Video of the Day: Blackstone's Jon Gray Bullish on New York, Miami
And head of global real estate Jonathan Gray says he's excited about two markets in particular.
Despite New York's hot rental market, the high-end game is more susceptible to global capital flows, he explains.
On the global scale, China isn't all bad, he says. While real estate development may be struggling, retail, for instance, is doing well there. "Ultimately, things do recover," Jon says.