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After several years of exceptional capital markets activity, a curtain of darkness fell over the industry in the fall of '07 as transaction volume nearly ground to a halt. The speed of the decline in and of itself was unprecedented, as the industry corrects rather slowly, says Eastern Consolidated chairman Peter Hauspurg, who will be speaking at Bisnow's NYC Summit 9/15.
Eastern Consolidated's Peter Hauspurg and Daun Paris
Over 18 months, office buildings fell from $1k to $350/SF. But in January, it felt as if the lights went on again, Peter (here with Eastern president Daun Paris) says—the first half of the year saw bigger and more deals. The gap between sellers of performing and non-performing notes have come together in many instances, and there's been a flurry of loan sales. NYC office building sales have popped back to $600/SF. Well-located real estate has again produced bidding wars and very low cap rates. Stalled building sites in good areas are being recapitalized and are on the way to completion. And new condo and hotel projects, absent from our vocabulary for over two years, are being discussed again. Want to hear specifics? Peter and a panel of top NYC execs headline a discussion on the market, including Eastern Consolidated chairman Peter Hauspurg, SL Green's Steve Durels, and Fried Frank's Jonathan Mechanic. Cole Schotz's Leo Leyva is moderating the national panel of Cantor Fitzgerald's Anthony Orso, Brookfield Properties' Dennis Friedrich, and Stellar Management's Robert Rosania. Sign up today.