Jon A. DiPietra is a New York City-based commercial real estate appraisal expert and co-founder and executive vice president of H&T Appraisal, the appraisal division of Horvath & Tremblay.
With more than two decades of experience, he has built a reputation for disciplined analysis, leadership and a deep understanding of complex real estate markets.
DiPietra was born in New York City and spent his early years in New Jersey before moving to upstate New York, where he attended Shaker High School. He later studied accounting and finance while living in Burlington, Vermont. He eventually returned to New York City and began his career as a stock trader, gaining first-hand insight into how financial markets worked.
He later moved into real estate valuation as a real estate appraiser and quickly developed a strong interest in this field. The work required problem solving, research and careful judgment. Over time, he turned to commercial appraisals, appraising multifamily properties, mixed-use properties, shopping centers, industrial facilities and office towers.
As she gained experience, DiPietra worked on some of New York’s most significant buildings, including the New York Times Building and several World Trade Center buildings. He later headed the New York office of a large real estate services firm, leading a team of 40 professionals and overseeing thousands of appraisal reports annually.
Today, as co-founder of H&T Appraisal, he focuses on building a national appraisal practice while continuing to contribute to the commercial real estate industry through disciplined analysis and a commitment to lifelong learning.
Q: Let’s start at the beginning. What first brought you into the world of finance and real estate?
I grew up between New Jersey and New York State and have always been curious about how businesses and markets work. After finishing school, I moved to Burlington, Vermont, where I studied accounting and finance while also spending some time pursuing music. It was a fun time in life, but at some point I realized that I wanted to focus on business. I moved back to New York City and started working as a stock trader. This experience was important. This gave me a front-row seat to how markets behave in real time.
Q: What made you make the transition from trading to real estate appraisal?
Trading taught me how to price risk, but I found myself drawn to work that involved deeper analysis and problem solving. I entered the field of real estate valuation as a residential property appraiser. I quickly realized that the work suits me. Each assignment required research and careful judgment. No two properties were exactly the same. This variety made the work interesting.
Q: How did your career evolve from working in residential construction to commercial appraisals?
After gaining experience in residential appraisals, I began working on commercial assignments. I started with smaller properties like multifamily and mixed-use properties. Over time the work became more complex. I moved to shopping centers, industrial complexes and office buildings. The commercial part of the industry requires a more comprehensive understanding of markets, leases and capital structures. It pushed me to keep learning.
Q: You have rated some of New York’s most iconic buildings. What is different when valuing listed assets?
Landmark objects vary in complexity. When you evaluate a building like the New York Times Building or properties within the World Trade Center complex, the scope is enormous. These assets include sophisticated ownership structures, large corporate tenants and the attention of global investors. A small change in an assumption can significantly affect the value. This means that the analysis must be extremely disciplined.
Q: What does this process actually look like behind the scenes?
It requires a lot of research. They examine tenancies, tenant creditworthiness, operating costs and market trends. They also review comparable sales and rental data. In a city like New York, just a few blocks can make a difference in value. Understanding these micro-markets is critical. The work requires patience and precision.
Q: You once led a large appraisal team in New York. How was that experience?
Leading a team changes your perspective. I led a group of about 40 professionals who produced thousands of assessment reports each year. When you operate at this scale, systems and standards become very important. You need a consistent methodology and strong internal review processes. Leadership in this environment is about maintaining quality while helping people develop their own skills.
Q: You later co-founded H&T Appraisal. What was the motivation for this step?
After many years in the industry, I felt ready for a new challenge. Starting a company allowed me to focus on building something from the ground up. The aim was to create an assessment practice that combines disciplined analysis with strict professional standards. We are working to expand coverage nationwide while maintaining the technical quality our customers expect.
Q: The real estate market has changed significantly over the years. How do you keep up with these changes?
You have to stay curious. Markets are constantly evolving. Interest rates change. Demand patterns change. Technology influences the use of buildings. I spend a lot of time reading market research, economic reports and historical analysis. The more context you have, the better you can interpret what is happening today.
Q: You mentioned curiosity several times. Why is this important in assessment work?
Rating is not just a formula. It’s about judgment. Two professionals can review the same data and come to slightly different conclusions. What matters is whether your argument is supported by evidence. Curiosity helps you ask better questions. It forces you to examine assumptions rather than taking them at face value.
Q: What keeps you grounded outside of work?
I enjoy skiing and riding enduro motorcycles. Both activities require concentration and balance, which is not much different from business life. You must be aware of your surroundings and adapt quickly when conditions change. I also spend time reading about art, history and anthropology. These topics provide insight into the development of cities and societies over time.
Q: When you look at your career so far, what stands out to you most?
The diversity. Real estate valuation gives you a unique insight into the growth of cities and the functioning of markets. You might spend a week studying a small, mixed-use property. Next, you might analyze a large office tower. This constant change ensures that the work remains exciting.
Q: Finally, what advice would you give to someone entering the industry today?
Stay curious and disciplined. Learn the basics of analysis, but also pay attention to how markets behave in the real world. Real estate is a business with long cycles. If you commit to understanding it thoroughly and continuing to learn, opportunities tend to arise.
