Every year The Real Deal has the pleasure of hosting thousands of our readers at our annual forum, which will be held this year on Sept. 10 at Lincoln Center’s Avery Fisher Hall. We gather the best in the industry for our panel discussions, and this year we are honored to have Larry Silverstein on the eve of the seventh anniversary of Sept. 11 to share his thoughts on Downtown and on the overall New York real estate market. We’re also gratified to host Charles Kushner, Steve Witkoff, Don Peebles and several other speakers who are making a big impact on today’s real estate landscape. For more details, check out our Web site and ads in this issue of The Real Deal.
As the publisher of a real estate magazine, I’m often asked about the best place and the best time to buy. While I am no expert, I always quote Sid Miller, an old-school, Uptown Manhattan broker who I could imagine being played by Woody Allen in a movie. Miller says, “The best time is now, and the best place is New York City, and the right amount is what you can afford.”
Timing, of course, can be everything, as our cover story on the winners and the losers in the credit crunch points out. The turmoil in the market has upended some of the plans of the biggest players, like Robert Toll and Harry Macklowe, while benefiting others, like Mortimer Zuckerman and Stephen Ross. You’ll want to check out this story to see on which side the biggest names fall.
But sometimes things are not so clear-cut, as our profile on Faith Hope Consolo points out. Consolo, who’s been called the queen of retail, among other things, inspires strong reactions. Love her or hate her, you’ll find this a fascinating read.
While it’s not a time to be timid and run for cover, the New York City real estate market is feeling some pain. Brokers have to work harder to get deals done (some are even returning their competitors’ phone calls, one of our stories reveals) and they are seeing fewer transactions. The weaker links are abandoning ship and looking for their next career.
High oil prices, a sinking dollar and increasing food prices point to rising inflation, which in the past has been good to real estate investors. But this time may be different, another one of our reporters points out, because of the difficulty investors have accessing credit. While the forecast is gloomy, we know our city has survived worse times.
On that note I bid you farewell, as The Real Deal moves its offices to the Hamptons for the month of August, where, as every year, the magazine rents a vacation house for work and play. I hope to see all of you at the annual forum. For ticket information go to lincolncenter.org/therealdeal.
Read on,
Amir Korangy