From left: Trump Organization Chairman and President Donald Trump, Naftali Group CEO Miki Naftali and Jones Lang LaSalle President of New York operations Peter Riguardi

September marks The Real Deal’s 100th magazine issue (to be posted online tomorrow). In it, we will be bringing you some of the stories that made the biggest impact on us and on the market. In the meantime, here is what some industry execs have to say about The Real Deal’s magazine milestone as well as about what The Real Deal has meant to them in the publication’s eight-year existence. For example, Donald Trump, chairman and president of the Trump Organization, said: “The Real Deal has become more comprehensive in its coverage of the real estate industry in New York City and it has also become a valuable source of information. The Real Deal has done a terrific job.” Compiled by Lauren Elkies

[more]

Miki Naftali, the CEO and president of Israeli real estate and hotel development conglomerate Elad Group, announced last week that he would step down from the role he’s held for more than a decade in order to start his own company, and The Real Deal got him on the phone to find out more. Naftali, who will retain a 49 percent stake in New York subsidiary Elad Properties, chatted about his new real estate venture, the Naftali Group, and about what will become of Elad in his absence. Meanwhile, Naftali sought to quash rumors that recent retail struggles at the Plaza Hotel — the revival of which was the hallmark of his tenure, at least as far as New York City is concerned — had anything to do with his departure. Click here for the Q & A.
[more]

With the controversial Miki Naftali stepping down from the Plaza’s helm, the recent record $48 million sale of a 12th-floor spread, and the pre-Lehman-esque $37.5 million asking price on the penthouse unit, it appears the landmark building has steered clear of the financial storm. But according to the Observer, the Plaza is still stuck in choppy waters. The primary concern is the retail spaces on the coveted Fifth Avenue lot. The Oak Room is closing in July, the Palm Court, which opened last year, has already shuttered, the Edwardian Room has been looking for a new tenant for years and the Shops at the Plaza are mostly vacant, having already gone through two cycles of retailers. Prudential Douglas Elliman retail broker Faith Hope Consolo simply asked, “Why would you want to be in this maze when you could be on Fifth Avenue?” [more]

From left: Miki Naftali, the Plaza, 21 Astor Place and the Grand Madison

Miki Naftali has stepped down as CEO of Elad Properties, which owns the Plaza Hotel, the New York Post reported. Despite speculation that controversy in the Plaza Hotel led to his stepping down, Miki Naftali insisted that was not the case. Naftali, who forged the $675 million purchase of the Plaza in 2004, vacated his role to pursue a new venture that includes an investment in an undisclosed mixed-use space in the city. Naftali will hold on to a 49 percent stake in Elad Properties. According to the Post, insiders believed Naftali was under fire from his boss, Isaac Tshuva who owns Elad Properties’ parent company the Elad Group, because of an inability to land long-term tenants in the hotel’s restaurant and retail spaces. [more]

Prior to The Real Deal‘s forum last week on distressed properties and real estate market recovery, moderator Brian Sullivan, of Fox Business News, spoke with Elad President Miki Naftali outside the forum venue about recovery in the New York hospitality industry. Naftali said that recovery will largely rely on the financial sector and whether lenders will begin loosening their tight grip on credit. “The problem is really more on the financial side,” Naftali said. “Any hotel owner that has a loan coming due has the almost impossible mission or task to refinance the property. That’s the biggest problem that we see right now.”

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

[more]

Top row, from left: Nouriel Roubini, Pamela Liebman, Joseph Sitt; bottom row, from left: Mark Zandi, Dolly Lenz, Miki Naftali

The Real Deal is hosting its fifth annual forum tonight,
“Distressed Opportunities: Taking Advantage of Distress and Searching
for Recovery,” at Alice Tully Hall in Lincoln Center. The panel of
experts includes Nouriel Roubini, co-founder and chairman of RGE Monitor; Elad Properties CEO
Miki Naftali; Thor Equities CEO Joseph Sitt;
Moody’s chief economist Mark Zandi; Corcoran Group CEO Pamela Liebman;
and Dolly Lenz, vice chairman at Prudential Douglas Elliman. The
networking and exhibition portion of the evening will begin at 3 p.m.
today, and the main event will begin at 6:30 p.m. Tickets are still
available at the Lincoln Center box office. For more information,
please visit the event page. TRD

Comments

• Tweet

From left: Pamela Liebman of the Corcoran Group and Dolly Lenz of Prudential Douglas Elliman

Two new additions have been announced for The Real Deal’s fifth annual forum, “Distressed Opportunities: Taking advantage of distress and searching for a real estate recovery.” Dolly Lenz, vice chairman of Prudential Douglas Elliman, and Pamela Liebman, president and CEO of the Corcoran Group, will join the all-star panel of real estate executives, analysts and economists. Other panelists include economist Nouriel Roubini, co-founder and chairman of RGE Monitor and NYU professor of economics; Coney Island developer Joseph Sitt, CEO of Thor Equities; Plaza developer Miki Naftali, president and CEO of the Elad Group, and Mark Zandi, chief economist at Moody’s Economy.com. The event, to be held Oct. 14 at Alice Tully Hall, Lincoln Center, will be moderated by Brian Sullivan, an anchor at Fox Business News. The forum will kick off at 3 p.m. with a networking and exhibition period, followed by the main event at 6:30 p.m. More panelists will be announced. Seating is limited. Tickets cost $80 and can be purchased by clicking here or calling Centercharge at (212) 721-6500. TRD [more]

From left: Nouriel Roubini of RGE Monitor, Joseph Sitt of Thor Equities, Mark Zandi of Moody’s Economy.com and Miki Naftali of the Elad Group

Looking to explore and identify opportunities in the distressed marketplace? At next month’s fifth annual The Real Deal forum, a panel of leading real estate experts and economists will debate what the future holds for the New York City real estate market and how they are coping with the downturn. The panel includes world famous economist Nouriel Roubini, co-founder and chairman of RGE Monitor and NYU professor of economics; Coney Island developer Joseph Sitt, CEO of Thor Equities; Plaza developer Miki Naftali, president and CEO of the Elad Group, and Mark Zandi, chief economist at Moody’s Economy.com. The event, to be held Oct. 14 at Alice Tully Hall, Lincoln Center, will be moderated by Brian Sullivan, an anchor at Fox Business News. The forum will kick off at 3 p.m. with a networking and exhibition period, followed by the main event at 6:30 p.m. More panelists will be announced. Seating is limited. Tickets cost $80 and can be purchased by clicking here or calling Centercharge at (212) 721-6500. TRD
[more]