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The Real Estate Board of New York’s annual gala is the No. 1 social event on the city’s real estate industry calendar.
The honors and the speeches are almost secondary to the power networking — where relationships are cemented, deals are done and information is traded. This episode of Bisnow Reports was recorded at the 127th edition of the gala on Thursday, where attendees said it is far from smooth sailing in real estate.
Soaring interest rates, a slow return to the office and politics are dominating the industry. And the complexities in the market, the uncertainty and the politics were top of mind that evening.
“I think there is great happiness about getting back together again. It's been such a challenging time,” CBRE New York Tri-State Region CEO Mary Ann Tighe said. “If you said, 'What is the tone of the market throughout?' I would say 'nervous' is a very good characterization.”
Politics also took center stage, with Mayor Eric Adams delivering a fiery speech, asking the members of the audience to get more politically involved while discussions for a new slate of housing policies died in Albany.
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