The collective might of New York City real estate was on display Tuesday night, when titans of the industry gathered at 7 World Trade Center to celebrate Commercial Observer’s 19th annual Power Gala.
The city’s top developers, brokers and investors enjoyed champagne and petite filet mignon canapés against the backdrop of a 40th-floor skyline view — a landscape many of them had a hand in shaping.
While power defines the annual soiree, honorees’ tenacity earned this year’s highest praise. Over the past 12 months, New York City’s commercial real estate sector has made significant strides toward recovering its pre-pandemic vigor, including setting new records for office rents and leasing demand despite interest rate hikes and credit concerns.
The 25th anniversary of the Sept. 11, 2001, attacks also loomed large over the event. The significance of the night’s setting and its host, Silverstein Properties, was not lost on anyone. Joseph Meyer, chairman of Observer Media, remembered witnessing the tragic day’s events as a newly hired analyst at Lehman Brothers, and watching the rebirth of Manhattan in its wake.“
This market is defined by rapid evolution,” Meyer said. “And it’s really a privilege to stand in front of you, the executives who have done some of the most transformational transactions in the industry.”
CO Editor-in-Chief Max Gross noted that one of Commercial Observer’s first galas following the pandemic was held at 7 World Trade Center.
“I think most of the people here tonight understand that whatever bad things come our way — and many have, and there will be other bad things in the future — the answer is to roll up our sleeves and get to work,” Gross said.
His words kicked off the night’s awards ceremony, which began with Investment Deal of the Year. Mark Mindick, partner and real estate practice leader at Citrin Cooperman, presented the award to Miki Naftali, recognizing the Naftali Group’s $810 million acquisition of 800 Fifth Avenue in 2025.
“At a time when investors are navigating higher costs of capital and shifting valuations in a rapidly changing market, Naftali Group made a decisive bet among the most irreplaceable locations in the world,” Mindick said.