Schrager, Tishman, Blau and other real estate pros talk shop

TRD New York /
Oct.October 22, 2010 01:00 PM

Hotelier Ian Schrager, CEO of the Ian Schrager Company; Daniel Tishman, chairman & CEO of Tishman Construction; Jeff Blau, president of Related Companies; Robert Knakal, chairman of Massey Knakal Realty Services; Howard Lorber, chairman of Prudential Douglas Elliman, and Diane Ramirez, president of Halstead Property, batted around market issues in a panel discussion at The Real Deal’s sixth annual forum last week.

The residential market is recovering, Ramirez said (see video below). “We are seeing movement across the board now.” She noted later: “We are absolutely in a perfect storm… and yet I am seeing no urgency in the market right now.” For the first eight months of this year, Lorber said, his firm saw record volume and prices. On the commercial side, Knakal said, “we believe that we are past the bottom” from a volume perspective. The market, he added, “is trying to find it’s footing but it’s really not quite there yet.” Tishman said he is seeing private developers start to talk about restarting stalled projects. Blau said he wouldn’t start developing outside of Washington D.C. or New York at this point while Schrager said he is trying to do a deal in London.

“You can get financing if you’re the right developer,” Tishman said, adding that he is bullish on the West Side by the Javits Center, the railyards, by Related’s project at 440 West 42nd Street and the area where his company has developed at 44th Street and Eight Avenue (see video below). Blau said that the opportunity in the market right now is to act as a building operator. When Fox Business News anchor and panel moderator Brian Sullivan asked Blau if he is a deal-maker because of access to capital, raw brain power, or “cojones,” Blau noted that there is also the timing factor. Looking forward, Knakal predicted that the distressed component of the market will be sticking around for two to three years.

See the second installment, in which Sharif El-Gamal, chairman and CEO of Manhattan-based real estate investment firm Soho Properties, fielded questions from The Real Deal’s Amir Korangy, about his proposed Park51 mosque and community center near Ground Zero, below.

See the first installment, in which The Real Deal interviews real estate pros on what they are seeing on the streets, below.


Related Articles

arrow_forward_ios
150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)

Children’s Aid Society sells Midtown HQ

Children’s Aid Society sells Midtown HQ
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose closes $81M all-cash Brooklyn buy

Rockrose closes $81M all-cash Brooklyn buy
David Schechtman, Bob Knakal, Peter Von der Ahe

Top I-sales brokers on what to do when there are no deals

Top I-sales brokers on what to do when there are no deals
Douglas Elliman's Howard Lorber and Amazon's Jeff Bezos (Credit: Getty Images)

Second-home tax would be “multiples worse” than Amazon loss: Howard Lorber

Second-home tax would be “multiples worse” than Amazon loss: Howard Lorber
TRD Talks Live: hear from NYC’s biggest brokerage heads

TRD Talks Live: hear from NYC’s biggest brokerage heads

TRD Talks Live: hear from NYC’s biggest brokerage heads
Howard Lorber (Credit: Getty Images)

Douglas Elliman reports flat sales in 2019, blaming soft NYC market

Douglas Elliman reports flat sales in 2019, blaming soft NYC market
Howard Lorber and Barry Zubrow with unit 1601 at The Bristol (Credit: Getty Images)

Howard Lorber flips condo to investment banker Barry Zubrow

Howard Lorber flips condo to investment banker Barry Zubrow
From left: Douglas Durst, 125 Greenwich, New Valley CEO Howard Lorber, Bizzi & Partners' Davide Bizzi (Credit: Getty Images, Google Maps)

Owners of $800M skyscraper skipped on $700K rent for sales gallery

Owners of $800M skyscraper skipped on $700K rent for sales gallery
arrow_forward_ios

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

Loading...