News
STOLER'S SUMMIT; FSW'S JEFF SCHOTZ
May 28, 2009
| Hollywood isn't the only place for all-star casts. Bisnow caught some of real estate's best and brightest yesterday at Michael Stoler's New York Real Estate Summit, at CUNY's Graduate Center on Fifth. |
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| The keynote panel discussed the current and future state of the market: (standing) Michael Stoler (Managing Director at Madison Realty Capital, 1010 Wins host, Real Deal columnist), Acadia Realty Trust's Kenneth Bernstein, TMG Partners' Michael Covarrubias, The Witkoff Org.'s Steve Witkoff, AREA Property Partners' Richard Mack, Stonehenge Partners' Ofer Yardeni, and BD Hotels' Richard Born. Seated: Cushman's Bruce Mosler, Real Estate Econometrics'Sam Chandan, and Muss Development's Joshua Muss. Next year will be a time of enormous opportunity, Bruce says, and people will begin to buy when banks start selling, Steve adds. Mack's strategy? Buy cash flow cheap, distress when available, and only afterwards look at trophies and development. |
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| The NYC, Westchester, Conn. and NJ office gurus: Normandy's David Welsh, CBRE's Steve Siegel, Vornado's David Greenbaum, RPW Group's Robert Weisz, FirstService Williams' Bob Freedman, The Moinian Group's Joseph Moinian, Ivy Equities' Anthony DiTommaso, and Stoler. (MIA: L&L Acquisitions' Robert Lapidus). Good news: NYC office is out of cardiac arrest, Steve says. There's a perceptible heartbeat; expect 2 MSF in lease signings by 1Q10. The NJ 'burbs are anemic, but performing better than the CBDs, which have distressed opportunity, Welsh adds. Westchester and Conn. are not seeing much action, says Weisz. |
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| The Hudson Cos.' David Kramer, Urban American Management's Philip Eisenberg, RAL Cos.' Robert Levine, Michael Stoler (playing the easiest game of Where's Waldo), Douglaston Development's Jeffrey Levine, Gotham Construction's David Picket, World-Wide Holdings' David Lowenfeld, Taconic Investment Partners' Charles Bendit, Toll Brothers' David Von Spreckelsen, and AvalonBay's Fred Harris discussed the varying states of their condo and rental units around Manhattan and the five boroughs. Unless you're in the best neighborhoods, land sales above $100 PSF are becoming rare, Picket adds. The summit also included panels on debt and financing. |
