PHOTO: Greg Morris
This month, I had the pleasure of attending one of the standout gatherings on the real estate calendar — Commercial Observer’s Power Residential Gala held at One Wall Street, a building that itself tells a transformative story of our industry. With its Art Deco heritage and recent conversion into luxury residences, One Wall Street provided the perfect setting for a night dedicated to honoring the people and projects shaping the future of residential real estate.
PHOTO: Greg Morris
The event brought together developers, investors, designers, brokers, lenders, and leaders — the voices driving innovation and resilience across our cities. In an era marked by rising costs, labor challenges, zoning debates, and political uncertainty, it’s a rare and valuable moment when our community comes together not just to celebrate success but to acknowledge the tenacity and creativity that got us here.
Honoring Power Players in Residential Real Estate
PHOTO: Greg Morris
Commercial Observer’s inaugural Power Residential List debuted in late 2025, highlighting 37 individuals making meaningful impact in the space — whether through visionary development, strategic investment, or thoughtful design. The gala was a chance to spotlight those achievements with an awards ceremony that honored the best of what residential real estate can be.
Max Gross, Commercial Observer’s Editor‑in‑Chief, set the tone beautifully in his opening remarks, acknowledging the market’s headwinds and the remarkable players who continue to deliver spectacular work while navigating complexity with confidence and strategic savvy.
PHOTO: Greg Morris
Celebrating Excellence — The 2026 Award Winners
Affordable Housing Award — Wells Fargo
This award recognized Wells Fargo’s commitment to advancing affordable housing at a time when private capital has pulled back. From tax credit investments to critical construction financing and partnerships, Wells Fargo has continued to push transactions across the finish line.
Katelyn Meehan accepted on behalf of her team, reminding us that affordable housing isn’t just a line of business — it’s work that changes lives.
Conversion Design of the Year — One Wall Street
It was no surprise to see One Wall Street honored for its visionary conversion. Once the Irving Trust Company headquarters, this Art Deco landmark now boasts 566 residential units and nearly 100,000 square feet of resort‑like amenities — and it stands as a testament to what thoughtful adaptive reuse can accomplish. Anna Zarro, President at One Wall Street, spoke passionately about the neighborhood’s transformation and the role this project has played in redefining Lower Manhattan living.
PHOTO: Greg Morris
PHOTO: Greg Morris
Multifamily Development Award — Related Companies
Presented by Patrick Adelman of Portico, this award celebrated the topping‑out of Phase 1 of Related’s Willets Point development in Queens — a project that blends affordable housing, retail, and community enhancements with thoughtful design. Frank Monterisi of Related reminded everyone that building housing that serves communities is not only foundational to the firm’s ethos — it’s where their pride truly lies.
PHOTO: Greg Morris
Luxury Property of the Year — Waldorf Astoria Residences
This award was particularly meaningful. After an eight‑year restoration and transformation, the Waldorf Astoria Residences reopened as a residential address that honors its profound history while delivering next‑level luxury.
Leslie Wilson of Douglas Elliman accepted on behalf of the team and spoke to what the Waldorf represents — not just architectural splendor, but pride, legacy, and aspiration. We all have a Waldorf story, and seeing this iconic address recognized brought home how deeply hospitality and heritage matter in our skyline.
PHOTO: Greg Morris
This award was particularly meaningful. After an eight‑year restoration and transformation, the Waldorf Astoria Residences reopened as a residential address that honors its profound history while delivering next‑level luxury. Leslie Wilson accepted on behalf of the team and spoke to what the Waldorf represents — not just architectural splendor, but pride, legacy, and aspiration. We all have a Waldorf story, and seeing this iconic address recognized brought home how deeply hospitality and heritage matter in our skyline.
Finance Deal of the Year — Tyko Capital & Extell at 655 Madison Avenue
The largest construction loan of 2025 — a $1.13 billion commitment from Tyko Capital to Extell’s upcoming supertall at 655 Madison Avenue — earned well‑deserved applause. David Glanzman emphasized the shared vision behind the deal and the excitement that comes with backing something truly special.
What It Felt Like To Be There
The rest of the evening was a blur in the best way — delicious food, thoughtful drinks, and lively conversation with colleagues and friends overlooking one of the most stunning skyline views Lower Manhattan has to offer. But what stayed with me most was the shared spirit in the room: a sense that, even through challenges, this industry continues to create spaces that matter — socially, culturally, economically, and aesthetically.
PHOTO: Greg Morris
PHOTO: Greg Morris
From the honored developers and investors to the rising voices on the Power Residential List, it’s clear: residential real estate is evolving with purpose and ingenuity. The work being done today is shaping the cities we live in tomorrow, and events like this remind us of the people driving that change.
If there’s one takeaway from that evening, it’s this: real estate isn’t just about buildings — it’s about impact. From community‑focused developments and thoughtful conversions to historic restorations and bold new investments, the future of our cities is in good hands.
If you’re passionate about what’s next in residential real estate or want to explore how to position yourself in today’s market, I’d love to connect. Drop me a message — let’s talk about your goals and how we can make remarkable things happen together.
PHOTO: Greg Morris
