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May 8, 2009
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NO RAIN ON YESTERDAY’S PARADE
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Monday, the Hellenic-American Chamber of Commerce will feature REBNY's Steve Spinola, who'll deliver this year's lecture on NY's fiscal crisis and its effect on real estate. Harvard Club, 35 West 44th, 6:30pm. Members free, guests $60, RSVP.
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We commend everyone who braved the unpredictable weather yesterday to attend three great events with us: The Mortgage Bankers Association of New York’s breakfast seminar, NYC Network Group’s monthly breakfast, and Cigar City Networking’s inaugural event.
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Our first stop was 101 Park, where MBA put on a “Workouts Workshop” for lenders, featuring Heritage Realty Advisors’ Mark Iannone, Latham & Watkins’ Joshua Stein, Bingham McCutchen’s Richard Fries, and Cygnus Development Consulting’s David Genova. Some hot tips we heard: when dealing with troubled loans, know who and where your guarantor is; information is critical, so gather all docs before taking over property; and have a pre-workout agreement—if the borrower won't sign, don’t talk.
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Mark tells us it’s important to differentiate between the borrower who is forthright and excuse-free versus the one with an explanation per minute and who buries information. For the latter, accelerate payment, he says—or the problem will just get worse. Lenders mustn’t go in with guns ablaze; sit down with borrowers, let them tell their stories, and don’t box them into a corner. Keep emotions in check and you’ll gain more insight into problems.
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| BREAKFAST WITH NYC NETWORK GROUP |
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We then puddle-jumped to the Williams Club, where NYC Network Club held its second breakfast networking event. Founder Anthony Kazazis of ARS Abstract (second to right) with the 5-minute-each speakers: ARS’s (and bro) John Kazazis, who educated us on mechanic’s liens; United Short Sales’ Christopher Gerstle, on the short sale market; mindSHIFT Technologies’ Ed Grubb, the advantages of centralized computer systems; and Cost Recovery Solutions’ Jerry Kootman.
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Jerry (right) with Haskell Brokerage’s Linda Newman, Innoworks’ Eddie Pagan, and Rockefeller Group Technology Solutions’ Bob Robinowitz, tells us that 85% of buildings have not taken advantage of cost segregation. He just returned from vacation in St. Maarten to a major contract with “a small business” (some company named Anheuser-Busch), consulting its expansion. We love hearing good news, and even the skies obliged with a short burst of sunshine. (More photos)
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| A NEUTRAL NEGOTIATING TOOL |
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A few downpours later, we dropped by Club Quarters’ Terrace Club for Cigar City Networking’s inaugural event for real estate, financial, construction, and other related industries. Here are hosts Brian Evans of FlagshipPDG and Fred Gasior of Universal Moving & Storage, smoking featured Rocky Patels. Fred tells us that many in the industry enjoy a good cigar, a neutral negotiating tool. The event also featured cigar roller Paula Ventrunelli and Sopranos Wines.
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The weather couldn’t dampen the spirit of the event’s 75 attendees, including Tishman Construction’s Stephen D’Alessandro, WFM Project & Construction’s Lou Weiss, and Muss Development’s Robert Machado. Lou tells us that the market is back to basics, and suggests working like you did 30 years ago. Not around then? Watch the guys who were and learn from them. (More photos)
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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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