(Editor’s note: This story appeared in our October 2025 issue.)
Lance Bergstein
CEO
Lincoln Equities Group
How do you feel about the market versus this time last year?
The market has really ebbed and flowed over the last 12 months. There were spurts of positive progress coupled with deterrents. I think this recent rate cut will help the macro environment but many of the fundamentals have remained the same. As a whole, the country is in an interesting political environment, which is perhaps more impactful to the economy than raw economic data.
What is still the biggest source of uncertainty?
Construction costs have stabilized and even in some cases come in a bit. I still think the cost to build is the biggest source of uncertainty on the multifamily side. On the industrial and office side, it’s leasing velocity. We have seen moments where we think velocity will increase significantly but it essentially has a false start and doesn’t take off.
Are you factoring in rate cuts as you plan ahead?
From a strategy perspective, yes, but from an underwriting perspective, no. The deals we do have to stand on their own and not be super sensitive to rates. Rate cuts could lead to outsized outcomes, but they never are part of my business case for doing a deal. They can, however, shape the profile of deals that we look at going forward.
How else do you plan to adapt, evolve or expand in 2026?
We are always looking at new ways to extract alpha out of the deals that we do. We recently closed on a deal in Long Branch where we a converting multifamily to condominium. We are going to continue to think outside of the box when looking at deals. We also have begun to implement AI into our daily tasks to help increase the efficiency rate that we can operate at with a lean team.
Are you hiring? If so, how is the talent pipeline in New Jersey?
We are not currently hiring but we did just go through a process to hire. There is an abundance of talented professionals in New Jersey looking for new opportunities.
Where have you seen the impact of artificial intelligence and other technologies?
We have been using AI for helping with administrative tasks. We recently received building plans for a large-scale multifamily building but no unit descriptions or square footage. We were able to feed the plans into AI and receive unit descriptions and exact square footages of the units. This task would have taken an associate a long time to complete, whereas it took AI a much shorter period.
Give us an asset class that intrigues you (that you don’t typically focus on).
Retail. We typically have not focused on retail, but we have seen a really interesting shift in human psyche and how they want to shop for goods and services. Post-COVID, I have even found myself wanting to shop in person much more than online.
Are you buying or developing outside New Jersey?
Yes, we are focused on the entire East Coast. We are currently developing in the Northeast but trying to expand to the Southeast as well.
Where else do you see opportunities going forward?
Areas with few natural disasters, an abundance of natural resources and an attainable cost of living.
Getting to know you
Your go-to breakfast or lunch
Eggs and hashbrowns
Best thing you read, watched or listened to this year
The Great Miscalculation: The Race to Save New York City’s Citicorp Tower
Place you’ve never visited but would like to
Australia
Mobile app you can’t live without
Uber
Favorite sport or team
New York Knicks
Fad or trend you’d like to see come back
Rollerblading!
Fad or trend you hope never comes back
Visor hats
