Top row, from left: Nouriel Roubini, Pamela Liebman, Joseph Sitt; bottom row, from left: Mark Zandi, Dolly Lenz, Miki Naftali
The New York condo market has nearly bottomed out, the commercial market in the city hasn’t even “tasted the pain that’s about to come” and, despite years of controversy, Coney Island will get redeveloped. Those were just some of the arguments that panelists made last night at The Real Deal’s 5th Annual Forum at Lincoln Center. Leading economist Nouriel Roubini also said there may be a second wave of pain during the recession and noted that actual job losses are even worse than what unemployment numbers reveal because they don’t include the cutback in hours and wages that a lot of those who are still working have experienced. Roubini — who earned the nickname Dr. Doom for his early predictions of an economic crisis — said that “labor income is crashing” and that a double-dip “W” shaped recovery is possible. In addition to Roubini, panelists included powerbroker Dolly Lenz, the Corcoran Group CEO Pam Liebman, Coney Island developer Joe Sitt, Plaza developer Miki Naftali and Moody’s economist Mark Zandi. They spoke in front of a packed house of about 1,500 people at Alice Tully Hall, with Fox Business News anchor Brian Sullivan moderating. More
