| A day before we whooped it up in Times Square, a group of Big Apple-ers descended on the nation’s capital for Bisnow’s DC Summit to discuss capital flows into DC and NY—and the money that’s not rippling into the rest of the country yet. Above, Dune Real Estate Partners CEO Dan Neidich told the 1,300 attendees that capital is not flowing for all: either you’ve “got 50 banks chasing you, or no one will take your call.” Yes, CMBS is back, and that’s helpful, but the effect on the broader capital flows is limited for the foreseeable future. |
| Here's the CEO of CWCapital Asset Management (second-largest special servicer in the US) Chuck Spetka, whose firm's been attempting to take struggling CMBS assets and split them into Aand B notes—harder to do than it sounds. “We try to work hard on them—we do. But the reality of the situation is that we're far more likely to foreclose on them,” he says. Loan modifications are becoming likelier as prices improve, though. |
| Prudential Douglas Elliman's "Queen of Retail" Faith Hope Consolo(who reps dozens of luxury tenants like Cartier and Ferragamo) was quite bullish. 2010 had triple the transactions of 2008, and Q1 isfollowing suit. Retailers from India, Canada, Iran, and South America are trying to enter the US. And why not? “This is a country of shopaholics.” The downturn brought a necessary price correction, but the market “got delusional, and I was part of it,” she says. Fifth Avenue retail, for instance, was leasing for $2,500/SF. |
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