LAST NIGHT AT NYCREW

The pain is real for commercial real estate, but it's better positioned to weather the storm than other sectors. So says Deloitte's Dennis Yeskey, who spoke to NYCREW last night at the HSBC building on Fifth Avenue. He went on to say that the economy will get worse before it gets better. He predicts negative growth into the second half of '09, while other real estate fundamentals will continue to erode. Financing will stay limited; sales and values will keep dropping.Capital providers will remain active in anticipation of distressed opportunities, and investors will re-evaluate global interest as domestic opportunities re-emerge. He says Obama may bode well for the market, but the crisis won't be over until someone goes to prison,  a point that got enthusiastic applause from the crowd.
Dennis with the NYCREW board: HSBC's Kate Stentebjerg-Olesen; Ferzan Robbins & Associates' (and NYCREW prez) Liz Muskat; Justdan Realty's Karen Dome; Eurohypo AG's Jo Hastings; Cole Schotz's Wendy Berger; Community Development Trust's Joan Berkowitz; and Trinity Real Estate's Sharon Khurdan. Dennis has been busy on the speaking circuit, recently discussing bankruptcies and workouts at DB Bistro Moderne (otherwise known as the home of the $150 DB Burger Double Truffle) for an hour and a half after the kitchen closed. (In the spirit of the recession, they just consumed just the regular $32 burgers.)

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

RXR Marketing Executive Lauren Maturo Dies At 32

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

Meet Bisnow's 2026 New York Power Women Honorees

Related, Oxford Land Tenant For Top Floors Of 70 Hudson Yards

BXP Execs See Better Returns In Building Offices Than Buying Them

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

$60B Fintech Ramp Inks Huge Expansion In Flatiron: The N.Y. Deal Sheet

As The Future Of The Office Continues To Evolve, WeWork Is Bringing Clients A Tailored Workplace Solution

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown