| On days when it's difficult to get a transaction completed, we all need a little spark. Bisnow was on hand last night as REBNY turned to top New York execs for creative dealmaking tips. |
| Studley's Woody Heller, Vornado's Glen Weiss, the Durst Org.'s John Grotto (moderator), Murray Hill Properties' Rob Nager, CB Richard Ellis' Peter Turchin, and Newmark Knight Frank's Billy Cohen. First question: have we hit bottom? Depends on which fundamental you look at. Peter says we've bottomed on velocity, but volume pricing, and availability have yet to follow. We're not going to hit until we see buildings revert to lenders and then remarketed, Billy adds. There's indications that consumer confidence is improving, but people are adjusting to a new paradigm, Woody notes. |
| How can you be creative in dealmaking? Billy says it's important to go back to basics—hand deliver proposals; make eye contact. A personal touch makes an enormous difference and sets you apart, Woody adds, noting that Billy once sent him a flier to his home instead of the office, where it could get lost. The downturn is a good time to start out in the business, as you're learning and working with a smaller pool of people, Peter says. No longer is it easy to make a deal, Glen warns; to survive, you'll have to outwork everyone. |
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