2025 Year in Review: Lee Block, RTL

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? 

One moment that stood out for me this year was helping bring Laliko, a pioneering Georgian restaurant, to open in the West Village. Watching an emerging operator commit to the neighborhood, build out their vision, and execute their business plan flawlessly, ultimately earning Michelin’s Bib Gourmand distinction showed how much room there still is for new, fresh concepts to thrive in Manhattan. This showed the kind of food and beverage leasing momentum we’ve seen across the city and reinforced why I’m optimistic about where the market is heading.

What emerging trends or shifts will shape opportunities for you, your firm, or market sector in 2026? 

The clearest shift we’re seeing is how carefully tenants are evaluating NYC neighborhoods and trying to understand what areas are up next. Brands want locations with staying power, and our conversations increasingly center on co-tenancy strength, neighborhood consistency, and long-term visibility. We’ve already seen that on the restaurant side with East 20^th Street’s revamped “restaurant row,” and that same approach is already influencing deals in other hot shopping districts like Flatiron and Soho as we expect the same approach and increased activity into 2026.