News
GROUNDHOG DAY!
February 3, 2009
| Yesterday, panelists at a joint NYSCAR/CCIM/SIOR/CIBS/CoreNet Global/LICN “Groundhog Day” breakfast at the Milleridge Inn in Jericho saw their shadow: Long Island commercial real estate still has a long winter ahead. |
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| From left, Sutton & Edwards’ Ken Enos, Massey Knakal’s Al Holloman, Schacker Real Estate’s Phil Schwom, T. Weiss Realty’s Ted Weiss, NAI Friedland’s Steve Kornspun, CB Richard Ellis’ Ray Ruiz, and Great American Brokerage’s Paul Fetscher. These guys are so cheerful and organized, we can’t decide if they look more like a board of directors, or ticket takers at a REBNY dinner. |
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| Panelists said it’s time to get back to basics and seize opportunity,make corrective decisions, don’t dwell on the doom and gloom. Last year’s office market was a challenge, but we still came out historically strong; this year is too early to tell. Expect industrial drops, but long-term holders are well-positioned to wait it out. Since LI doesn’t depend on one industry, occupancy will remain stable.Outlet retail is performing much better than regional malls, and white-table restaurants will give way to more grocery shopping. |
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| MacCrate Associates’ Jim MacCrate, Ted Weiss, National Brokerage’s Jeff Ferretti, and Eisenoff Appraisers’ Myra Warman. Appraisers Jim and Myra say they are protecting us taxpayers by “valuating” the NY Department of Transportation. Myra’s also seeing more estate planners wanting reappraisals—for the same properties she worked on only eight months ago. |
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| Lending party! NY Business Development Corp.’s Charles Schreiber and Stanley Grochocki flank Kohl Capital Associates’Jason Kohl. Jason tells us his business is thriving, especially in office and restaurant. NYBDC provides innovative loans to small and medium-sized business. |
