NY commercial real estate investors concerned, optimistic about bargain deals

Over a dozen so-called “Masters of Real Estate” said that they’re both cautious and determined to take advantage of the many bargain deals that abound, during the Observer’s conference on market troubles yesterday. Richard LeFrak, chairman of the LeFrak Organization, said that while he’s expecting the commercial market to make a strong showing in the coming months, he’s concerned that state regulators could stymie success. “The most sensitive thing is the politicians,” LeFrak said. “[Those] guys can screw up a two-car funeral if we let them.”