WEBVTT - The Path of Liberty

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. This is Bloomberg Business

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<v Speaker 1>Week with Carol Masser and Tim Steneveek on Bloomberg Radio.

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<v Speaker 2>Someone involved in real estate, energy, farming, ranching, and so

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<v Speaker 2>much more, and is involved in a big anniversary for

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<v Speaker 2>the United States, including a special project on the East

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<v Speaker 2>side of New York City. We've got with us. Michael

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<v Speaker 2>Hirshman is CEO over at Solo Viev Group. He joins

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<v Speaker 2>us here in the Bloomberg Interactive Brokers Studio. Michael, welcome back,

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<v Speaker 2>Good to see you. How are you well.

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<v Speaker 3>I'm pretty good, Thanks for asking that. A nice holiday season,

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<v Speaker 3>but back at work now.

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<v Speaker 4>Good.

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<v Speaker 2>Well, you guys are very busy. I mean you're one

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<v Speaker 2>of the largest landowners in the entire United States. You've

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<v Speaker 2>got your hands in everything, energy, ranching, farming, commercial, real estate,

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<v Speaker 2>office space here in New York City. We haven't had

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<v Speaker 2>a chance to catch up with you in quite a while,

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<v Speaker 2>so I want to start big picture and just get

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<v Speaker 2>your thoughts. We're asking everyone about the election, what a

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<v Speaker 2>new administration means for their business. How are you thinking

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<v Speaker 2>about things heading into twenty twenty five.

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<v Speaker 3>Well, we are looking forward to the unpredictable, because that's

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<v Speaker 3>what our new president is. He's entirely unpredictable, and we

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<v Speaker 3>don't know from day to day what's going to happen.

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<v Speaker 3>But we hope that interest rates will continue to go

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<v Speaker 3>down at least for the for the next few quarters.

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<v Speaker 3>And from our standpoint, things are booming, particularly in our

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<v Speaker 3>commercial buildings because we have very high level commercial buildings

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<v Speaker 3>in New York City.

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<v Speaker 4>Top tier, top tier, and make those buildings.

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<v Speaker 3>Those buildings have been doing very, very well despite the

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<v Speaker 3>downturn in commercial real estate.

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<v Speaker 5>So in other words, demand getting the price you want

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<v Speaker 5>in terms of per square footage, like all of that

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<v Speaker 5>is coming through.

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<v Speaker 3>Indeed, Yes, yeah, I mean, we'd like to think that

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<v Speaker 3>nine West fifty seventh Street, which is our main building,

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<v Speaker 3>is the number one building in New York, if not

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<v Speaker 3>the United States. Some might argue that we're number two,

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<v Speaker 3>but I doubt that we'd go any lower than that.

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<v Speaker 4>Well, quantify if.

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<v Speaker 5>You can as much as you can, because we love color.

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<v Speaker 5>We love the commercial real estate spase and talking about

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<v Speaker 5>it office demand in particular, as you know the last

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<v Speaker 5>couple of years, coming off the pandemic, everybody is talking

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<v Speaker 5>about those properties that are in trouble. What has office

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<v Speaker 5>demand been like, and especially we've seen a lot of

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<v Speaker 5>finance firms moving further and further south to be near

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<v Speaker 5>Grand Central Park Avenue. Is that taking demand from them?

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<v Speaker 5>Is that helping you guys?

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<v Speaker 4>I think it does help. Look, we're still there's.

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<v Speaker 3>Still a lot of folks that are hurting out there,

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<v Speaker 3>both not only commercial residential. From a homeowner standpoint, right,

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<v Speaker 3>we know that there's a lack of affordable housing, not

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<v Speaker 3>only in New York City but frankly of course the nation.

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<v Speaker 3>But we do believe that this administration is now setting

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<v Speaker 3>out on the right track to make it easier for

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<v Speaker 3>developers to develop housing, particularly affordable housing. And we expect

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<v Speaker 3>the commercial boom to continue because so many people are

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<v Speaker 3>coming back to work.

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<v Speaker 4>Now.

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<v Speaker 5>We just talked about JP Morgan this week. According to

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<v Speaker 5>some sources that they aren't going expected to say, everybody's

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<v Speaker 5>got to be back in the office five days a week.

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<v Speaker 5>But I am curious, like, you know, what can you

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<v Speaker 5>tell us about office demand specifically for nine West fifty seven?

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<v Speaker 5>So strong, stronger than it's been, or what can you.

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<v Speaker 3>Tell us stronger than it's been? The pickup began really

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<v Speaker 3>the last half of last year. The first half was slow,

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<v Speaker 3>but the last half was booming and it's continuing into

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<v Speaker 3>the new year as well.

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<v Speaker 5>And is it financial?

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<v Speaker 4>Build Our building is on nine West, which is our.

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<v Speaker 2>Primary modernist skyscraper.

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<v Speaker 3>Yeah, it's that building was built in nineteen seventy four.

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<v Speaker 3>Incredible and it was the first sloped office building.

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<v Speaker 2>Whenever I walk by, I look up at it, I'm like,

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<v Speaker 2>how is it? How is it doing that?

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<v Speaker 3>Well? What was interesting is back then all of the

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<v Speaker 3>architectural community thought it was the ugliest building ever built,

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<v Speaker 3>and ten years later it was winning awards.

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<v Speaker 4>But we're ninety seven percent occupied? Wow?

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<v Speaker 5>Is it financial?

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<v Speaker 4>Folks?

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<v Speaker 5>Is it a broad swath of different types of occupants? Commercial?

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<v Speaker 3>Financial firms, high tech our biggest clients, and there's in

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<v Speaker 3>the class A buildings. Frankly, there's just not enough space

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<v Speaker 3>to accommodate their needs.

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<v Speaker 4>At this point, I.

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<v Speaker 2>Want to help our viewers and listeners understand the business

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<v Speaker 2>because we're talking a lot about commercial real estate. But

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<v Speaker 2>you guys are in railroads, you're in mining, you're in farming,

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<v Speaker 2>ag where's the wind and solar energy? Where's the biggest

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<v Speaker 2>area for growth?

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<v Speaker 4>Biggest area for growth? Clearly is in green energy.

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<v Speaker 2>In the hole in your whole portfolio.

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<v Speaker 4>Very much, so, wow, very much.

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<v Speaker 3>We've converted tens and tens of thousands of acres of

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<v Speaker 3>agricultural and ranching property for wind and solar.

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<v Speaker 4>The needs are unending, and.

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<v Speaker 3>Particularly now in the area of data centers, data processing

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<v Speaker 3>centers for AI, there's just not enough energy to support

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<v Speaker 3>the growth in that area.

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<v Speaker 2>The President elect has said he doesn't want to see

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<v Speaker 2>anymore windmills and wind power in the United States.

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<v Speaker 3>You know, he has said that, and he's talked about

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<v Speaker 3>that in the past, But when he's talked about it

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<v Speaker 3>in the past, he often was referring to offshore and

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<v Speaker 3>the fact that it's bad for birds, so he really

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<v Speaker 3>didn't relate it to the need for energy, but it

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<v Speaker 3>was more of an a rights issue.

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<v Speaker 2>So you're not concerned about around that.

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<v Speaker 3>No, I don't think that we're going to see a

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<v Speaker 3>cutback in the growth in green energy at all.

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<v Speaker 5>Well, can you tell us you know, forgive me, I'm

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<v Speaker 5>throwing this at you because it was a story today

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<v Speaker 5>at President Biden the administration. I guess before he heads

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<v Speaker 5>out looking to streamline permitting for geothermal energy developments as

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<v Speaker 5>part of a way to you know, increase the infrastructure

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<v Speaker 5>for AI data centers. What else can you tell us

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<v Speaker 5>about from what you are seeing? Your vantage point about

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<v Speaker 5>those AI energy demands?

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<v Speaker 4>Is it? Because is it?

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<v Speaker 5>Everybody thinking about wind and alternative energy? I mean, what

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<v Speaker 5>else are you hearing on that front? So? Look, are

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<v Speaker 5>you starting to talk about nuclear like investments in nuclear?

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<v Speaker 3>We're talking about small nuclear facilities right now. It's a

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<v Speaker 3>it's a question of what is economically feasible in the

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<v Speaker 3>short term. Right now, we're really talking about wind and

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<v Speaker 3>solar because it's already established. We know the economics behind it. Geothermal, Yeah,

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<v Speaker 3>we'd love to know more about it, nuclear as well.

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<v Speaker 3>A lot of the by the way, a lot of

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<v Speaker 3>these data commuter computer centers for AI, they're being built

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<v Speaker 3>in areas that are not heavily populated. So going to

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<v Speaker 3>nuclear or other alternative forms of energy may not be

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<v Speaker 3>a bad idea because you may not have a lot

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<v Speaker 3>of community opposition.

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<v Speaker 2>Right, Okay, So we talked commercial real estate, we talked

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<v Speaker 2>wind energy, and we talked about green energy before we

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<v Speaker 2>talk art. One more area of growth for the company

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<v Speaker 2>going into twenty twenty five.

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<v Speaker 3>Our hospitality group is growing exponentially hotels, restaurants, and of course,

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<v Speaker 3>of course the here in New York, And of course

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<v Speaker 3>we're planning an integrated resort on the First Avenue property,

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<v Speaker 3>which would bring restaurants, retail, casino, twelve hundred and some

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<v Speaker 3>odd room hotel to residential towers. But before that that happens,

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<v Speaker 3>of course, we're going to have something called Path to

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<v Speaker 3>Liberty that which is night That is a Segue's good.

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<v Speaker 5>To ask about the casino bit, but tell us about

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<v Speaker 5>tell us about what you guys are doing this really

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<v Speaker 5>cool exhibit.

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<v Speaker 3>Throughout last year we had an exhibit on the site

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<v Speaker 3>called Field of Lights, and it turned out to be

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<v Speaker 3>very popular. We had over eighty thousand visitors to the

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<v Speaker 3>site and it ended in December, and I was thinking

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<v Speaker 3>about what can we do next while we wait for

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<v Speaker 3>the state to make up its mind as to who's

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<v Speaker 3>going to get these three downstate licenses? And you know,

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<v Speaker 3>I was thinking to myself during this last campaign, the

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<v Speaker 3>word democracy became so politicized it never happened before in

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<v Speaker 3>the history of our country. Who's more democratic? And you know,

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<v Speaker 3>they really weren't talking about the underlying principles of democracy, life, liberty,

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<v Speaker 3>the pursuit of happiness, freedom of speech, freedom of press.

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<v Speaker 3>They were talking about democracy as a form of government.

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<v Speaker 4>Not a perfect form of government.

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<v Speaker 3>And we all know that trust in government is down,

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<v Speaker 3>so trust in democracy.

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<v Speaker 4>Seemed to be going down.

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<v Speaker 3>And then, of course I realized twenty twenty six is

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<v Speaker 3>a very important year here, not only because we're hosting

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<v Speaker 3>the fief of World Cup, but it's a two hundred

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<v Speaker 3>and fifty year anniversary of the signing of the Declaration

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<v Speaker 3>of Independencey it's not workat and I thought, I don't

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<v Speaker 3>see much planning going on across the country.

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<v Speaker 4>To celebrate that.

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<v Speaker 3>So I decided, let's do something we quill to twenty

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<v Speaker 3>twenty six to get people excited about our birthday. And

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<v Speaker 3>so we've gone across the country. I've sent producers across

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<v Speaker 3>the country to interview ordinary Americans about what they like

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<v Speaker 3>about America and what they dislike about America, and how

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<v Speaker 3>the underlying principles of democracy has helped them in their

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<v Speaker 3>lives and in their careers. And we have some touching

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<v Speaker 3>stories to tell. Will have screens, very large screens along

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<v Speaker 3>the path to liberty, which is the path that we

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<v Speaker 3>already had developed along the field of lights ordinary people

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<v Speaker 3>talking about the importance of freedom and how it's helped

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<v Speaker 3>them in their lives. Some of these folks are farmers,

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<v Speaker 3>some of them are firemen. They come from all walks

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<v Speaker 3>of life.

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<v Speaker 5>I have to say this is lovely and I feel

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<v Speaker 5>like it's like every time I get into their cab

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<v Speaker 5>or something or even an uber left. And what's kind

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<v Speaker 5>of cool about it is it's often people who've come

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<v Speaker 5>to America looking for an opportunity or something, and I

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<v Speaker 5>love to get their life stories and they remind us

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<v Speaker 5>of why they've come here and why and they often

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<v Speaker 5>will say, you, guys have no idea, how good you

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<v Speaker 5>have it here?

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<v Speaker 3>Well, it's not only the people that you make a

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<v Speaker 3>very good point, not only the people who come here.

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<v Speaker 4>Money comes here. Yeah.

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<v Speaker 3>If you look at the sovereign fronts along the world

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<v Speaker 3>around the world, whether it's Norway or whether it's the

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<v Speaker 3>Saudias or the Guitar whoever it might be, they're investing

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<v Speaker 3>in the United States, They're investing in New York City.

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<v Speaker 3>They feel stronger about America and America's future than some

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<v Speaker 3>Americans do. Why is that? Is it because people are unhappy?

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<v Speaker 3>And if so, what are they unhappy? About that's some

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<v Speaker 3>of the stories we want to tell, the good, the bad,

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<v Speaker 3>and the ugly.

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<v Speaker 4>Yeah.

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<v Speaker 5>I think it's great and such a part of our history.

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<v Speaker 5>I have to ask you thirty seconds any update on

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<v Speaker 5>the casino.

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<v Speaker 3>So we're really excited about our project, which we're calling

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<v Speaker 3>Freedom Plaza. It's going to provide the community with four

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<v Speaker 3>point seven acres of green space park which is sorely

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<v Speaker 3>needed in that neighborhood, a museum dedicated to freedom and democracy.

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<v Speaker 3>That will also be a community center where the communities

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<v Speaker 3>surrounding communities come together the whole events and meetings. Where

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<v Speaker 3>the casino, which everyone of course is talking about, is

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<v Speaker 3>going to be below ground. We're not bringing a Las

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<v Speaker 3>Vegas style casino with lights and water fountains. It's going

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<v Speaker 3>to be blow ground. And we're doing two residential towers

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<v Speaker 3>which will have over five hundred affordable homes in them.

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<v Speaker 5>Which we've got to wait till July or that's.

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<v Speaker 4>Ever been built on the East Side before, but we're going.

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<v Speaker 5>To wait till July. I think guys what I understand right, Yes,

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<v Speaker 5>Michael Hersman, we got to run. Whish we had more time,

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<v Speaker 5>but thank you so much and thanks for coming in studio.

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<v Speaker 3>Thanks for having me and happy New Year do all

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<v Speaker 3>of you. Yeah from Larry David.

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<v Speaker 5>Well said, Well said Michael Hurst, beIN Chief executive of

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<v Speaker 5>Oliviev Group, joining us right here in studio. Thank you, Michael,