Investors Still (Heart) NY
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|Later, it was off to REBNY's quarterly members' lunch at the Sheraton New York to hear from JPMorgan Chase's Greg Reimers, Goldman Sachs' Stuart Rothenberg and Apollo's Lee Neibart. Their take: it remains to be seen whether interest rate cuts are enough to stimulate commercial real estate; concerns that the cap markets will get worse are refocusing firms on credit tenants, quality, and location. Panelists stressed the need for liquidity and Obama's selection of a reassuring Treasury Secretary. They said Mayor Bloomberg and Governor Patterson should not compromise city services as they seek fiscal order. On the more optimistic side, they think residential will remain strong, and investor interest will increase. The city is still the world's financial capital and affordablecompared to many foreign cities. "New York City is the city you wantto stand by in bad times," said Newmark Knight Frank president and moderator James Kuhn.|
|Monday Properties' Scott Egarian, Craig Panzirer and Drew Odabashian. If you think Craig's good at making deals, try trick-or-treating with him. He reports that 20% of his kids' candy went toMom and Dad this year—not a bad commission. Hey, we need thesugar rush to get through this market, too.|
|The market certainly has been opportunistic for some people, like Rhode Associates' Graham Beatty, Jane Lyons and Eric Goldstein, who say that the firm has been doing a lot of capital restructuring and consulting for clients. Good, we like all smiles for our camera.|