400 joined us at our event today at The Roosevelt and heard Tishman Speyer acquisitions co-head Paul Galiano say one of the best ways to get outsized returns is to be the first mover in a market; hence his company’s three spec projects (all outside New York) using all equity. NGKF’s Garett Stoffels advocates repositioning properties (perhaps converting office into hotel or turning a vacant building into mixed-use) to maximize returns. He adds, though, that no matter how you fund it, the project has to make sense on an unleveraged basis (just like how we can afford to buy Yankees tickets with cash, but we’d prefer someone loan us the money so we can have some on hand for a soft pretzel at the game). Look for more coverage of our event on Monday.
This Morning at Bisnow’s Capital Markets Event
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Paul Galiano, The Roosevelt
