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Although transactional volumes have bottomed out and appear on the upswing, asset prices will continue to slide until employment bottoms, says Massey Knakal chair Bob Knakal, recipient of tonight’s REBNY Louis Smadbeck Broker Recognition Award.
Massey Knakal chair Bob Knakal
He tells us his business is now focusing on banks and special servicers, who are beginning to loosen up. But how much strength the recovery will have depends on the impact of the Fed’s exit strategy and how employment will be affected by the potential tax environment; we’re also experiencing record governmental spending and massive deficits, which can increase taxes and further hurt the market. Outside of work, the first-time father is busy keeping up with his 14-month-old daughter, as well as serving as president of both Ice Hockey in Harlem and the Prescott Foundation for Children.
Warburg Realty Partnership president Frederick Peters
We also met with Warburg Realty Partnership president Frederick Peters, who's receiving the Kenneth R. Gerrety Humanitarian Award. Did you know that before real estate, Fred was a composer going for his doctorate in music composition? He’s been promoting the creation of new music for the past three decades and chairs Meet The Composer, an advocacy organization that creates opportunities and residencies for composers. On the real estate side, Warburg’s been focusing on next gen marketing, using social networking and blogs versus print advertising—tools that have been effectively increasing traffic for the firm, he says.