News
GREENBURGER & NAIOP
April 8, 2009
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| Yesterday ended (just kidding, we're always on alert) at Haworth's showroom at 125 Park, where NAIOP NYC held monthly networking. Time Equities chair Francis Greenberger, center, keynoted; he imparted downturn wisdom, having survived the '74 energy crisis, '82 credit crunch, '87 stock crash, and the early '90's S&L crisis. We snapped this of him with TEI's Jay Fehskens, and chapter board members: Jones Lang LaSalle's Jim Wenk, Ackman-Ziff's Rick Lechtman, president; ING Clarion Capital's Tim Zietara; Sterling Equities' Sagar Dalal; and JLL's Paul Formichelli. |
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| Francis says each of those downturns seemed cataclysmic at the time, but life goes on. In response to the market, TEI has stopped all development activity, except projects mid-construction, and is dealing with loan maturities ahead of time. Its investments and operations must meet short-term goals, he says, as long-term strategies are difficult with no crystal ball. This way, the firm will be around when the market recovers; players who distinguish themselves, he says, will succeed in today's market. |
