REBNY Celebrates 130 Years of Shaping New York City’s Landscape
Tonight, the Real Estate Board of New York (REBNY) marks its 130th anniversary with an elegant gala at the newly renovated Waldorf Astoria in Midtown—a fitting venue as the organization’s founders first gathered there in 1896. The sold-out celebration, despite its hefty $3,000 per ticket price, will bring together 1,200 guests including REBNY’s diverse membership, civic leaders, elected officials, and eight distinguished honorees. “It’s so iconic and has evolved—just like REBNY continues to evolve,” notes Sandhya Espitia, REBNY’s Chief Operating Officer. The evening promises the traditional networking receptions where real estate professionals mingle more than sit, creating the characteristic energy that has defined this annual gathering for generations.
As New York City’s oldest and most influential trade association, REBNY represents a comprehensive cross-section of the real estate ecosystem. Its 14,000 members range from the world’s largest property owners to small residential landlords, brokers, property managers, construction firms, financial institutions, legal professionals, architects, and even media companies. This diverse membership reflects the organization’s broad mission to serve those providing housing for residents across all income levels and nationalities, as well as spaces for businesses of every size. REBNY members are not just participants in the city’s real estate market—they are actively engaged in shaping it, working with investors and residents from across the globe who see New York as “the safest spot on the globe” for living and investment.
The organization’s influence extends far beyond real estate transactions into the very fabric of city governance. REBNY members collaborate on crucial matters including tax policy, zoning regulations, land use policies, landmarking decisions, affordable housing initiatives, building codes, and legislation aimed at making the city “socially and equitably responsible, safer and greener.” Through its various committees, the organization provides guidance on proposals affecting all New Yorkers, publishes market reports that serve as pricing indicators across residential and commercial sectors, and engages in educational conversations with stakeholders and legislators. These efforts focus on balancing growth and development with ensuring fair taxation that allows city administrators to “run the city safely and efficiently.”
Despite ongoing initiatives to create what has been called a “City of Yes,” New York faces significant challenges that concern the real estate community. The persistent housing shortage across all price points, retail theft, unlicensed street vending, fare evasion, and high-profile crimes both above and below ground continue to create headwinds. Additionally, proposals from the new mayoral administration have generated uncertainty about the city’s future, particularly regarding quality of life issues, private property rights, and taxation levels needed to support social services. To address the housing crisis specifically, REBNY will debut an educational video at tonight’s event. “We are 100% working on more housing, the importance of more housing, and creating affordability through good industry policies,” Espitia emphasizes, highlighting the organization’s commitment to finding solutions rather than just identifying problems.
The financial relationship between real estate and New York City’s government underscores the industry’s critical importance to municipal operations. Real estate-related taxes represent the city’s largest revenue source, accounting for 49% of the 2024 budget at $37 billion and projected to reach 50% or more in coming years. However, this vital revenue stream faces challenges as older office and apartment properties experience vacancies and devaluations due to high interest rates, with some building valuations slashed by more than half. This financial reality creates a complex dynamic where the industry both funds city operations and needs regulatory environments that allow for continued investment and development. Jed Walentas of Two Trees Management, serving as REBNY’s chairman, will preside over tonight’s event alongside President Jim Whelan, while Waldorf Astoria Executive Chef Michael Anthony has created a special culinary program for the occasion.
The evening’s most meaningful moments will come during the awards ceremony, honoring individuals who have demonstrated exceptional commitment to both New York City and the real estate industry. Despite the traditionally boisterous atmosphere—where past speakers have resorted to cymbals and megaphones to quiet the networking crowd—these awards represent the heart of REBNY’s mission. The diverse slate of honorees reflects the organization’s values and priorities, with recipients emphasizing the vital connection between real estate and civic welfare. Their collective advice to industry newcomers emphasizes reputation, continuous learning, civic engagement, and passion. As one honoree notes, “When you see the skyline of New York, the energy is palpable. You don’t find that anyplace else except in New York.” This sentiment captures the essence of both tonight’s celebration and REBNY’s 130-year legacy—a commitment to preserving and enhancing the unique energy and opportunity that defines New York City.
