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Jerry Nadler and Edmund Bogen at 600 Madison Ave on July 30, 2012
We also stopped by Lee & Associates' new 600 Madison Ave office last week to shake hands with Congressman Jerry Nadler (left), but Lee & Associates' Edmund Bogen beat us to it. Jerry calls the economy's current predicament the second Great Depression—not a cyclical recession but a downturncaused by the collapse of real estate values and Wall Street. That kind of depression can take 10 years to dig out of, so it could be another five years, he says. The uncertainty people blame for the delayed recovery is "nonsense," he says. Rather, it's lack of aggregate demand. Corporations are sitting on $2.6 trillion but won't invest it without customers. With unemployment leaving consumers hamstrung, the congressman advocates further, intelligent government spending.
Jim Wacht at 600 Madison Ave on July 30, 2012
Lee & Associates NY prez Jim Wacht showed us how he navigates his office more speedily after its recent growth spurt; the company relocated in March from 6,500 SF to 22k. That's because Jim's Sierra Realty had 32 employees when it joined Lee & Associates last fall and has grown to more than 70. He says his office plans to bring in four to six more brokers and is negotiating with three now. There are also plans for an outer borough office. He also just got word that Lee & Associates has approved and will provide venture capital to create a seniors housing and medical property practice, and it just so happens that staffers Richard Donahue and Michael Berne have experience in those properties.