News
FORECAST; DEALS
January 6, 2009
| Now that we've finished holiday cheer, we're afraid we must venture out again. Former REIS chief economist Sam Chandan, who recently founded economic advisory firm Real Estate Economics, gave his outlook yesterday at a National Realty Club luncheon at the Williams Club on East 39th. He believes we may experience worsening in the first half of '09. |
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| Up to 90% of banks are now tightening commercial lending, and Sam described the difficulties of a market where people can't refinance. He hopes we'll see effects of the new Administration's stimulus package by the second half of '09. On the upside so far, job losses are fewer than previous cycles; there are opportunities for long-term investors with access to financing; and foreign investors continue to hold interest in the NY market and view the long-term outlook as strong. |
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| Katzap Real Estate's Aaron Fuchs, Barkin & Associates' Susan Barkin, NRC member Alex Silverman, and ERM Architecture's Edward McGinnis. The group's keeping busy: Alex is in the midst of forming his own real estate investment business, while Edward is working on student housing projects near Fordham in the Bronx, a medical office/apartment building near NewYork -Presbyterian Hospital, and low-income housing in Bushwick, Brooklyn. |
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| First American Title's Wayne Baird, Saradian Associates' Debbie Mishra, and NRC's newest member, 1031 Investment Services'Joseph Insalaco. Wayne's found a silver lining in today's slowing market: connecting more with his clients and four children. |
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| NorthMarq Capital VP and NRC prez Tom Graf (right) with NRC governors and industry vets Robert Siegel and Jerry Cohen. The real estate association is one of the oldest in New York, founded in 1947 by a group of owners and developers, including Harry Helmsley. |
