This week, we spotlight Frederick Warburg Peters, a legendary figure in NYC real estate who recently joined the firm following his remarkable tenure as founder of Warburg Realty. With over four decades of industry leadership, he shares why BHS was the only choice for this next chapter, what makes un-renovated co-ops the city's greatest value play, and a few timeless lessons from his years as a top co-op broker.
After a long career founding and at the top of Warburg Realty, you have decided to align yourself for the next chapter of your career with BHS. Why BHS?
There was really no choice except BHS. I was looking for a substantial, independently owned company with a reputation for integrity and moral vision. There aren't any others.
You are an icon in this industry with a wealth of knowledge, share with us one of your pearls of wisdom that leads to success as a real estate professional?
I can give you a couple from my years as a co-op broker. First, if you are buying in a venerable building, accept the fact that the original architect was probably smarter than you. Leave the basic layout alone. Second, don't make such a low first offer that you make the seller. That isn't good negotiating, it's just alienating. Third, as a seller, remember that the moment you put your property on the market it becomes something new: a product. In order to sell it, you have to think about how it compares to the other items on the shelf and price and update accordingly.
You were the first real estate writer for Forbes, what was your most viewed article over the years and why?
I have no idea what was the most viewed, but reporters have always liked my quarterly market reports because they include a narrative about the market rather than just numbers.
Where is your favorite place to dine in NYC and what are you ordering?
We actually don't go out to eat much, but my wife and I love to go to the opera and eat at the Grand Tier Restaurant at the Metropolitan Opera. It makes every performance even more festive.
What or where is the greatest value in NYC right now and why?
These days value is less a location than a property type. The value play in the city these days is unrenovated co-ops. Both words, "unrenovated" and "co-op," strike fear into the hearts of New Yorkers. So they have become a real value play, especially on the Upper East Side East of Lexington Avenue.
What do you forecast for the rest of 2025 for the NYC Real Estate Market?
The balance of 2025 remains a mystery, as the people in charge of our economy change course from one week to the next. I anticipated a fairly strong rate of market absorption in the sales market, but Now the balance of the year is anyone's guess. I definitely do not believe we should anticipate price increases this year in the sales market. The rental market on the other hand is running hot hot hot.
Share something few know about you.
I have a Master's Degree in Music and am ABD (all but dissertation) on my Ph.D. I began my adult life as a composer, expecting to teach in a university setting. Then I stumbled into residential real estate and it ate my life!
