public Library – I can’t resist a good library, and as with many things, New York’s is the best.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
NYC is back and has been back, with commercial real estate picking up steam. The pandemic obviously had an effect and sped up the exodus of some New Yorkers, but since mid-2021 we’ve seen that New Yorkers want to be here more than ever.

How did you become interested in architecture, real estate, or construction?
I was a structural engineering major who wanted a career in a dynamic, social, and fast-paced industry. After meeting and working with Douglas very early in my career, I found that real estate was a great place to combine my logical, problem-solving mindset with my desire to get out from behind my desk and work with different people every day.

What is your favorite place you’ve ever lived?
New York, of course.