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|The Kalikow Group CEO Ed Kalikow offered a more reserved perspective than what we’ve been hearing (an opinion based on 30 years in the biz), as there are nominal signs of recovery in NY, he says. Even with the tremendous amount of capital waiting to be deployed, assets are still trickling in. He warns we’re seeing a mini-bubble as prices are being bid up and investors overpay on assets, but these prices are still more affordable than replacement costs. And gone are the days where you can bet on rents going up and away. In NY, “it’s hard to accept that the recession is over,” Ed posits. “We’re not seeing the governments and municipalities encouraging our market and jumpstarting our industry.” As people in our market revel in the perceived upswing, he says they seem to forget all the commercial debt coming due—the next industry challenge.|
|Ed says The Kalikow Group has reinvented itself to provide third-party services to manage residential real estate assets. No matter how the industry may choose to engineer real estate returns, thebasics of property management always drive the train, he adds. Returns can only be achieved with a “hands-on” operation, which he says The Kalikow Group has perfected as the fourth generationenters the business—it’s an inordinately complex job that requires “someone who didn’t enter the market yesterday.” Above, Ed was honored by the Michael J. Fox Foundation last fall for his 25 years of dedication as board member and treasurer of the National Parkinson Foundation and the Parkinson’s Disease Foundation. His father was diagnosed with Parkinson’s in the early '70s and died in 1990; Ed later became involved with foundations dedicated tofinding a cure.|