WEBVTT - Fundamental Changes Ahead for Real Estate

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovich from Bloomberg Radio. Great way to

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<v Speaker 1>finish out our last half hour double dose of Kent's Swig.

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<v Speaker 1>He is president at Swig Equities, a real estate development

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<v Speaker 1>and investment firm focusing on commercial and residential properties here

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<v Speaker 1>on the East Coast, some on the West Coast. Company,

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<v Speaker 1>by the way, has purchased in or developed an access

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<v Speaker 1>of three billion of office properties, so they certainly understand

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<v Speaker 1>this market and a lot more. Cant with us back

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<v Speaker 1>on the phone in New York City. Can't nice to

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<v Speaker 1>have you here. It really is a nice way to

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<v Speaker 1>wrap up my Monday. How are you. I'm doing well

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<v Speaker 1>and it's nice to hear your boys, Carol on the phone. Well,

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<v Speaker 1>well good, I'm so glad to hear that. Um. You know,

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<v Speaker 1>we have checked in with you several times during the

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<v Speaker 1>pandemic and over the past year. How do you feel

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<v Speaker 1>like things are, because it felt like last week for me,

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<v Speaker 1>just going in and out of New York City, it

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<v Speaker 1>felt like the city was reopening. Yeah. Well it seems

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<v Speaker 1>like spring has sprung, so things are. Things are a

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<v Speaker 1>little bit better. Um, I personally feeling better that I've

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<v Speaker 1>had my raby shots or my vaccine. Um and uh

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<v Speaker 1>so I've I've traveled, I went. I was in San

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<v Speaker 1>Francisco this weekend visiting my brother who I haven't seen

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<v Speaker 1>in fourteen months. And I went for the weekend and

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<v Speaker 1>came back. And so that's certainly a novel new thing

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<v Speaker 1>that I haven't done in a year. Um, So I'm

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<v Speaker 1>feeling better, well good, I'm so glad to hear that

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<v Speaker 1>me too. I'm double vaccinated and feeling pretty good about that.

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<v Speaker 1>Almost out of my two weeks after my second shots,

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<v Speaker 1>are just waiting for that to wrap up. You know,

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<v Speaker 1>you and I we've talked about hybrid We've talked about

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<v Speaker 1>what happens to real estate. Is there anything from we

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<v Speaker 1>talked about in pandemic how things are going to change

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<v Speaker 1>a lot? Any of that gonna you think ultimately stick

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<v Speaker 1>with us? And I know we've had this conversation before,

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<v Speaker 1>but I think the further we go along, we get

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<v Speaker 1>a better idea of whether or not things change, whether

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<v Speaker 1>or not things stay the same, or whether things maybe

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<v Speaker 1>change a little bit. Well, it's it's a perfect question

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<v Speaker 1>and very interesting because there's a little irony and what's

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<v Speaker 1>going on today. Um, Yes, I believe that that that

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<v Speaker 1>high some form of hybrid working um will be here

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<v Speaker 1>with us for for a long time. You know, if

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<v Speaker 1>if if somebody has a hundred emails to do one

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<v Speaker 1>day and they don't want to go in the office

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<v Speaker 1>and it's more efficient to sit at home, fine, Um,

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<v Speaker 1>But I'm a big believer in offices and his productivity

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<v Speaker 1>and all that. The irony is this, Um, all the

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<v Speaker 1>people in the offices, you know, the companies are saying

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<v Speaker 1>the reason we could have hybrid working is because of

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<v Speaker 1>all the technology. You know, there's the Google technology, Zoom technology, Facebook,

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<v Speaker 1>et cetera. And yet if you look at the technology companies, Facebook,

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<v Speaker 1>who took one point seven million square feet in Hudson

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<v Speaker 1>Yards in and it's being built out not yet occupied,

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<v Speaker 1>took another hundred thousand square feet in July at the

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<v Speaker 1>Farley office building right here in New York, UM, which

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<v Speaker 1>they will not occupy for years. Google hiring ten thousand

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<v Speaker 1>new workers, all going to be in offices. Amazon bought

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<v Speaker 1>the former Lord and Taylor building from we Work. So

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<v Speaker 1>all the technology companies are are getting more office space

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<v Speaker 1>for their workers because they know that productivity, efficiency, opportunity,

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<v Speaker 1>and creativity cannot be achieved from home, but must be

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<v Speaker 1>achieved in the workplace. And yet it's the office people

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<v Speaker 1>that are saying, because of technology, we actually could work

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<v Speaker 1>better from home. So it's a very interesting thing going on. Well,

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<v Speaker 1>it's funny. Somebody said to me, you know, you just

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<v Speaker 1>wait for, like among the financial firms or something, that

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<v Speaker 1>somebody you know, comes out and got some big deal

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<v Speaker 1>or some underwriting that they're going to do just because

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<v Speaker 1>they got on a plane and flew somewhere and got

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<v Speaker 1>the customer and they got the client, that all of

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<v Speaker 1>a sudden, everybody's gonna be like, you know what, this

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<v Speaker 1>hybrid stuff doesn't work, the zoom you know, meeting with

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<v Speaker 1>clients doesn't work. That everybody will ultimately come back as

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<v Speaker 1>a result. Do you see it that way? I happen

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<v Speaker 1>to Yes, I think zoom will be helpful um for

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<v Speaker 1>in between meetings. But let me tell you, if you're

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<v Speaker 1>somebody in your twenties and thirties and maybe even into

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<v Speaker 1>your forties, how much network in your life do you have?

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<v Speaker 1>How many people do you know in your life? The

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<v Speaker 1>idea in your twenties and thirties is you go networking,

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<v Speaker 1>you meet people in the in the coffee station, in

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<v Speaker 1>the elevator, etcetera. If you're in your fifties and sixties

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<v Speaker 1>and seventies, you have a built in lifetime of network.

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<v Speaker 1>You can pick up the phone, you can talk to people,

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<v Speaker 1>you can network these The younger generation doesn't know anybody yet,

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<v Speaker 1>so their opportunity to meet people, an opportunity and creativity

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<v Speaker 1>doesn't exist. So their pigeonholed at home and they can't

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<v Speaker 1>just go out and do things. So it does not

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<v Speaker 1>work for that generation at all. Hey, just got about

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<v Speaker 1>thirty seconds and we'll come back and talk somewhere. Give

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<v Speaker 1>me a little teaser though. Does the way we use

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<v Speaker 1>real estate? Will it change? Yes? Hey, so kent, So

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<v Speaker 1>you're teased so well. Before we went to break, I

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<v Speaker 1>asked you give me a little teaser about real estate

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<v Speaker 1>and how it will be used. Will it be different?

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<v Speaker 1>You said yes? So how will it change? So a

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<v Speaker 1>couple of ways. Let's take residential and then commercial residential.

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<v Speaker 1>Um the idea of a home office. There is something

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<v Speaker 1>that I think is very intriguing and very wanted by

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<v Speaker 1>the by, by the purchasing and renting relation. UM. So

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<v Speaker 1>if you look at some of these downtown major buildings

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<v Speaker 1>that converted from commercial to residential, they have this dead

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<v Speaker 1>space or long corridors and they didn't know what to

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<v Speaker 1>do with them. Now certainly there's a very big need

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<v Speaker 1>for them because home officing is something that's very important.

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<v Speaker 1>Um with that, because I think office space is also

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<v Speaker 1>the use of it is changing a little bit where

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<v Speaker 1>we will have some hybrid offices meaning hybrid schedules meaning

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<v Speaker 1>that you'll work maybe four days a week and maybe

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<v Speaker 1>one day at home or maybe half a day at home,

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<v Speaker 1>and therefore you need someplace at home to work. So

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<v Speaker 1>the residential will be impacted. Also with outdoor space clearly

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<v Speaker 1>as needed. Balconies and terraces are very desired. And then

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<v Speaker 1>secondly in the office space, how does that change, um,

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<v Speaker 1>spacing around low low partitions probably are not as desirable

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<v Speaker 1>because high partitions seem to give a little bit both

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<v Speaker 1>of privacy and air you know, and an air change, etcetera.

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<v Speaker 1>Um so uh and also um, you know, having these

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<v Speaker 1>big communal areas that used to be out there, which

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<v Speaker 1>are still I think very much desired, may be slightly

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<v Speaker 1>less or slightly reconfigured to give a little more space,

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<v Speaker 1>not just because of COVID, but I think that we're

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<v Speaker 1>more sensitive to things like the flu season um, So

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<v Speaker 1>I think our whole way of looking at at health

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<v Speaker 1>is going to impact ourselves. I think we will get

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<v Speaker 1>beyond COVID, certainly, but the feeling we have about being

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<v Speaker 1>concerned about health, taking one's temperature before somebody goes in

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<v Speaker 1>an office because of flu, not just COVID. I think

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<v Speaker 1>all those things are going to be are are going

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<v Speaker 1>to affect us in our both our home life and

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<v Speaker 1>our business life. You know, it's fun. We have a

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<v Speaker 1>story out on the Blue Bargain and says more Americans

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<v Speaker 1>are leaving cities, but don't call it an urban exodus.

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<v Speaker 1>And basically they're saying that, you know, maybe you want

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<v Speaker 1>to call it a little bit of an urban shuffle.

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<v Speaker 1>You know. We've talked about mass moves to Florida to Texas,

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<v Speaker 1>and data shows that most people who did move stayed

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<v Speaker 1>close to where they came from, although I think in

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<v Speaker 1>the Sunbout regions that were popular even before the pandemic

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<v Speaker 1>did see some gains. So there's a little bit of

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<v Speaker 1>that going on. Has anything changed in terms of how

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<v Speaker 1>you want to invest in real estate. How do you

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<v Speaker 1>want to develop real estate? Um? Well, um, I'm still

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<v Speaker 1>I still love real estate, I still want to invest

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<v Speaker 1>in real estate, and I still believe in real estate.

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<v Speaker 1>Um I'm also still a New Yorker. I'm still a

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<v Speaker 1>New Yorker and I want to stay in New Yorker.

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<v Speaker 1>So all those people that moved to Florida, you know,

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<v Speaker 1>okay for them, But come talk to me in July

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<v Speaker 1>and August. Are you still down there? You're still living

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<v Speaker 1>out there? I'm not so sure. Um So, Yes, people

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<v Speaker 1>do move. People do react in major, major times of crisis,

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<v Speaker 1>and there's nothing wrong with that. Responses take time and thought. So,

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<v Speaker 1>in my opinion, the response to covid um is going

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<v Speaker 1>to make some impacts in here. But is it going

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<v Speaker 1>to change real estate being used. We're all going to

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<v Speaker 1>live somewhere, We're all going to work somewhere, and it

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<v Speaker 1>will not be in the same place. Um So, I

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<v Speaker 1>think we have to be more thoughtful about how we

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<v Speaker 1>do things. Um. I will tell you, everybody, as I

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<v Speaker 1>said before, is aware of health. Um so the flu

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<v Speaker 1>that it used to be. You know, I'm a die

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<v Speaker 1>hard worker. I'm coming to work today in spite of

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<v Speaker 1>my hundred and two fever, guess what home and do

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<v Speaker 1>us all a favor? So I mean those those wonderful

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<v Speaker 1>things aren't going to happen anymore, right, So, so, yes,

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<v Speaker 1>we are going to change our way of life. But

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<v Speaker 1>I don't think. Um. I think that the market went up,

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<v Speaker 1>certainly in residential and a lot of places, you know,

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<v Speaker 1>like like Florida and others. And the question is when

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<v Speaker 1>things settle down and people miss their homes like New York,

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<v Speaker 1>does that mean that the residential will come back a

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<v Speaker 1>little bit as as as the economy grows, will actually

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<v Speaker 1>some places fall a little bit because they won't have

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<v Speaker 1>that persistent people going in. Possibly? Yes. Hey, just one

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<v Speaker 1>last question, I'm just quickly on real estate. I mean,

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<v Speaker 1>we didn't see I think the you know, barrage of

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<v Speaker 1>bankruptcies that we thought we were going to Is it

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<v Speaker 1>just going to happen later or is just not going

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<v Speaker 1>to happen? Um. There are some some things that are

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<v Speaker 1>in trouble, and I think that that they're going to

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<v Speaker 1>happen unfortunate. I think the hospitality industry is one of

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<v Speaker 1>the most impactful areas, which is real estate and operating

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<v Speaker 1>company and and I think we're gonna have that is

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<v Speaker 1>going to go through a major change. And I don't

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<v Speaker 1>know that all the hotels are necessarily going to come

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<v Speaker 1>back and all the same places there were, Um, but

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<v Speaker 1>the length of time that's occurred, you know, even though

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<v Speaker 1>we're at the finish line. Maybe in a marathon, people

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<v Speaker 1>have run twenty two or twenty three miles and people,

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<v Speaker 1>how how can you not finish? Well, yeah, and you

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<v Speaker 1>only have three miles left. They just ran a brutal

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<v Speaker 1>twenty three miles, and I think people forget the painful

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<v Speaker 1>process that we've just gone through. So I'm not sure

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<v Speaker 1>that everything is settled yet. All right, So I gotta

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<v Speaker 1>get to a story. A got about three minutes left here, uh,

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<v Speaker 1>and I want to get to it. We ran a

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<v Speaker 1>story about Devon Pendleton talked about you specifically securing a

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<v Speaker 1>minimum of six billion dollars in gold reserves to back

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<v Speaker 1>your new cryptocurrency. First of all, crypto, your son tell

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<v Speaker 1>me the role that he had and kind of bringing

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<v Speaker 1>it to your attention. Well, I have a son, two sons,

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<v Speaker 1>Oliver and Simon. Oliver U has been involved with cryptocurrency

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<v Speaker 1>since he was in his early twenties. Even though it's

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<v Speaker 1>had a teenager in there. But but um so he'd

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<v Speaker 1>been investing in doing things and he certainly enlightened me

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<v Speaker 1>to that. Um then he used some of my money

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<v Speaker 1>to go invest in some crypto, which he did, so

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<v Speaker 1>I'm certainly I was aware of it, and I went

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<v Speaker 1>on a board of the business that was involved in crypto.

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<v Speaker 1>Um So I think it was a tune to it,

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<v Speaker 1>and I I awakened, which is what it should happen

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<v Speaker 1>from a younger generation. Thankfully, the younger Jurortion generation happened

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<v Speaker 1>to be my son, so even better. So I mean

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<v Speaker 1>it awakened me to see opportunity. Well, and so tell

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<v Speaker 1>me about the stable coin that you guys are doing.

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<v Speaker 1>What why go this direction? Um What do you see

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<v Speaker 1>as kind of where it goes specifically? And I'm just

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<v Speaker 1>curious about the interest that you've gotten it you know,

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<v Speaker 1>are receiving in terms of investors already. Okay, So the

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<v Speaker 1>initial thing is I'm a business person. Um I look

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<v Speaker 1>at things, and I see things, and if I see

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<v Speaker 1>a flaw or something that's interrupted, um, I like to

0:10:58.040 --> 0:11:01.319
<v Speaker 1>go fix them, to correct them. Um So that application

0:11:01.480 --> 0:11:04.120
<v Speaker 1>of a talent God willing I have can go in

0:11:04.240 --> 0:11:07.560
<v Speaker 1>many different different, many different industries. It happened to fall

0:11:07.600 --> 0:11:12.200
<v Speaker 1>into crypto. I found an opportunity that existed, so UM,

0:11:12.200 --> 0:11:15.320
<v Speaker 1>my partner Steve Braverman, and I ended up buying a

0:11:15.320 --> 0:11:18.840
<v Speaker 1>company which was a crypto company. One of the things,

0:11:18.880 --> 0:11:21.880
<v Speaker 1>unfortunately it had, is that the keys to the controls

0:11:22.400 --> 0:11:25.440
<v Speaker 1>UM or elsewhere, not just with us, So we had

0:11:25.480 --> 0:11:29.079
<v Speaker 1>to shut down something. Uh, and we're and we're reissuing

0:11:29.080 --> 0:11:32.200
<v Speaker 1>a new coin. And what what is the attraction? What

0:11:32.320 --> 0:11:34.920
<v Speaker 1>makes us a little different than just the typto typical

0:11:35.000 --> 0:11:38.440
<v Speaker 1>crypto is Number one, we're basing United States. We recognized

0:11:38.440 --> 0:11:41.440
<v Speaker 1>we're basing United States. UM. The goal that we have

0:11:41.520 --> 0:11:44.440
<v Speaker 1>backing is in the United States, we are voluntarily going

0:11:44.480 --> 0:11:48.880
<v Speaker 1>in before the jurisdictional authorities and asking them to please

0:11:49.080 --> 0:11:54.400
<v Speaker 1>legislate us and look over us UM and so all

0:11:54.440 --> 0:11:57.920
<v Speaker 1>the things that we're doing is open, transparent, and out there.

0:11:58.160 --> 0:11:59.920
<v Speaker 1>The other thing that we're doing is we're offering a

0:12:00.000 --> 0:12:03.800
<v Speaker 1>dividend to the crypto token holders. So we're treating this

0:12:04.000 --> 0:12:08.640
<v Speaker 1>very much as a big business, open, transparent, United States

0:12:08.640 --> 0:12:11.720
<v Speaker 1>based and and trying to apply those kind of things.

0:12:11.720 --> 0:12:13.800
<v Speaker 1>So it's a little unique in that world. Well, we'll

0:12:13.840 --> 0:12:15.520
<v Speaker 1>come have you back and talk a little bit more

0:12:15.520 --> 0:12:18.040
<v Speaker 1>about that as well. Always good to get a gut

0:12:18.120 --> 0:12:20.319
<v Speaker 1>check on what's going on in the world real estate

0:12:20.360 --> 0:12:22.480
<v Speaker 1>and other ken Swig thank you so much. Take care

0:12:22.480 --> 0:12:25.440
<v Speaker 1>of yourself. President Swig Equities on the phone in New

0:12:25.520 --> 0:12:27.440
<v Speaker 1>York City for the Bloomberg Business Week team. Have a

0:12:27.440 --> 0:12:28.960
<v Speaker 1>great evening. I'm Carol Masser.