YESTERDAY WITH NAIOP & AREW
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
|NAIOP NYC had the answers to all distressed questions last night, with Real Capital Analytics prez Bob White addressing what’s reality, what’s unknown, and potential solutions in valuations and troubled assets at an event at Haworth’s Park Avenue showroom.|
|But first were some words from NAIOP prez Tom Bisacquino (third from right) and Touchstone Corp.’s Douglas Howe (fourth from right), chair of NAIOP’s exec committee. Tom brought alphabet soup, talking TALF, REMIC, FIRPTA and other capital markets and legislative issues. Douglas says green legislation is also a primary concern of the chapters he’s visited. Here, they’re pictured with Jones Lang LaSalle’s Jim Wenk, Ackman-Ziff’s Joe Tufariello and Rick Lechtman, JLL’s Paul Formichelli, and Bob White.|
|Tom and Bob with Haworth’s Aret Lerian and Robert Garrity. Bob tells us that current values, nationally, are down 40%. All equity has been lost from ’06-‘07’s refinancings and sales to the tune of $1.3 trillion, and there’s no evidence of troubled assets slowing. However, lenders haven’t been aggressive in the foreclosure process, so many assets are just hanging there, leaving disappointed vultures on what Bob thought would’ve been a wave of opportunity. Instead, it will just drip for the next one to two years, he says. Good news: we’re not Vegas or Michigan. The New York metro is no more or less troubled than your average market.|
|Exciting times for ANS Performing Consulting’s Sagar Dalal, Beckerman PR’s Cassandra Carpio, and ScheinMedia’s Jonathan Schein. Sagar recently started ANS to offer marketing and investor relations, especially for those looking for value-add plans and fund transparency. Bonus: his own business means time home with new daughter Avaani, born six weeks ago!. Cassandra’s firm—well known for its RE clientele—just acquired NYC-based Wise PR, boosting its digital media platform. And Jonathan’s getting ready for his NJ Economic Survival Conference on the 6th, keynoted by Newark mayor Cory Booker. (We’ll comb our hair, in case the Mayor brings cameras for his Sundance Channel documentary Brick City.)|
|Did you know Robinson & Cole’s Kelly Molloy flew OH-58D Kiowa Warrior helicopters in the Army, where she was in active duty for nine years? Landstar Title’s Marco Botarelli kept his feet on the ground, opting for a 10-speed bicycle instead.|
|Commercial Defeasance’s John Ahern is quite brave to allow us to print this: he can’t wait to see the Red Sox beat the Yankees in the playoffs. Meridian Capital’s Jim Bologno and Chicago Title’s Brian McCarthy told us to make sure they’re not connected to John’s statement whatsoever.|