News
OPPORTUNITY ABOUND!
November 18, 2009
| There’s tremendous opportunity in the market, but (there’s always a "but") you’ll have to have capital or be ingenious with your sources, The LeFrak Org.’s Richard LeFrak told REBNY members yesterday. |
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| At the Hilton for a REBNY luncheon, we snapped Richard (second from left), Rudin Management’s Bill Rudin, The Real Estate Roundtable’s Jeff DeBoer, and moderator Steve Liesman of CNBC. Bill’s advice on seizing the opportunity: select your property carefully,don’t overleverage, and take time to create value. You have to have skills in workout, as real estate doctor skills are in demand, Richard adds. Jeff warns, hold on to your wallets next year as Bush tax cuts expire and capital gains rates go up. Bill says we need a predictable, stable economy, tax, and regulatory environment. |
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| REBNY prez Steven Spinola summed up where REBNY wants members’ voices heard—particularly against expansion of designated historic districts, which are being extended by buildings that lack significance (think SoHo’s Cast Iron Historical District), as well as the City Council’s proposed commercial rent control legislation, which would give tenants a right to stay in their space indefinitely, forcing owners to renew the tenant’s lease at an amount established by an arbitrator. He urged members to e-mail elected officials through REBNY’s Action Center. |
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| Rose Associates’ Brian Peters says that if you ever want to be photographed, make sure to stand next to The Albanese Org.’s Robert Hanski (second from left, with The Albanese Org.’s Robert Franco and ING Real Estate Investment Management’s Tim Zietara)—apparently, the cameras love him. Apparently, the camera will have to fight with tenants: Albanese’s 250-unit Visionaire mixed-use condo development in Battery Park—a rare LEED Platinum—is selling well, particularly to young families and empty nesters. |
