Move-Ins Boost Midtown's Momentum As Developers Look To 'Land A Whale'

“That’s what the money’s for!” Companies have clearly moved past Don Draper’s reductive vision of how corporate motivation and compensation work. But in the midst of a significant, Covid-era upheaval in the market for talent, it’s career development, recognition, and yes, cold, hard, cash, that are driving an increased effort in commercial real estate to hold on to workers who are suddenly remote and re-evaluating options.

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Terri Adler got hooked on real estate in college when a boyfriend's father introduced her to the wild world of property investment. In 1997, one year after graduating from law school, she and Bruce Stachenfeld formed Duval & Stachenfeld, a New York City-based real estate firm. She has spent the past 24 years there and serves as managing partner. 

A Utah native who fell in love with the Big Apple and is an avid Mets fan, Adler said she loves doing deals where she has to draft contracts from scratch because no one has done anything like it before. Early on in her career, in the mid-'90s, she was almost always the only woman in the room. She sometimes felt in over her head, relying on mental toughness to get through any challenges — even math.

“It’s pretty hard to intimidate me (although they certainly tried),” Adler said. “I have something of a mantra that keeps me going — intellectual fearlessness. I don’t think I’m the smartest person in the room, but I do know that I’m not scared to do pretty much anything and I know I can figure things out.”

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Mired in delays, shortages and cost overruns for months now, the global supply chain is vexing retailers preparing for the holiday shopping season. Yet while none of those conditions are expected to change anytime soon, there is some reason for optimism — but little margin for error.

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