this one is just a great story. >> the o.t. >> benefitting from strong fundamentals, insurance premiums move higher and higher and very strong momentum. >> okay. of course. >> keep your eye on yields. we do have a bond auction at the top of the hour and yields have been falling around 410. i will see you on "closing bell." "the exchange" begins now. ♪ ♪ and welcome to "the exchange," everybody. i am brian sullivan. here's what's ahead. stocks are lower and the yields higher and bitcoin cracking 72k for the first time ever. although volatility ticks up with earnings in the rear-view mirror what is the next catalyst for the markets and your money and what should you do now? the market strategist brings some buys. eight bucks, that is the new cap for credit card late fees thanks to a new rule, but the u.s. chamber of commerce, the bankers association and other groups

have already filed suit against it. the director of the cfpb about what is next. congress expected to vote on tiktok's fate here in america. the streamers nearly shutting out of last night's oscars and a new partnership. we'll speak with former tiktok ceo mayor and entrepreneur gaylord. let's get to bob pis an owe the floor as always of the nyse. >> let's take a look at the mixed. we had a choppy day for the s&p 500 and it's been led by consumer staple stocks and that's nice to see. materials have been strong and banks. techs lagging. the nasdaq is struggling to get positive and it can't quite make it, and the dow is trying to rally in the middle of the day, and it's been weighed down by a couple of names. caterpillar's down about $5 today. so we've had a mixed day in technology. big-cap tech ismixed and apple is up for most of the day,

nvidia, microsoft, apple, microsoft and nvidia to the down side and other big names with big momentum also slowing down a bit and industrials have had a great run. ge, eaton, dover, great momentum and all of them are up double digits and they're showing signs of running out of steam and this momentum game is slowing outside of tech. instead, the laggards for the year have been doing a little bit better in the last few days including paramount global. remember that one? that hit multi-year lows last week. it is now up four days in a row. humana hit four-year lows last week and it's up 2% and the consumer staple names are doing better and smuckers is up 5% in the last few days and starbucks near a multi-year low last week and it's up today. elsewhere, bitcoin, another new high over 72,000. the spot bitcoin etfs started training in mid-kjanuary and thy

were strong since they started trading in mid-february -- january, sorry. and grayscale started with $27 billion and the grayscale trust converted to an etf that's seen nearly $10 billion in outposts. quite a run. >> the ipo roadshow i'm sure on a private time you're just all over the reddit boards on the grateful dead reddit channel. what do you make? what's the commentary like about reddit's ipo? >> i hope reddit does well because people will interpret it as a sign that the ipo market is opening and not opening. here's the problem. the company is very middle aged and it started in 2005 and they filed in 2021 and the height of the social media craze was 2019-2021. i wish they would have gone public a few years ago. i am very excited, though, about another company that's going

public next week. astra labs on nasdaq probably next wednesday. so this company, the whole ai story, they make what's called advanced connectivity semiconductors for data centers. they help the semiconductors and the data centers move data around quicker and more efficiently. my heaven is that a great story. this is the first big ai-related ipo of the year and in my opinion, brian, that's the one to watch. >> you say it, we buy it. >> bob pisani, thank you very much. >> all right. the magnificent seven continues to be magnificent mostly. as a group, they're up another 14% this year, but even with that, j.p. morgan analyst saying the mag seven stocks are not any more expensive than the rest of the market and your next guest says there are red flags beginning to pop up and fund

manager at kane, anderson ruddnick. good to see you. what are some of these red flags? >> some of the concerns are in terms of the valuation. i recognize that these industries are generating real earnings today from ai and nvidia is generating very, very powerful earnings and so if we look at that multiple on an earnings basis, it doesn't look wacky or crazy, but the expectations around that multiple are very high both in terms of the revenue growth and the margin expansion. i think if you get a whiff of any softness in that momentum that valuation suddenly looks very expensive and it happens very quickly. so my concern is think of valuations in terms of expectations. if there's anything my parents learn side that having high expectation can really set you up for disappointment in the long term. you have to be careful of managing those, and that's a little bit my concern here is, you know, we just expect ai to be on this kind of straight line

path of growth, but we don't have a ton of business use cases for itjust yet. we don't really know how it's going to filter through the system. this is not dissimilar from when the internet first came out, right? we didn't know if the best use would be for cat memes or transportation logistics platforms. here with ai, we're not sure exactly what the use cases are going to be. >> that's certainly a great point. you're not telling people to avoid all of the mags -- i guess, we take tesla out. is it super six or fab five or the fantastic four, or the terrific three? how low do we go here, julie? >> i think it's more a function of looking at all of these businesses and not being exceptionally overweight, right? i think this is the challenge of owning the indexes right now and how overweight and how exposed you are to these businesses and the hopes and expectations around them, right?

we argue that tesla is not really an ai play and it's a car manufacturer with much more increasing competition in its space and it still has to bend the medal. it's just not a profitable business in the same way that a software business is, so i would take that out. at large, you have a lot of exposure when you own the passive indexes and you want to balance that and make sure you own other businesses that are not as expensive and don't have as high of hopes around them. >> let's talk about a couple of names that you do like and these are unique names and they've had big runs. simpson manufacturing, i guess if you're not a home builder, you probably don't know who they are. you're basically building materials and ssd is the ticker. they doubled in a year. a boring old industrial and it's not scaring you off. >> no, because i think the long term fundamentals around home building are still very positive. we are still very much underhoused, and that's been something that was structurally in play since the global financial crisis.

we just do not have the amount of houses for the population growth that we have and supply has been really constrained because of high rates people are just stuck in their houses with low mortgages and no movement. you've seen fundamentals for the home services providers that support that doing really, really well. i think that can continue because i still think the long-term outlookfor those businesses is very solid and simpson is a great case of that where you have 70% market share with their product and they have been pricing before inflation was really a thing. they really have a lot of pricing power in that business. >> yes. i guess they probably supply to dreamfinders homes which is another name you brought for us today. they call themselves america's premier home builder and i'm sure every one says they're the premier home builder. >> 209%. it has exposure in terms of where the markets are in south and it's at the right price

point, right? we know millennials have not been able to access housing and housing is such a central tenet of wealth creation in the u.s. so there is so much pent-up demand, so i think they're in the right place and i think they have the right type of product and what's great about this business is they don't land bank. so the risk that if we do have a sudden correction in the housing market is much lower for the business because they don't have a lot of structural costs and they don't have the balance sheet risk. >> julie, i really appreciate you coming on and kicking off the coverage on the show. julie biel, thank you very much. >> thank you very much. meantime the department of justice opening up a criminal investigation into the january incident when a door plug blew off the boeing 737 max 9 during the alaska flight. phil lebeau joins us with more. >> brian, this is an investigation about the alaska airlines door plug blowout and it's a broader review of boeing. let me take you through exactly what's happening here.

first of all, they're looking into the january 5th event, i say they, the department of justice. they're interviewing alaska air crew members and passengers on that flight. let's talk about the alaska airlines incident. wait a success, didn't the ntsb determine there were no bolts in the door plug? that was a preliminary conclusion from the ntsb, the full, final investigation from the ntsb, that's going to be coming at some point in the future. they have not concluded their investigation. meanwhile, for boeing and the doj, part of the focus is the agreement that boeing made with the department of justice back in 2021, a settlement into what happened that caused the two max crashes in 2018 and 2019, and as part of that settlement, they're agreeing to pay $2.5 billion and agree to certain stipulations as you take a look at shares of boeing, we should point out that neither boeing or the department

of justice are commenting on the current investigation and the deferred prosecution agreement is that boeing would not be charged with conspiracy to commit fraud against the faa for three years if it kept its nose clean and essentially it was following the rules of the law working with regulators and so what the doj is likely looking into, we don't know for sure because the doj is not commenting into this investigation. are you following the laws that were there and the regulators working with the faa inspectors as you should be or were you in violation of that agreement in 2021 which, again, was for three years and so it's not expired which is why the doj can still come back to them and say look, we think you're in violation of the deferred prosecution agreement for 2021. that's a possibility. i'm not saying that's going to happen, but it's a possibility. >> i'm trying to think and this is your world, so you would know, phil, when there's been a

criminal investigation into any kind of an airline. i remember some with car companies. >> brian, that's what the 2018 and 2019 max investigations were. >> that was a criminal investigation by the doj. >> even though the accidents both occurred on other nations. >> correct. correct. >> and it had to do with the development of the 737 max, whether or not boeing withheld information that it should have revealed to airlines, to customers, et cetera, and ultimately this settlement was reached in 2021 again for $2.5 million as well as certain stipulation as to how boeing would conduct itself over the next three years. >> so the second criminal investigation into boeing in five or six years. remarkable. phil lebeau, thank you. on deck, the government going after sky-high credit card fees and now they're setting their sights on closing costs for mortgages.

plus, we'll ask cspb director rohit chopra, whether or not this will happen and what it means when you buy your home. plus coco melon is out with a new generation of children's entertainment and we'll talk about that and maybe about disney and tiktok with gary vaynerchuk and kevin mayer. we are back after this. this is "the exchange" on cnbc.

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all right. the average fakeico score dropp on average in the last week it was only one point from 718 to 717, but it comes as credit card debt now tops $1 trillion and if you pay late you know you get whacked with some big fee, but likely not anymore. the cfpb is cracking down to late fees from an average of $8 f from an average of $32, and joining us is rohit chopra. commissioner, thanks for joining us. there are lawsuits against the chamber of commerce and the bankers association and i can understand the latter, and maybe not so much the former. is this the law now? is this happening? will it happen? >> well, what we found was that

big credit card issuers were exploiting a loophole for years and years and it allowed them to haul in $14 billion in late fees on top of the extra interest they charge on late payments and in addition to slamming people's credit reports and imposing other consequences. so what we've done is we have narrowed that exemption to make it more fair for the consumers in the market. you're right. people owe about a trillion dollars. they know they have to pay that and pay it with interest. what we don't want is credit card companies creating a business model where they're cheering when their consumers are paying late. >> so is this inactive now or is it still something that's being proposed or may wantnot occur o

this now how it will be. >> it will take effect in a few months, but as you mentioned lobbyists are suing to stop it. look, that's no surprise. we have seen how companies that rely on junk fees are pushing back hard, but we've got to do our job to make sure that consumers are fairly treated. >> and then there was -- we had hinted about closing costs on homes. if you could write it up, and you know, you can. you are the commissioner. you have a team behind you and you have to get it approved. what do you want to the do around home closing costs? >> well, here's what we're finding across the country is that people are needing to come up with big down payments, but we've noticed in our analysis quite a jump in closing costs. so we're taking a close look about all of the money you pony up, those thousands of dollars at closing and here's my concern, brian. if you have to put thousands of dollars at closing that's going to make your monthly mortgage

payment bigger because it essentially shrinks your down payment. we also see homeowners at closing asking what the heck is this fee that i am paying? so we're looking at these credit report fees. we are looking at other costs, and also want to make sure that consumers have ways to reduce them so that they can afford that monthly mortgage payment. across the country, you see homes are expensive and a lot of first-time homebuyers are wondering with these interest rates what are they going to do? we started to see mortgage rates go down, but i don't want to see down payments being siphoned away in closing costs that don't make sense. >> and what's the u.s. chamber of commerce's beef with this credit card plan? >> well, you'd have to ask them, but here's what we're seeing, a lot of challenges to rules across the board that protect consumers and it's a classic

story where those companies who have built a business model on these fees, they are ready to push back hard so that they can hold on to those billions. at the end of the day, i think, regulators and policymakers just want a competitive market where people know the price up front and that everyone is following the law. so, brian, we're just going to keep doing what they're doing with bank accounts, credit cards and all of the other products that we to serve as the watchdog for. >> 32 to 8:00 sounds good, and ro hit chop la, i appreciate you coming on. >> mresh. >> bank stocks under a little pressure today along with most of the rest of the market. following shares in the week shares of new york community bank are down after the collapse of silicon valley bank, but your next guest sees optimism from mid-cap banks with potential rate cuts expected later on had

year. jared shaw is a midcap bank analyst at barclays. he just initiated with a positive view and welcome. it's a bigger story than just the stocks that you cover. new york community bank shook a lot of people up and we thought the worst was behind us a year ago and now we have this, again, but is nycb an nycb-specific issue? >> yeah. thanks for having me on, broad brian. good afternoon. i do think there are unique aspe aspects to the nycb story. they grew very rapidly over the last year and a half partly from another acquisition and they changed the regulator with the sec any with that comes different requirements and maybe a different way of looking at things. part of what you're seeing with nycb are growing pains as they've grown into this bigger size, but it's really not reflective of the broader

market. you've brought up the one-year anniversary and you saw the strain that liquidity crisis put on a handful of banks last year and when you look at the group overall the banks have been resilient over the last year. they've continued to grow capital. they've implemented a very strong, robust, liquidating plan rms and i think when you look at the mid-cap banks overall they're in a strong position to go forward and nycb is dealing with idiosyncratic issues that you need from them. >> one of the key things is the rate that got caught up and cha is western alliance bank. did they fix something or were they misunderstood by the market last year? >> it was the banks that had disproportionate business tied with the innovation economy. so with the start-up tech

companies and the private equity and venture capital funds that funded those companies and that's where you saw a lot of concentration in deposits and western alliance did have pressure there and you saw deposit outflows in march and what they did well was having a diversified deposit base and they also communicated very well with the street. they gave us updates on deposits. they gave us updates on liquidity and contingent liquidity. so i think they did a great job of building their credibility and separating themselves from the banks that had very high concentration to those businesses. we've come forward through the year and they still have exposure totinovation economy to recoup the deposit ands they're back in the game and it's just not enough that it determines the whole course of their focus. >> i know most of the names on your list, but honestly, i'm not going to lie. i've never heard of webster financial. jared, i don't like to admit that i don't know something.

i've never heard of them and know nothing of them, but you like them. >> webster is a connecticut headquartered bank and they spread into massachusetts and a year and a half ago they acquired the former sterling financial in the metro new york area. so webster is a bank that has a good geographic focus in the northeast and they have unique, national business lines especially on the funding side and one of the big things that we've been looking at over the last few years is the strength of funding, the deposit base. webster is a leader in the health savings account business so those are the long duration, low-cost deposit bases tied to health care plans. so they're a leader there and that's a differentiator for them on the funding side. they've also done recent acquisitions on funding that develop more of a niche, low-cost funding base for them. as we look at how the banks have been able to manage to do this higher rate environment and the

ones that have the lowest cost funding and the most stable funding the ones that are outperforming and we think webster will continue to do that. >> thank you very much, jared, for coming on. >> thanks for having me. >> speaking of banks, some of them are teaming up with clean energy companies to fight the proposed bank capital rules. d.c. correspondent, emily wilkins is in studio here. good to see you, emily. bedfellows and clean energy and banks. >> truly is, brian. they're sounding this alarm that a proposed framework for increasing bank capital requirements will wind up pumping the brakes on green energy projects and the renewable energy systems like this one thatyear seeing here at gallaudet university in d.c., a $20 billion market that actually could double in coming years according to the american council on renewable energy. so in return, the banks then

benefit from federal tax credits that promote renewables. the issue is that the updated capital requirements framework would quadruple how much banks need to hold in reserve for every dollar they spend on these project. so j.p. morgan chase, bank of america and others have said that this is going limit their ability to invest in green energy. julianne torres from microgrids who helped build the system said it would impact wider climate goals and the ability to just have an impact with renewable energy. >> basel 3 would unwind a lot of the progress made by the biden administration with the inflation reduction act of 2022 and it would make projects inefficient or uneconomic in the current environment for financing. >> dominic lacy, gallaudet's

chief operating officer said the university is saving about $1 million a year since it changed to a renewable energy system. >> if we didn't have access to that tax credit we would have had to figure out a different way to replace the infrastructure and it would have been incredibly difficult. we would not have been able to move as quickly as we did and quite frankly, i don't know that we would have been able to replace our energy at the scale in which we did. >> paulo did tell lawmakers that he thought that any impact from climate change from the framework would be minimal and he was well aware of the commentary and the concerns. brian, we'll be following what happens there. >> the idea is that we want to build out these energy proekt jects, they're expensive and the bank is saying these new rules will be counterproductive to the climate goals. >> banks are saying we are happy to back the green energy project, but if capital will

quadruple you'll need $4 in reserve rather than $1 banks will say thanks, but no thanks, this is too much for us. >> 2the cost of mono hez gone u. >> good to see you at the mother ship. >> always good to be here. >> i like it down there. here's a look at mystery chart of the day and investors not liking the multibillion deal that this company just announced. do you know who the mystery chart may be? it's our wordle of the day and tweet us. sully@cnbc. we're back after this.

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i hope you're having a good monday wherever you are. guess what? the dow is having a better monday than it was this morn. it opened up negative, but we are positive right now. it is 0.09% to the positive, but positive none the less. united health, nike, disney all up, the big laggard is ba, boeing. more problems and phil talked about the criminal investigation. let's get to tyler matheson for a cnbc news update. ♪ brian, thank you very much. the biden administration

proposed a 20 to -- a 2025 budget today totaling $7.26 trillion, that's up from last year. the budget devotes more fund to social security and child care costs as well as small business loans and it includes $900 billion in defense spending. white house also expects to raise about $5.5 trillion due in part from proposed tax hikes on corporations and the wealthy. donald trump has asked to delay his hush money trial until the supreme court rules on his presidential immunity claim. the trial is set to begin in new york city later this month. the former president pleaded not guilty to more than 300 counts of falsifying business records. and u.s. auto safety regulators are investigating complaints of brake issues on two honda models. the national highway traffic safety administration is looking into the automatic emergency brakes stopping without warning on more than 250,000 passport and honda insight models from

2019 to '22. honda said it's cooperating and conducting its own review. brian, back to you. >> tyler, we'll see you on power lunch in a half hour. >> you bet. >> call it full stream ahead and gary vaynerchuk and kevin mayer is here to talk about their latest venture. as we are celebrating woman's heritage month we are celebrating the cnbc change makers and a list of 50 women who are innovating and transforming business. here is lead co-founder and ceo jackie rhesus. ♪ ♪ as someone who is a change maker, it means someone who is pushing the boundaries of innovation, changing the way things work and having a new vision for how business should be done around the world. i feel like i operate with grace, humility, with execution and grit, and i'm not sure that's something that can be defined by gender. i think as a female leader more than anything is that i want people to look at me and say

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♪ ♪ and welcome back to "the exchange." the company behind coco melon announcing a new partnership with entrepreneur gary vaynerchuk agreeing to produce content based on his v-friends universe. joining us to talk about that and a lot more is the man himself, gary vaynerchuk along with candle media co-ceo kevin mayer of course, with our own julia boorstin. julia, take it away. >> thanks so much, brian. gary and kevin, thanks so much for joining me here today. we have so much to discuss with you two, but let's start off with the news. gary, what is this partnership and why does it make sense for your business? >> my mission is to make people fall in love with the characters. if i don't get the world to fall in love with the panda and the collectible nfts and everything we do becomes mute. teaming up with kefin and team like moon bug. i don't have to tell any parent watching this how much

consumption of coco melon and just like morning cartoons in the '70s or after school in the '80s if you don't live in the mead why where cartoons are being consumed and it's important to me and i'm teaming up with the best. >> teaming up with kevin mayer here. kevin, you have a unique perspective on the kid's content space not just because of coco melon and moon bug because not only were you at disney for many years, but you are currently serving as an adviser to bob iger, ceo of disney. given all of that what is the opportunity to hear and why does it make sense to be partnering with gary? >> well, i think gary's the best, actually. it was very kind to call moon bug the best kids' media company and we are. we have a huge presence on youtube. some of the best youtube channels in the world are under our moon bug banner under the candle media company and we think it will fit in very well.

it's 6 to 11, as you can see here. it's a character universe invented by what i think is one of the foremost social media entrepreneurs that we've ever seen and social media is really where our ip starts. it starts on youtube. we expanded to streaming services with filming the tv life and you can see the product behind me here in the video. it's a content to commerce play and that's what candle media strategy is, and i think there's no better entrepreneur or media personality or executive with ben garrett to be our partner with this. >> speaking of media i have to ask you about tiktok. kevin, you were the owner of tiktok for a relatively brief stint and gary, you create a lot of content distributed through tiktok and other platforms. the house is set to vote on a

bill on wednesday that will give six months to divest tiktok or face a ban. gary, what would this do to you and your business on tiktok? >> it's funny. i have this right over my shoulder a book coming out later this year "day trader attention" which is great for this audience. i focus on where the consumer attention is whether it's streaming or networks all those hours attention would have to find a new home and i believe meta and x and others would be big winners of such a reality. obviously, deciding what to do with tiktok is bf my pay grade and i'll leave that to the politicians. if it happens the next day i wake up and i start day trading attention and i find where that attention went. >> you'll go where the eyeballs are, kevin, but gary, you used to run this company. what do you think will happen? and second, what do you think should happen? there's been speculation that

bobby codick who used to run activision blizzard will go to tiktok. >> as gary said it's above my pay grade and it's with the legislature right now. it seems to pass pretty robustly in committee and it doesn't get more robust than a unanimous cross-party decision. seems to unify the two parties. i don't know what will happen when it traverss through the congress and then the senate and i guess the biden adminute stragsz says if people sign it it comes to the desk and this looks somewhat real. whether it should happen or not, again, above my pay grade, but i've ever had difficulty believing that it was posed by certain people and i've never been a believer in that, but then again it's above my pay grade. it will be an expensive purchase if there is a buyout. remember what happened last time

there was a buyout by trump with the presidential degree and this is not via legislation so i think it might be different this time around. back then it was a much less expensive asset and the you cana see an oracle teamed up wp walmart. they had the capability to buy this company. at this point, it is a juggernaut that's the intrinsic value of tok tiktok that's in the hundreds of millions and i don't know who would buy it and private equity who would have a lot of difficulty buy coming up with that quantum of money and then you have the problem with the chinese government perhaps not allowing a sale by the u.s. government. that's what happened. the code that tiktok develops needing to have export licenses and of course, they were going to export those licenses and

it's a complicated dance among govern ams, money providers, capita provisioning and it's very difficult. what will happen here if the ban is put into effect? i don't know. >> the other complicated dance in your world is the proxy battle with disney. there is the shareholder meeting coming up and nelson peltz is attacking thiscompany. what do you think will happen there? >> i think bob iger wins this one hands down. i don't think -- nelson over the years has proved to be a very savvy investor and a very helpful voice in some boardrooms and i don't think he would be help in this boardroom and this is a very specific industry and a lot of ind tre knowledge is requireded in a border setting like, and i also bob was thatting all of the steps, but in the morale of the company the

greater entertainment universe. i think that bob and his great team there have done a remarkable job in repositioning the company for success and i don't think they need the disruption of a peltz or the other guys and i think he will win. >> it will be a fascinate battle to watch play out. gary, a question for you, back to this announcement today. your vee friends characters are based on nftsthat were connected to the nfts. we've seen the nft market really decline and what's your outlook for the ntf market and how important are nfts to building this franchise with moonbug and candle media? >> i was on this program two years ago at the height of nfts saying 99% would go to zero because 99% of sports cards and 99% of contemporary art are not collectible and 99% of sneakers and watches and comic books. for me, series won nft friends

is the holy grail collectible in my world and they're incredibly important and the ability to use the block chain is becoming a mass consumer product will be imperative and i'm excited as we got more clairity to what we can and cannot do to navigate those waters and execute on the value. it me, getting these characters popular and just like the first appearance of batman and detective comics and rookieman forever and ever, the first series nft with my original sketches is the holy grail collectible and obviously, there's block chain technology that allows me to do future things based on how we can navigate those waters and so i'm excited about that and it's imperative and it the hole grail collectible of this universe even though i will make it an omni universe that is featured in films, theme parks

and all of that. it's fun to be with kefinvin an the blueprint is out there and we have to execute it. >> we appreciate you joining us to tell us about that and share your perspective on these various industries and kevin vaynerchuk and brian mayer, thanks so much. brian, i'll send it back to you. >> thank you. on deck, one of america's top real estate moguls will join us with what he is seeing 30 stories above park avenue. exec out xcel energy with barclays to buy equivalents today and both firms saying liabilities should be less than feared, but they also warn future fire risk will keep shares trading at a discount. by the way, exactly what we warned about in our mini document that's 12 minutes long and we rolled it out three weeks ago and we urge you to check it out and "the exchange" will be right back.

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wait a minute... are you kidding me? you got to be kidding me. rolling towards the cup, and it's in the hole! what an impossible shot brought to you by comcast business. according to the mortgage bankers association and commercial real estate lending in 2023 was one for the record bucks but not in a good way. preliminary data shows loan origination stopping 50% last year. this year, not expected to look much rather that despite a tough environment, your next guest was able to secure over $800 million in construction loans last year for three different projects. joining us is the chairman and ceo of -- who build and sell some of the most beautiful buildings in new york, south florida and singapore. we spoke like 15 years ago it

is good to see you again. >> thank you for having me. >> is the commercial real estate market for new york, is new york back, or will new york still be catching up for years to come? >> new york is back big time. when i say it i am referring to the residential sector not commercial. the residential sector. it, the recovery in new york is quite amazing. in the last two years, i sold over $1 billion in new york in manhattan. and sold out, i have no inventory right now i am preparing an inventory on the upper west side, upper east side, and brooklyn in williamsburg. >> the entire waterfront. >> correct but, the market, as long as you design and develop, a really quality products, there is a lot of demand in new

york. >> you are a builder, we worry about the empty commercial real estate. some of the buildings are full, some of them are ugly. how hard is it to take a commercial office building, one that was built 50 years ago and turn it into what you do? or is it better to buy it, knock it down and start over? >> it is difficult and would say from 2000 to 2008, i probably converted more commercial buildings to residential use than any other developer in new york. the problem is, there is no one solution. some of the commercial buildings are very big, the floor plates are very big which is very difficult to convert to residential because residential is all about how the apartment cannot be too deep and whatever. there are certain buildings in certain locations you can convert and certain things you cannot. perhaps the best is just to

demolish them. the biggest problem is the cost is so expensive that, without incentives from the state and city -- >> tax abatement? >> correct. >> like what they did downtown after 9/11. >> correct. >> if there is any movement on that or is this a new york city council that will not do it? >> they will not do it. >> don't say anything, you need them to be on your side. and in florida, these projects, looking at some of these projects on your website. they are gorgeous. you just wonder and i love ew york city, i love it but, when i see the sunshine and light and tax rates of florida how hard is it to compete? >> two great markets. new york for me and for what we do for many years is a fantastic market. but we follow the demand. the demand, there is a strong demand in new york.

a strong demand in south florida, mainly in miami. the stretch between miami and palm beach. we have a 70 story 1.4 million- square-foot project in miami which is very exciting. and it is all about the demand. if you design and develop the correct product and the demand is for luxury product, you will probably be successful. >> no sign of miami demand slowing down? >> there is a slow down but here is the thing. you spoke about financing right? very difficult to get financing. we manage to close $800 million last year but it is difficult, only some developments -- >> you are doing a full projects. do not make it 15 years again, good luck. thank you very much. that is it for the exchange. will see what 7:00 tonight. power lunch is next. eing there.

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with nurtec odt, i can treat a migraine when it strikes and prevent migraine attacks, all in one. don't take if allergic to nurtec. allergic reactions can occur, even days after using. most common side effects were nausea, indigestion, and stomach pain. ask about nurtec odt. good afternoon and welcome to power lunch. good to have you with us. coming up, elon musk donating billions of dollars of tesla stock to his own charity, gave the organization money and gave him a new tax break. in report says that the musk foundation has been mostly sitting on the money, not spending it and that could be