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Massey Knakal chair Bob Knakal
To say ’09 was slow is an understatement, said Massey Knakal chair Bob Knakal at the New York Post’s Dealmakers forum last week (see previous coverage), noting a 90% reduction in dollar sales. But transaction volume is increasing, and he thinks we’re past that bottom, despite a remaining downward pressure on pricing. Multifamily has performed best, but lost 46% value when retail was included in the building. He notes the housing market hasn’t hit bottom yet, and there’s a chance for a double dip. We’ll hit the bottom when unemployment peaks and turns, then we’ll bounce along a bit.
Malkin Holdings Tony Malkin
Malkin Holdings prez Tony Malkin followed with an update on the sustainability measures being undertaken at the Empire State Building, part of a $550M renovation assisted by Johnson Controls, the Clinton Climate Initiative, Jones Lang LaSalle, and the Rocky Mountain Institute. Its goal was not only to green the ESB, he says, but to use it as a test building and a replicable model for others; over 400M SF of NYC buildings are now undergoing the first wave of evaluations. To go green, he says, you need to triage your building portfolio, create a sustainability master plan, commit to an integrated whole-building approach, engage all occupants, require performance guarantees, and create concrete successes.