Jon A. DiPietra is a commercial real estate valuation executive based in New York City and the co-founder and Executive Vice President of H&T Appraisal, the valuation 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 property 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 an equity trader, gaining first-hand insight into how financial markets operate.
He later transitioned into real estate valuation as a residential appraiser and quickly developed a strong interest in the field. The work required problem-solving, research, and careful judgment. Over time, he moved into commercial appraisal, valuing apartment buildings, mixed-use properties, retail centres, industrial facilities, and office towers.
As his experience grew, DiPietra worked on some of New York City’s most prominent assets, including the New York Times Building and several World Trade Center properties. He later led the New York office of a major real estate services firm, managing a team of 40 professionals and overseeing thousands of appraisal reports annually.
Today, as co-founder of H&T Appraisal, he is focused on building a national valuation 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 drew you into the world of finance and real estate?
I grew up between New Jersey and upstate New York, and I was always curious about how businesses and markets worked. 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 period of life, but eventually I realised I wanted to focus on business. I moved back to New York City and began working as an equity trader. That experience was important. It gave me a front-row seat to how markets behave in real time.
Q: What made you transition from trading to real estate valuation?
Trading taught me how markets price risk, but I was drawn to work that involved deeper analysis and problem-solving. I entered the real estate valuation field as a residential appraiser. I quickly found that the work suited me. Every assignment required research and careful judgment. No two properties were exactly the same. That variety kept the work interesting.
Q: How did your career evolve from residential work into commercial valuation?
After gaining experience in residential appraisal, I began working on commercial assignments. I started with smaller properties such as apartment buildings and mixed-use assets. Over time, the work became more complex. I moved into retail centres, industrial facilities, and office buildings. The commercial side of the industry demands a broader understanding of markets, leases, and capital structures. It pushed me to keep learning.
Q: You’ve appraised some of New York City’s most recognisable buildings. What is different about valuing landmark assets?
Landmark properties come with varying levels of complexity. When you appraise a building like the New York Times Building or properties within the World Trade Center complex, the scale is enormous. These assets involve sophisticated ownership structures, major corporate tenants, and global investor attention. A small change in an assumption can significantly affect value. That means the analysis has to be extremely disciplined.
Q: What does that process actually look like behind the scenes?
It involves a lot of research. You are studying lease structures, tenant credit quality, operating costs, and market trends. You are also reviewing comparable sales and rental data. In a city like New York, even a few blocks can make a difference in value. Understanding those micro-markets is critical. The work requires patience and precision.
Q: At one point, you led a large appraisal team in New York. What was that experience like?
Leading a team changes your perspective. I managed a group of about 40 professionals who produced thousands of appraisal reports each year. When you operate at that scale, systems and standards become very important. You need a consistent methodology and strong internal review processes. Leadership in that environment is about maintaining quality while helping people develop their own skills.
Q: You later co-founded H&T Appraisal. What motivated that step?
After many years in the industry, I felt ready for a new challenge. Launching a firm allowed me to focus on building something from the ground up. The goal has been to create a valuation practice that combines disciplined analysis with strong professional standards. We are working to expand coverage nationally while maintaining the technical quality that clients expect.
Q: The real estate market has changed significantly over the years. How do you keep up with those shifts?
You have to stay curious. Markets evolve constantly. Interest rates change. Demand patterns shift. Technology influences how buildings are used. 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’ve mentioned curiosity several times. Why is that important in valuation work?
Valuation is not just a formula. It involves judgement. Two professionals can review the same data and arrive at slightly different conclusions. What matters is whether your reasoning is supported by evidence. Curiosity helps you ask better questions. It pushes you to examine assumptions rather than accept them at face value.
Q: Outside of work, what keeps you grounded?
I enjoy skiing and riding enduro motorcycles. Both activities require focus and balance, which is not very different from business. You have to pay attention to your surroundings and adjust quickly when conditions change. I also spend time reading about art, history, and anthropology. Those subjects provide perspective on how cities and societies evolve over time.
Q: When you look at your career so far, what stands out most to you?
The variety. Real estate valuation gives you a unique view into how cities grow and how markets function. One week, you may be studying a small mixed-use property. Next, you may be analysing a major office tower. That constant change keeps the work engaging.
Q: Finally, what advice would you give someone entering the field today?
Stay curious and stay disciplined. Learn the fundamentals of analysis, but also pay attention to how markets behave in the real world. Real estate is a long-cycle business. If you commit to understanding it deeply and continue learning, the opportunities tend to follow.
Read more:
Jon DiPietra on Valuing New York’s Landmark Real Estate
