15 Jan RESA Member Spotlight – Adam Kriegstein, Esq., Partner at Starr Associates LLP
Adam Kriegstein is a seasoned real estate attorney with deep expertise in condominium and cooperative development, offering plans, and residential transactions. With many years of experience advising developers, buyers, and sellers, he brings a comprehensive understanding of New York’s regulatory landscape and provides clients with the insight and protection needed throughout complex real estate projects.
Tell me about Starr Associates and the clients you serve.
Starr Associates is a boutique transactional real estate law firm with a deep specialization in condominium development. We represent developers, property owners, investors, lenders, and other stakeholders involved in real estate projects—particularly those touching on condominiums. Whether it’s ground-up condo construction, condo conversions, leasehold condominiums, or commercial condo structuring, we’re involved from planning through closing. Our clients range from institutional players to emerging developers navigating complex regulatory environments.
Rising 1,011 feet tall, 262 Fifth Avenue is a 60-story tower in Midtown Manhattan designed by Meganom/SLCE
What does a condo attorney do and why is it important to hire someone that specializes in real estate law?
A condo attorney plays a critical role in the creation and sale of condominium projects. That includes preparing offering plans, navigating reviews by the Attorney General, drafting governing documents, and managing contract and closings. We also create commercial condo structures—for example, separating office from retail or hotel from residential to optimize financing, tax treatment, or ownership. Real estate law is specialized, fast-moving, and highly regulated. Having someone who’s deeply immersed in the nuances can protect your investment and move your project forward efficiently.
What are some of the top challenges facing developers right now?
High interest rates and elevated construction costs have priced many buyers out of the market, especially in New York City. Regulations are another pain point. The 2019 rent law changes, for example, effectively ended the ability to convert rental buildings into condos. Developers also face challenges navigating ever-evolving rules from the Attorney General’s office. At Starr, we help our clients stay ahead of these shifts, working closely with regulators to ensure filings and documents meet current expectations.
You also represent a number of Florida developers. Tell me about that.
Starr works with numerous Miami-based developers looking to market their projects to New Yorkers. Under New York law, out-of-state developers can file what’s known as a CPS-12 registration, which allows them to advertise and sell Florida condo units here. We also serve as a liaison with developers’ Florida-based legal teams—and help make introductions to Florida firms on the ground. We handle these filings and coordinate with boutique Florida firms who specialize in preparing the equivalent of New York offering plans—called prospectuses.
What are some of the trends you’re seeing in the residential market right now?
There’s a shift back to basics: reputation, location, and quality. Projects from trusted sponsors in prime locations are flying off the shelves, while others—especially those with weaker track records or less desirable locations—are struggling. We’re also seeing more buyer-friendly contract terms, with some previously standard fees now being negotiated or dropped.
Why is the reputation and track record of a developer important for condo buyers?
It’s everything. Buyers are looking for security, reliability, and trust. Well-known developers with strong track records inspire confidence and tend to see higher demand and better pricing. Lesser-known sponsors often face more resistance, even if their product is solid.
Starr Associates also represents buyers and sellers of real estate for resale throughout NY, what are some of the ways you help protect buyers purchasing at new construction developments?
Because we represent developers and draft offering plans, we know where the risks are. When representing buyers, we focus on things like tax estimates, maintenance budgets, special risks, and building-specific issues that most generalists might miss. Our job is to protect buyers without jeopardizing their ability to close. It’s a delicate balance, but one we’ve mastered.
Starr Associates has been doing a lot of work in Queens lately. Tell me about that.
Queens—especially Long Island City, Flushing and Astoria—has been very active. We’ve been working with developers like ZD Jasper and the Xu brothers, who are shaping the market there. It’s been an exciting experience working with different local attorneys and dynamics, but the projects have been successful and we’ve developed deep expertise in that borough.
How are you creatively helping developers? What is some of the work you do for them?
We don’t just execute legal work—we strategize. From leasehold condo structures to unlock tax benefits for nonprofits, to complex financing structures and ownership splits for mixed-use properties, we help developers extract the most value from their assets. It’s legal work with a business development mindset.
What do you enjoy about working in real estate law?
I love seeing ideas come to life. Real estate law lets you help shape the physical skyline of New York City. It’s tangible, impactful work—you get to walk by a building and know you helped make it happen.
How is Starr Associates deploying AI at its practice? What are some of the benefits and concerns you have about the new technology?
We’re actively exploring AI as a support tool to enhance our workflow—particularly for drafting and research. It’s been a genuine game changer in terms of speed and efficiency, helping us streamline tasks that might otherwise take hours.
That said, AI also comes with its pitfalls. We’re seeing more clients use generative tools to “self-diagnose” deals or generate issues lists that can be incomplete or inaccurate. The technology sometimes fabricates sources or misstates legal concepts, which can create confusion if taken at face value.
Our view is that AI is a tool, not a replacement. It can make good lawyers faster, but it can’t make bad lawyering good. Ultimately, human judgment, experience, and verification remain the foundation of everything we do.
What are some of the advantages of working with Starr Associates?
We bring big law expertise in a boutique setting. Our team has over 100 years of combined condo experience. We don’t just offer legal services—we integrate into your sales and development team, helping drive execution from pre-development to closings. It’s a hands-on, relationship-driven practice, and our clients feel that.
What’s next for Starr Associates?
We’re growing—adding both seasoned veterans and younger talent to our litigation and transactional teams. The firm continues to expand its capabilities and reach, both locally and in places like Florida where our clients are also developing properties, positioning us to serve the next generation of real estate developers in New York and beyond.
