ON THE MEND
Don’t adjust your monitor. This is the Dallas edition, but we’re offering coverage of our Bisnow Capital Markets Schmooze Tuesday on W. 44th in Manhattan, because, heck, there was some good news. Panelist and NY investment sales king Woody Heller of Studley, told the crowd it’s not sellers who are finally capitulating, but buyers. In particular, he says, offshore buyers who think they missed the boat in London and don’t want to miss it here. He says money is plentiful and strong assets for sale is the true commodity in short supply.
“Father of the CMBS Market” Ethan Penner told the crowd the market will get re-priced on a rolling basis, maybe the lion’s share in 2012-2014. He sees the opportunity today as the imbalance between capital needed to refinance and capital organized to do that. When it gets organized, those investors will do very well, he says, so he’s been creating funds. Big kudos and thanks to Arent Fox NY real estate guru David Dubrow and Reznick Capital Markets guru Rob Sternthal for expertly guiding the conversation and drawing out all these views.