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February 6, 2009 
Monday Properties



Just because football season is over doesn't mean we can't enjoy a kick-off. Bisnow was on hand last night for the NAIOP NYC chapter's first-ever event, at the Haworth showroom on Park Avenue. As new members noshed and networked, NAIOP VP Aquiles Suarez, up from DC, spoke about Obama's impact on the market.


Aquiles (third from left) with chapter board members: Langan's D.J. Hodson (secretary); Ackman-Ziff's Rick Lechtman (prez) and Joe Tufariello (prez-elect); and Jones Lang's Paul Formichelli and Jim WenkHis message: Comm'l real estate needs to be addressed by Washington, especially since it may be affected by tax policies. If the government doesn't get it right, the market will feel it for years. NAIOP is sending members to Capitol Hill on Wednesday to talk about the situation.


Haworth's Aret Lerian and Dan Brescia flank Structure Tone's Tom O'Halloran. The companies are working together on Ogilvy's new global HQ at 636 11th Avenue. Haworth also furnished offices at Citi Field (new Mets' stadium) and the Jets' new training facility in Florham Park, NJ. (Does that mean free game tickets?)


ING Clarion's Tiffany Youngker and Sterling Equities' Sagar Dalal (with JLL's Chi Osu, left) are heading the chapter's Developing Leaders program for those 35 and younger. Sagar says its goal is to create the next generation of leaders by networking and meeting with top-level execs.


AKF Engineers' Mark Richter, SESI Consulting's Michael St. Pierre, D6 Developments' Peter Kingsly and DRA Advisors' Frank Banta. There's not much downtime for Frank, who's been working the challenging refi market. But thoughts of his upcoming honeymoon in Hawaii get him through the long days (just look at that smile).


More forecasts! We attended an NAI Global breakfast yesterday at the New York Athletic Club, presented by NYC exec managing director Andrew Simon, CEO Jeff Finn, and chief economist Peter Linneman. Jeff predicts a turnaround in 12 months, with a reemergence of demand, growth, and optimism. Andrew said NYC has already seen rental rate declines; vacancy will grow to over 7% and availabilities up to 13%; concession packages will increase, Andrew adds. NYC brokers who provide true value will stay, and physical and long-term investors will succeed. Result? We'll be at or near the bottom by year's end.


But the best thing you can do for the economy? "Stop listening to each other," Peter said, to laughter. "The world is not ending." He suggests everyone go to Antarctica for three months (which he recently visited).


NAI Platform's Jim Harder, NAI Global's Ted Parcel, Platform's Tyler Culberson, Global's Kim Kocur, and Platform's Cory Tyksinski. When Jim's not brokering deals for Albany International, he's daydreaming about warmer weather and golfing in Miami. Tyler's cracking the books at Siena as a business major.


You didn't think Bisnow would forget about lunch, did you? We stopped by AREW's event yesterday at 101 Park to hear keynoter Greg David, editorial director of Crain's New York Business (with AREW prez Jennifer McCool of Moynihan Station Venture and Crain's Jill Kaplan). He's determining NYC's bottom by watching three things: Atlantic Yards, particularly the court's ruling on eminent domain and how Forest City Ratner will finance the project; West Side Rail Yards' delay and whether Related will close on the project; and his friend Mike, who moved from Merrill Lynch to a hedge fund—if he keeps his job, it means that the financials will get through this market.


ERM Architecture's Edward McGinnis, Brown Harris Stevens' Alice Palmisano, and Anne Teshima. Anne recently left her job at Classic Realty, and says she doesn't know what to do with all this free time. She's been attending lunches and meeting with people she hasn't seen for years, and just bought herself a new tennis racquet. Perhaps she can break it in during the warmer weekend.


Paramount Painting's Erin Van Benthem, appraiser Christina Pae, HOK's Kimberly Dowdell and Kimball Office's Barbara Giaquinto. Christina recently returned from Uruguay and Argentina, and heads to Egypt in March. Talk about the upside of a slower market!

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