CORNERSTONE, B’NAI B’RITH & ABO
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|The Harvard Club was the place to be Wednesday morning, as three top CFO s gave their advice on where smart money is going in ’09 and beyond.|
|Cornerstone Accounting Group’s inaugural breakfast forum featured Thor Equities’ Michael Schurer, Mack-Cali’s Barry Lefkowitz, and Vornado’s Joseph Macnow, joined by moderator Stanley Perla of Cornerstone. Joe says the Manhattan office has hit an inflection, the past 60 days having a better tone. Watch for a mix of both private and public investors in the market, Michael says; publicly held real estate companies now have a much more level playing field with private players than they did 18 months ago, Joe adds. The panelists say we’re in a trough; the question is how long and what the incline will look like. Expect ’10 to be a sideline and transitional year with not a lot of momentum, Michael cautions.|
|FTI Consulting’s Michael Eisenband, Cornerstone’s Harry Dublinsky and Leo Chan, and Schonbraun McCann Group’s Harvey Berenson spoke on troubled real estate, loan modifications,bankruptcies, and other cheery topics during the second panel, moderated by SMG’s Paul Griesmer. Michael predicts that the trough can go into ’11, its extended length making it different from past recessions. It will be a challenging year as debts come due, Harry says, while valuations will continue to suffer for at least a quarter, Leo adds. Money needs to start flowing so we can do workouts and get deals moving again, Harvey stresses.|