News
YESTERDAY WITH B'NAI B'RITH & CCIM
May 7, 2009
| Yesterday, Bisnow was on hand at the Cornell Club for B'nai B'rith Real EstateUnit's monthly luncheon. The panel of CB Richard Ellis'Steve Siegel, SJP Properties' Steve Pozycki, Madison Equities'Robert Gladstone, R&B Development's Jeff Bennett, and Hines'Thomas Craig drew a sold-out crowd. | ||
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| The panelists (seated), with B'nai B'rith's board of directors, tackled the economy from a developer's perspective. We braced for gloom but instead encountered much-needed optimism. New York has demonstrated relevance, they say, with opportunities and a need for reform, which translates into eventual growth. | ||
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| Steve and Steve (Spiegel and Pozycki, respectively. Good thing they have different ties, or we might not be able to distinguish them.) Land is being sold below sticker price, the panelists note, so now's a great time to buy and start something for the future. Also: There are bargains to be had, and there are people who will make a lot of money over the next two years; the office market has evolved tremendously, and tenants are demanding updated facilities; even with NYC's job loss, population will continue to grow. | ||
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| They told the well-fed crowd that between the stimulus and other federal programs, credit will begin to move again, but capital will instead focus on debt, securitization, and distress. However, real estate hasn't fallen out of favor. (Thank goodness—we can't imagine having to put out a Securitization Bisnow New York every day.) But owners have to be willing to recognize the bad apples in their portfolios and put them on the market at the right price. (More photos.) |
