Real estate pros talk shop at The Real Deal’s holiday party

TRD New York /
Dec.December 10, 2008 11:32 AM


The Real Deal
held its holiday party last night at the Sicis Art Factory, at 470 Broome Street in Soho. More than 1,000 real estate professionals filled the four-floor showroom packed with mosaic designs covering entire walls in flower and animal patterns, hanging tile displays that looked like flying carpets and mannequins dressed in armor. Attendees included Bob Knakal and Paul Massey, co-founders of Massey Knakal; Jonathan Miller, president and CEO of Miller Samuel; Michael Shvo, founder of the Shvo Group; Steven Siegel, chairman of global brokerage at CB Richard Ellis; and Tamir Shemesh, managing director of Prudential Douglas Elliman. While touring the floors of art and drinking champagne and sampling hors d’oeuvres, many of the real estate pros at the party talked about the state of the market and what they are up to.

Here’s a sampling:

Adelaide Polsinelli, associate vice president of investments at Marcus & Millichap:

In 2009 you will see a consolidation of brokerages. It will be survival of the fittest.

Romy Goldman, owner of Gold Development:

A good product that’s moderately priced will sell. Buildings that are done will sell. The residential mortgage market is changing on a daily basis.

Tom Acitelli, senior editor of real estate coverage at the New York Observer:

I think now is one of the better times to be a rental agent because of the demand. [And] now is the time to own property near an outer borough transportation hub. When the next wave comes, those areas will bounce back fastest and first, outside of Manhattan.

Itai Nave, investment sales broker at Berko & Associates:

The market will turn up in 2010, and I think we’re going to hit the bottom next year. Right now, [for investors], the smartest properties to buy are malls with strong anchor tenants like Wal-Mart. The discount retailers are doing well.

Developer Henry Justin of HJ Development:

We’re going to hunker down and stay the course. I’m not going to [turn my building at 211 East 51st Street] into a rental.

Adam Leitman Bailey, real estate attorney of the eponymous law firm:

Only the people who can predict the weather in the up coming months can predict real estate’s future.


Related Articles

arrow_forward_ios
Marcus & Millichap CEO Hessam Nadji

Marcus & Millichap CEO predicts “exodus” from cities to last two years

Marcus & Millichap CEO predicts “exodus” from cities to last two years
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

Joint venture plans 400K sf commercial project for LIC
From left: Jim Whelan, David Schechtman, Tom Elghanayan, Helena Durst, Bill Rudin, and Adam Leitman Bailey

Real estate bigwigs sound off on politics at REBNY gala

Real estate bigwigs sound off on politics at REBNY gala
Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Long Island City hotel project moves forward with construction loan
CW Realty's Cheskie Weisz and the Williamsburg assemblage (Credit: CW Realty and Google Maps)

CW Realty buying Williamsburg assemblage for $39M

CW Realty buying Williamsburg assemblage for $39M
Adam Leitman Bailey (Credit: iStock)

Adam Leitman Bailey can practice law again

Adam Leitman Bailey can practice law again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...