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March 5, 2009
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YESTERDAY WITH
ULI & B'NAI B'RITH
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Bisnow was up bright and early yesterday morning to hear how-and-when investment tips from two all-star panels at ULI New York's "Resetting Investment Strategies" event, held at the Association of the Bar of the City of New York.
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The event started with a few words of inspiration from Citadel Realty's Joel Ross: The future is filled with opportunities that you don't know exist. If you've been laid off, now's the opportunity to do something better. There's a lot of wealth to be accumulated, but you have to seize the moment.
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The "How" panel: Joel with Cushman & Wakefield CEO Bruce Mosler; Citigroup's Tom Flexner; Dune Capital's Cia Buckley; Vornado president Michael Fascitelli, moderator; and Barclay's "Schecky" Schechner. Tom estimates we'll reach a point of clarity in three to six months. The entire country is de-levering, and the longer Washington takes with solutions, the harder the impact. Hug your existing lender, who will remain your best lender, Schecky says. Keep in mind that there will be opportunities in the future and money is on the sidelines.
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And the "When" panel: Moody's Merrie Frankel, ULI New York chair (third from left), with Roseland Property's Brad Klatt; Kimco's David Henry; Praedium Group's Russ Appel; NYS Common Retirement Fund's Marjorie Tsang; and AM Connell Associates' Alice Connell, moderator. Because of the undisciplined credit expansion, we must reset, recalibrate, and reformat every part of our businesses and lives, Alice notes, because '10-'11 will be some of our most advantageous years. Although every inch of the globe has been affected, the U.S. will have the most opportunities, especially in coastal cities.
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We took this shot of the entranced standing-room-only crowd of 425 (we think Peter Slatin's dog Joy had the best seat in the house). It was almost double the expected attendance.
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| B'NAI B'RITH'S RESIDENTIAL UPDATE |
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Afterwards, we headed to B'nai B'rith's monthly luncheon at the Cornell Club to hear Miller Samuel's Jonathan Miller (in a $800 suit he bought for $39) give a residential update. His views: Although NYC only started feeling the housing pain last year, we had advance warning as transactions dropped yet prices didn't fall. September was the tipping point, with the AIG, Freddie, and Fannie bailouts; apartments in December were 20% cheaper than August. The higher-end market will be hit hardest, but there will be opportunities for first-time, sub-million buyers. The next four years? More pain, then stabilization.
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Will the real Robert Shapiro please stand up? Grubb & Ellis' Robert says that City Center Real Estate's Robert is the original, with over a decade more of experience in the industry. The latter has been responsible for the land assembly of many properties around New York, including the Gershwin Theater and Crowne Plaza.
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Benchmark Title's Thomas DeCaro (left, with Berko & Associates' Steve Schlossberg, and Lexin Capital's Adam Hanski), just returned from a weekend trip to Vermont. Our snowfall was peanuts compared to the foot-and-a-half he left behind.
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Haves, Pine & Seligman's Danielle Pisano, Citi Habitat's Joe DeLorenzo, and Force 5 Studio's Sherri Wierzba have been quite the busy bees lately: Joe says residential sales and rentals are actually up for him; Danielle's working to make financing available; and Sherri's rolling out a new full-screen photography product for property listings.
If your name is also Robert Shapiro (or you just want to send a story idea) e-mail Amanda@bisnow.com
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.
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