LAST NIGHT AT NYCREW
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
|The pain is real for commercial real estate, but it's better positioned to weather the storm than other sectors. So says Deloitte's Dennis Yeskey, who spoke to NYCREW last night at the HSBC building on Fifth Avenue. He went on to say that the economy will get worse before it gets better. He predicts negative growth into the second half of '09, while other real estate fundamentals will continue to erode. Financing will stay limited; sales and values will keep dropping.Capital providers will remain active in anticipation of distressed opportunities, and investors will re-evaluate global interest as domestic opportunities re-emerge. He says Obama may bode well for the market, but the crisis won't be over until someone goes to prison, a point that got enthusiastic applause from the crowd.|
|Dennis with the NYCREW board: HSBC's Kate Stentebjerg-Olesen; Ferzan Robbins & Associates' (and NYCREW prez) Liz Muskat; Justdan Realty's Karen Dome; Eurohypo AG's Jo Hastings; Cole Schotz's Wendy Berger; Community Development Trust's Joan Berkowitz; and Trinity Real Estate's Sharon Khurdan. Dennis has been busy on the speaking circuit, recently discussing bankruptcies and workouts at DB Bistro Moderne (otherwise known as the home of the $150 DB Burger Double Truffle) for an hour and a half after the kitchen closed. (In the spirit of the recession, they just consumed just the regular $32 burgers.)|