| The days of market timing in New York are over, says real estate advisory firm FTI Schonbraun McCann Group senior managing director Jahn Brodwin, who notes that good, solid operators will be successful going forward. The city has proved relatively resilient in the downturn, he says, even though it was the last to go down, it is the first to recover. With this, SMG is putting more focus on its core business of due diligence for acquisitions and dispositions as the transactions start moving again. Loan restructurings, valuation, and forensic accounting advisory are also in demand and the good news is that bankruptcy and restructurings are not as severe as we'd anticipated, he says. There's still a very meaningful amount of recapitalization yet to come, which will happen in a more sedate fashion than initially believed a couple years back, but REITs and private equity funds are already sniffing out market opportunities. |
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