Brian Evans, NRC Special Events Chairman poses with the band Tom Graf, Northmarq Capital Robert Siegel Adam Marsh, Empire Capital Partners; Stephan Goray, Esq.

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BALCONY is the Business and Labor Coalition of New York State. The forum moderated by Lou Gordon, Director of BALCONY was joined by keynote speaker, Christopher Ward, Executive Director of the Port Authority of NY&NJ, Samara Barend, Executive Directive of Governor Patterson’s Commission on State Asset Maximization, James Melius, MD, DrPH, an occupational physician for OSHA, Robert Ledwith, Business Manager of Local 46, Stephan McInnis, Political Director for the NYC District Council of Carpenters, Chris Levendos, Executive Director of Verizon Regional Operations, and Brian Osterhout, P.E., the Director of Business Development with M.J. Engineering and Land Surveying, P.C.

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In addition the show offered educational programs, panel discussions, and an Intelligent Buildings Arena–a dedicated area on the show room floor showcasing building automation technology to interconnect security, fire-safety and suppression, HVAC, telecommunications, energy management, lighting, and access control all while minimizing costs. Sounds great, doesn’t it!

The show was produced by Reed Expo and sponsored by The Associated Builders and Owners of New York.

Jerome Belson, President, Associated Builders and Owners of New York; Richard H. Neiman, Superintendant of Banks, State of NY Banking Department (Preparing for the official ribbon cutting)

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Robin Abrams, Gene Spiegelman, James Downey, Joanne Podell The most Creative Deal Award: Lease of Former Gucci Flagship at 685 Fifth Avenue. Brokers: Cushman & Wakefield, Inc. — Gene Spiegelman and James Downey (pictured above) John Farrell, Vice President, Director of Commercial Brokerage , HelmsleySpear; Robert Gibson, Executive Vice President Retail Services, Cushman & Wakefield, Inc.; Mel Zimmerman, HelmsleySpear Lloyd Backus, The New York Times; Steven Spinola, President, REBNY; David Rosenbloom, Executive Director, Cushman & Wakefield, Inc. Jonathan Gordon, Admiral Real Estate Services Corp.; Dina Levinson, Property Director, Phillips International Steven Robinson, Broker, CBRE; Thomas Citron, Associate, Cushman & Wakefield Cory Zelnik, CEO, Zelnik & Company; Hugh Kelly, Principal, SRS Cory Marks, Sales Manager, Crains; Trish Henry, Ad Director, Crains Molly Beal, Associate, Cushman & Wakefield; Jim Downey, Executive Director, Cushman & Wakefield Clifford Malloy, Managing Director, Studley; Rob Nager, Executive Managing Director, MHP Robert Shapiro, Broker, Massey Knakal; James Nelson, Broker, Massey Knakal; Mary Ann Tighe, CEO, CBRE Robert Frischman, Principal, JDF Realty, Inc. Sarah Mohr, Associate, Cushman & Wakefield, Inc.; Natalia Maoias, Senior Director Rental/Leasing, Tishman Speyer Ann Freedman, Retail Business Manager, Port Authority of NY & NJ; Andy Frankl, President, IBEX Construction; Robin Abrams, Executive Vice President, The Lansco Corporation

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The AREW charitable Fund, is a not-for-profit affiliate of the Association of Real Estate Women. The Charitable Fund has two primary areas of focus: supporting Women In Need (WIN), a non-profit organization that helps women and families become independent, and funding scholarships for students in the real estate programs at New York City colleges and universities. This evening’s silent auction highlighted the fashions of Designer Jes Wade. Jes created the fashions after being inspired by the possibilities of a single draped piece of fabric. With the help of several New York models, Jes Wades fashions were on view in several vignettes created by the designer.

Nadia Kazakova, model Rachel, model Fabiana, model Teah Spears, model, Q; Katy Beal, model, Q Alexandra Semechkina, model, Q The auction took place at Twenty9th Park Madison. A luxury hi-rise with astounding Manhattan views. Looks like there is no room in this elevator to the roof. I guess we’ll have to catch the next one. Ali Naraghi, Development Manager Ali is the sponsor of the building and was the developer of the project. He told us if we were interested he’d be glad to sell us a unit…not on my reporter’s salary. All inquiries can be made to Warburg Realty. Well, it really is a nice view… Margaret Lacey, Broker, Caran Properties; Rebecca Mason, Arew President; Deborah Cole, Business Development Director, Perkins & Will; Katherine Sayer, CLU, New York Life Insurance Company Dale Bass, Hubley-Bass; Lucy Carter, Director of Marketing, Ted Moudis Associates; Ted Moudis, AIA, Principal, Ted Moudis Associates; Jeanette Hubley, Hubley-Bass Meanwhile back in the apartment… Susan Kennedy, Jes Wade Assistant; Pat Hildebrandt, Business Development, JFK & M Helen Mason, Mom visiting from England; Rebecca Mason, President of AREW; Ruth Furst, President of Partners Laurie King, President, Sites Nationwide; Dawn Tsien, Douglas Elliman Paul Senecal, President, United Services of America; Rona Siegel, VP of Administration, FMMS Randy Lombard, Broker, Prudential; Susan Greenberg, President, Corporate Art Consultants Juan Gabarron, Vice President, The Gabarron Foundation Juan’s foundation provided all the artwork for the show. Andrew Clark, Professor of French Literature, Fordham University; Jes Wade, Designer

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Linden Lucas, investor, Home Procurement Enterprises, Inc.; Peta-Gaye Shoucair, interior architect; Avi Schneier, 1031 exchange specialist

GreenPearl threw another great networking event in Brooklyn, which packed the space provided at reBar, a trendy spot in DUMBO. Among the attendees were investors, lenders, brokers, architects, attorneys, engineers, developers, construction professionals, local press, and even the producer of the TV show. The opportunities discussed ranged from a green development in Brooklyn (Rob Roth) to a $15 billion fund for distressed notes (Carl Vollmer). Be sure to join GreenPearl next week at The Park in Manhattan or at Cavo Cafe Lounge in Queens on the 23rd.

Andy Feinberg, Winthrop Realty Trust; Tony Pohle, principal at Renewal Reporter Mike Dacko, investor; Brian Delaura, investor Terence Kinee, designer/architect, BuiltIN Studio; Gary Eisner, designer/architect, BuiltIN Studio Sara Mirski, developer; Daniel Vitro, broker / investor; Alexander Rodsen, engineer Irving Riley, Atlantis Health; Tom Estabrook, Maxons Restorations; Kevin Parke, Corporate Construction Inc. Zach Rose, LEEDTeacher; Nadeem Malik, architect; Carl Vollmer, broker, New World Realty Gary Baum, loan modification specialist, US Support Group; Armando Rose, architect; Catherine Jallim, Corporate Construction & Project Management Inc. Bryant Roman, attorney, Roman & Associates; Jose Ortega, Managing Partner, Innovative Energy Solutions Ralph Wilkins, broker, Commercial Retail Associates; Jyl Ferris, Cooking for Bachelors; Avi Schneier, 1031 exchange specialist Michael Lulkin, New York TItle; Judy Sahagian, Managing Director, Bronx Networking Group Rainer Streit, investor, On The Ball Group LLC; Irving Riley; Jason Chornay, workout consultant, National Mortgage Negotiators Yi Han, Acute Construction; Andy Feinberg, Winthrop Realty Trust Rob Roth, developer, Green Envy Development; Peta-Gaye Shoucair, interior architect Amnon Cohen, Loan workout consultant, Chelsea Loan Servicing and Workouts LLC; Jason Chornay, workout consultant, National Mortgage Negotiators; John Bruzina, attorney, John S. Bruzina, Esq. John Torres; Judy Sahagian

Carly Berfas; Evan Hakalir, JPS Capital Partners; Drew Melchionni, Vice President Sales, Prestige Title Agency, Inc.

YMBA networkers gathered to officially welcome spring. An excellent job was done by all. Everyone seemed to be having a pretty good time! What more can one ask for- than good company, good food, and an open bar. The spirits flowed and it’s now official, spring is here, and from the looks of things is going to stick around for awhile…

Carol Bensky, YMBA; Michael Soffer, Citibank Jill Hamer, Attorney Benjamin Kursman, Partner, Herrick, Feinstein LLP; David Leese, Artist Sander Koudijs, Account Manager, Statewide Abstract Corp; Jennifer Krucher, Cassin & Cassin LLP Eran Evron, The Real Deal; Evan Hakalir, JPS Capital Partners Kim Murray, Partner, Inter Capital Resources; Gregory Noykhovich, Senior Analyst, Inter Capital Resources Peter L. Meyer, Vice President, Citibank Commercial Real Estate Finance; Mitchell Gould, Executive Vice President, BRT Realty Trust Marc Lawrence, Senior VP, Managing Director, AmericanLand; Jessica Thaler, Attorney, Drakeford & Kane LLC Elaine Tross, Vice President, Prudential Eli Englard, Meridian; Robert Van Gelder, First Vice President, New York Community Bank; Bruce Haber, Creative Funding Tom Graf, Northmarq Capital; Gus Buitrago, Vice President, Flushing Savings Bank Danielle Pivetta, Actress; George Eliopoulos, Managing Director, Commerce Capital Corporation Robert Shapiro, First Vice President of Sales, Massey Knakal; Johnny Reyes, Vice President, Flushing Savings Bank Front Row:  Matthew Lesczynski, Citibank; Left to Right: Pete Meyer, Citibank; Michael Souffer, Citibank; Shai Denburg, Fairmont Capital; Barry Katz, Fairmont Capital Danielle Pivetta, Actress; Laura Oldham, Actress Kenneth Krasnow, Managing Director, Massey Knakal; Robert Shapiro, Vice President, Massey Knakal; Edwin Bassett, Attorney, Day Pitney LLP

Anthony Kazazis, Founder of NYC Networking Group

The NYC Real Estate Expo is coming to an Island near you. That’s Manhattan Island at the Roosevelt Hotel this October. Yesterday’s event at the Williams Club brought together Real Estate professionals for some quality schmoozing while getting a preview of the Trade Show Exhibitors who have already signed up for the big event.  A few are seen below.

Tonight’s REBNY panel brought together the best ( art of the deal) dealmaker’s to offer advice and insight to the new and not so new brokers who are struggling to make deals in a market that’s not making any deals.
According to Heller only 10 to 20 percent of deals closed and you could count all the deals on one hand-not alot of deals.
The panel was in agreement that one of biggest problems they faced in the marketplace was that prospective rental space needs to be built out and there is alot of sub tenant space in the marketplace that is undesirable and unleasable . Getting clients to acknowledge they may have to give up the best part of their own space in order to sub lease is a tough hurdle to get over.

Advice for the new brokers and everybody else was the same “Get back to basics”. The champion of the night if there was one would have to be Billy Cohen who proved that if you are good everybody knows it! Everyone on the panel definitely did as they offered  Billy’s  techniques for success as best. In Contrast Weiss offered that “Getting back to basics” is requirement number one if you want to keep your job in the Vornado Organization.

Some of Cohen’s advice included, hand delivering proposals, calling every client quarterly, making lots of lists, and personally visiting tenants. An interesting bit of advice was to run contacts  through search engines and see if they’ve achieved some kind of notiriety that would warrant a phone call. Of course  you have to be careful the notiriety doesn’t require  a warrant instead.

The black hole of the evening is still the CMBS market or lack of of one. Stay tuned for REBNY’s next Commercial Panel.

John P. Markos, Attorney;Allan H. Fried,GHC,Development;
John Grotto, The Durst Organization

Rob Nager,MHP Retail Services; Chaim Katzap Lion’s

Joseph Lentini Sr.,William Capital Associates Inc.; Glen Weiss,Vornado;
Joseph Lentini Jr., William Capital Associates

Billly Cohen, Newmark Knight Frank

Peter Turchin, CB Richard Ellis

Glen Weiss, Vornado

Tosca Cafe, Bronx, New York

The Bronx is definitely home base for the Yankees, but this evening at the Tosca Café, the Bronx Networking Group, powered by GreenPearl.com, hosted a networking event with all the fanfare of the season opener. It was a record breaking night for the Yankees as they took Atlanta 12-3 and Greenpearl’s rooftop event at the delightful Tosca Café was a real homecoming. Networking enthusiasts scored home-runs making new connections while enjoying the exotic drinks and tasty cuisine offered at Tosca. Some of the lucky networkers are seen below.

Michael Koulouroudis, Koudis Development
Jillian Faulls, Jillian Inc.

Ryan Slack, CEO, GreenPearl.com
Judy Sahagian, Chair, Bronx Networking Group

Edy Moscoso, Syska Henessy Group Inc.
Barry Lockom, East Coast Cleaning & Restoration, LLC

Jaudy Lernandez, Owner
Cecilia Norbert, Broker, CN Direct Realty LLC

Christopher M. Mill, Assistant VP, Commonwealth Land Title Insurance Co.
Joseph Fernandez, Broker, CJF Realty Investments & Loan

Pericles Morel, Broker, CN Direct Realty LLC
Cecilia Norbert, Broker, CN Direct Realty LLC

James Kali
Aedee Lantigua, Broker Assistant, C.V. Classic Realty Inc.
Angel Cartagena, Senior Mortgage Specialist, Continental Home Loans

Carlos Alvarez, National Business Director
Edward Chernoff, Broker, Exit Realty

Andrew V. Lofredo, Capuano & Lofredo LLP
Nicholas Capuano, Capuano & Lofredo LLP

Lilyana Pekic, Account Manager, Keppler Title Agency, LLC
Michelle A. Cruz, Real Estate Salesperson, Today Realty Corp.

Laura C. Browne, Attorney At Law
Louis Popovic, President, JLP Metro, Management, Inc.

Ivan A. Urgiles, Financial Representative, The Guardian Life Insurance Company of America
Joseph Paldino, Owner, Paldino Company CPA

Isabel Hershkovitz, Loan Officer, PHS
Trevor Curran, Director of Business Development, Powerhouse Solutions

Kathleen Arte, Broker, Weichert Realtors
Maria Moragianis, Associate Broker, Weichert Realtors
Arlene Miro, Broker, Weichert Realtors

Jillian Faulls, Jillian Inc.

Stephanie Gomes, Independent Sales Agent, VR Tech Marketing Group
Cori-Ann Roublick, Coach & Investor
Andre Willbright, New York Neon Signs & Awnings

Joseph Fernandez, Broker, CJF Realty Investments & Loans

Marisol Morales, CEO, MCM Faith Inc.
Cliff O Thomas, Home Retention consultant, BigCityConsultants

Ian Hardies, Inc Interiors
Caroline Chiti, Inc Interiors
Ann Samuels, Inc. Interiors

Aminah Cole, Office Representative, State Farm

Brian Klebash, GreenPearl.com
Anthony E. Pohle, Principal, Renewal Reporter

Steve Moran, Business Development Consultant, Entrust Group

Susan Osika, Glenman Corporation

Helena Boris, Marketing Manager, Glenman Corporation

Daniel Q Kelly Jr., PSP, Touchcom

Ivan A. Urgiles, Financial Representative, The Guardian Life Insurance Company of America

Julio Vargas, Associated Broker, Homes Inc.
Trevor Curran, Director of Business Development, Powerhouse Solutions

Robert Knakal, Chairman, Massey Knakal Realty

Let Me Make This Perfectly Clear

Every seat in the house was filled at The Williams Club where the members of the NRC meet monthly to discuss current topics in Real Estate investing. Every ear was tuned to Robert Knakal, one time past President of the NRC who recalled he enjoyed his tenure as leader of the organization.

Robert Knakal, Chairman of Massey Knakal Realty Services, broke the golden rule: “don’t mix economics, politics, and real estate” when he told a roomful of real estate investors, brokers, and developers that never before has there been a situation where the confluence of all three disciplines has been so closely aligned as in the current economic cycle.

Making reference to both the Bush administration in the fall of 2008 and the Obama administration since, Mr. Knakal stated that there hasn’t been such poor economic leadership in this country since the stagflation of the 1970s when in 1973 inflation tripled from 3.9% to 9.6% and the stop and go monetary policy of the Nixon administration confused price-setters, many of whom kept prices high, thus keeping inflation resistant.

Even though current Fed rates are set at an all time low, Mr. Knakal pointed out, there is no place to go but up. The Feds rate is currently set between zero and .25%. It was lowered to this level on Dec. 17th, 2008-the 10th Fed rate cut in a little over a year.

The firm of Massey Knakal is predicting that inflation in the near future is inevitable due to the current monetary policies and the likely rise of interest rates. Mr. Knakal became emotional at times while he talked about the Billion Dollar Bailouts, (Welcome to the US- “Bail Out Berg” ), job losses that he feels are grossly understated, increased taxation that undermines investment, and the inevitable devaluation of real estate based upon interest rate increases which will be necessary to counteract the inflation caused by the massive amount of government spending.

As if the current situation is not dire enough he added, there is still the “800 lb. gorilla in the room.”  That gorilla is the current inability to refinance large securitized loans that are massive in scope. The current prediction that a tidal wave of  over $400 billion will be needed to be recapitalized by 2011 and without a functioning CMBS market, there is no clear source for this capital, he stated.

He ended his presentation by noting that the current attitude of Pro-Green, Pro-Union and Anti-Business seemed to be taking the shotgun approach that anything or anyone associated with finance, real estate or investment are being shunned, while at the same time we are asking the same individuals to reinvest in our economy.

This is most evident in the government’s outreach to institutional investors for the PPIP program after vilifying these same investors for their role in bankrupt Wall Street firms and automakers. It’s a dichotomy that is growing, and he feels investors may stay on the sidelines rather than risk the possibility of public humiliation or being subject to a business partner that can change the rules of the game midstream. Despite the rather gloomy assessment the ever cheerful Mr. Knakal remains an optimist and left the podium with a smile. After all, we are in America, and this is New York, the best city in the world.

Above: Martin Piazzola, VP, Lincoln Property Company; Alexander E. Hill, Winick Realty Group

Above:  J. Mark Asproyerakas, Chief Tatelli LTD; Bruce Haber, Creative Funding Group; Josh Protas, National Realty Club

Above: Josh Prottas, Secretary, Governor, National Realty Club; Jerrold P. Fuchs, Program Chairman, Governor National Realty Club

Above: Robert Knakal, Chairman, Massey Knakal Realty; Alan P. Miller, Governor, National Realty Club

Above:  Michael Stoler, The Stoler Report; Greg Winter, Winter & Company

Above: Alex Silverman, Banker; Steven J. Waldman, President, Spectrum Realty Services, LLC

Above: Robert A. Jacobs, Partner, Belkin Burden Wenig & Goldman, LLP; Jennifer Apple, Belkin Burden Wenig & Goldman, LLP; Susan C. Barkin, President, Barkin And Associates

Above: Catherine Silverman, Business Development, Holt Construction; John M. Barrett, First Vice President of Sales, Massey Knakal

Above: Annie Yao, Associate Director, First Service Williams; Chaim Katzap, Founder, Principal, Lions Property Development Group LLC

Above: John M. Barrett, First Vice President of Sales, Massey Knakal; Paul J. Massey, Jr., Chief Executive Officer, Massey Knakal

Above: David Soles, Assistant Vice President for NYU Real Estatel; Stanley Vickers, Vickers Realty, Ltd.

Above: John Ciraulo, Massey Knakal Realty; James Nelson, Massey Knakal Realty

Above: Peter West, KW Commercial, and leader of the event

The dealmaking at the Greenpearl event was fast and furious May 28th, in the clubby atmosphere downstairs at Legends. Participants offered up their deals and showed their interest in each other’s offerings by raising their hands (everyone was given a number like at an auction). At the breaks those who had made a connection–sellers, buyers and lenders–gathered to horse-trade–and for followup. Want to make a deal to get 50% on your money in 90 days? There was one out there for the taking last night. From distressed assets to performing paper, the deals abounded in all sectors and stretched from Buffalo, N.Y., to Charlotte, N.C. At least 40 deals–from $500,000 to $50 million-plus were put forward in just about 2 hours…an intense and productive night for all.

Above: Ryan Slack, GreenPearl CEO

Above: Raul Morffi, KW Commercial; Corey Bishop, Keller Williams

Craig Waggner, Matthew Parvin, Billy Simons, Massey Knakal

Above: Angjela Nase; Elvis Tominovic, Realty Executives

Above: Ellaina Derifach, GMAC Real Estate; Jose Roman, Roman Acquisitions

Above: Marissa Bergancia, Jasberg Investments; Daniel Lau, Proactive Synergy Inc.

Above: Raul Morffi, KW Commercial; Peter West KW Commercial; Corey Bishop, Keller Williams

Above: Judy Sahagian, Bronx Networking Group; CCIM New York Metro chapter President Paul Fetscher of Great American Brokerage

Above: CCIM New York Metro chapter President Paul Fetscher of Great American Brokerage; Tom Dworetzky, GreenPearl Director of Content

Above: Panelists Barbara Beck, Equinox Partners; Jane Lyons, Rhodes Associates; Jennifer Novack, Sousou Partners

AREW held its timely panel May 28th, “The Job Hunt: Where They Are and How to Land Them,” at the Haworth showroom. The panel of experts included: Barbara Beck, founding partner and managing director of Equinox Partners, a retained executive search firm focused exclusively on the real estate industry; Jane Lyons, partner, Rhodes Associates, an executive search firm for which Ms. Lyons specializes exclusively in the real estate industry; and Jennifer Novack, managing partner for the New York office of Sousou Partners, a global boutique executive search firm dedicated exclusively to real estate and infrastructure.

Above: Jane Lyons, Rhodes Associates; Jennifer Novack, Sousou Partners; AREW President Jennifer McCool, The Related Cos.

Above: Panelists Barbara Beck, Equinox Partners; Jane Lyons, Rhodes Associates; Jennifer Novack, Sousou Partners

The advice was rapid-fire and to-the-point.

Jennifer Novack’s included:

Get your resume and deal sheet in shape. The latter should be easy-to-digest bullet points of all the deals you’ve done. Do it while it is still fresh in your mind.

Consider putting an objective on top of your resume. It’s cheesy, but makes it easy to digest. Especially important if you’re transitioning into a new area.

Make your references 360 degrees—and get them lined up now.

Step back from your own experience and look at how else you can be used—especially the arenas of workouts, distress and asset management

Remember a job search is a sales exercise. You are now consulting on the side—just to stay in the market.

Structure your time. Use a spread sheet to keep track of what you do and whom you speak to, and do 10 things a day.

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Above: Barbara Beck, Equinox Partners, Jane Lyons, Rhodes Associates

Your networking is three-pronged: You have an inner circle friends and family; read the news to find the people who might be hiring and cold call and put your resume in cyberspace; and have a list of people you want introductions to.

Online is fine, but no substitute for personal connections and networking events. Practice your pitches on those you care least about. When approaching a firm, aim to make multiple contacts there—but don’t go behind anyone’s back.

Finally, your manner. Be someone people want to help. Be friendly, gracious and think of what you can do for them, even if it isn’t about business. If you hear news or about opportunities that might be of use to someone, pass it on to them. And when you arrange to meet people, push for informational catch-up not job-seeking interviews. Fifteen minutes of upbeat chat is way better than forcing them to make excuses for having nothing for you.

Try to stay positive. What is going on in industry now is not personal.

Above: Nancy Kleppel, Nancy Kleppel Consulting; Anne Teshima

Jane Lyons made the case directly about retained firms like those of the panelists. They work for their clients, not for job-seekers. They will seek you out if you are right.

That said, and while it is hard, it is possible to establish a relationship with search firm. The best way is through a personal connection. If you know someone who knows someone at a firm ask them if they might reach out to make an introduction for you. If it is somebody that is respected and known, that will most likely get you an offline meeting…because that’s how the world goes round. Additionally, since decisions at these firms may involve a number of partners deciding together, it is to your advantage to try to meet as many people in a firm as possible. And don’t get lost. Update firms you have worked with as to your present doings and whereabouts. In fact, have your personal email and phone number on every piece of correspondence, always.

Above: Lauren Swan, The Wall Street Journal; Marion Brady, Jones Lang LaSalle; Ellen Haber, Rhodes Associatees; Jane Lyons, Rhodes Associates

Barbara Beck talked about handling the interview. If you’ve come through a firm they have probably prepped you, but when you go through that door you should know the background of the firm and the person interviewing you. Check out the firm’s website, and if it is public, annual reports, 10-Ks, the SEC and Hoover’s sites. Go though all of their businesses, bios, etc. And check the trades! A lot of information does not make it into the WSJ or NY Times.

For example, if you are going for an asset management spot, get a list of their properties and walk them. Can you imagine the impression you can make taking about maintenance demands pf specific properties?

Again, mind that resume. A general one is fine if the interview is exploratory. But if it is for something specific, then arrange your resume to highlight relevant experience…and never, ever, ever lie! Your background will be checked! Didn’t get that Harvard MBA with honors? Then do not say you did. What, the regular old Harvard MBA isn’t good enough? And make sure you can explain any gaps in employment. Also, be able to explain why you left every position. That said, in recent times, everyone one knows that restructuring is ongoing, so there is no need to worry too much—but whenever possible try to put a positive spin on your leaving.

Also, rehearse! You will often be asked to review your background. Prepare your speech. Spend a few minutes on early experience and a lot more time on the last 5 years.

During the interview itself, you must take care not to embellish what you did—you never know when someone will know about the deal you are talking about! Again, in the live interview, embellishing and lying is just as dangerous as it is on the resume. Just don’t!

Overall, the panelists agreed that it is still a tough time, that the velocity of hirings has yet to pick up substantially…although the cutting seems to be slowing. Firms are tending to make do with the staff they have, waiting for the market to clearing start it’s inexorable climb back up.

And whatever else, they all agreed, stay positive.

Above: Jim Olson, private investor; Debra Cole, Perkins + Will

Above: Marion Brady, Jones Lang LaSalle; Daria Smirnova, Advice Personnel

Above: Michael Stoler and the Real Estate Summit keynote panelists

“Those were the days,” noted Michael Stoler, leading off the keynote panel at his New York Real Estate Summit conference May 27th, “when there was money and buildings were selling.”

We all know those days are gone…at least for now. So he challenged his star-studded panel to talk about the market and when it would come back at the auditorium of the CUNY center, once the old B. Altman’s.

Steven Witkoff of the Witcoff Group said things aren’t quite as bad as they were a year ago…that it feels to him a bit like 1992, and it was then that the market started to make its 50% move up from that bottom.

Above (L to R, top): Michael Stoler, Madison Capital; Kenneth Bernstein, Acadia Realty; Michael Covarrubias, TMG Partners; Steven Witkoff, The Witkoff Group; Richard Mack, AREA Property Partners; Ofer Yardeni, Stonehenge Partners; Richard Born, BD Hotels; (bottom, L to R) Bruce Mosler, Cushman & Wakefield; Sam Chandon, economist; Joshua Muss

Ofer Yardeni, who bought multi-families in Manhattan in 2008, said that he was seeing value creation as he managed to raise rents after vacancies in those buildings. But that while cash flow has increased and the appraisals are higher such properties are not now liquid. He stressed that he wasn’t looking for a sale today, but rather at the value he was creating.

Richard Born of BD Hotels noted that in his sector both daily rates and occupancy are down and that he is the ultimate “short term bear and long term bull.”
He also noted that banks involved with hotels are “shell-shocked at this point.” Hotels are different that other sectors in that profits and debt coverage can literally go to zero in a couple of months. As for buying now? “There is no downside to waiting.”

Above: Kenneth Bernstein, Acadia Realty

Michael Covarrubias of TMG partners spoke for the West Coast, which is hurting as bad as it is here. The market has been completely quite, he reported, not a single office deal in the last 18 months…but deals are brewing on distressed situations. Clearly rents there have fallen, probably up to half, and the market, like here, is trying to figure itself out.

Richard Mack of AREA Property Partners has raised $4.5 billion and has invested less than ever before to date. They haven’t bought an office building in New York since 1998. But there are places showing capitulation, notably in the U.K.

Above: Michael Covarrubias, TMG Partners;

Joshua Muss of Muss Development is “always a bull,” he said. He likes the boroughs, where the competition is not as intense and the areas not as overbuilt, he noted

Kenneth Bernstein of Arcadia Realty Trust is also building in Brooklyn…especially the big box wholesale stores. He thinks that in this economy people will be shopping at them…and that the shift might become permanent..

Above: Steven Witkoff, The Witkoff Group

Economist Sam Chandon noted that the stronger expectations of how real estate will perform the closer you get to the center of a city means that the cash-flow is built into the price more…so you are far more likely to have overpaid vs. in the boroughs.

Bruce Mosler of Cushman & Wakefield sees the office market in the larger economic picture as down but starting to stabilize. “I think panic is off the table regarding the economy in general,” he noted. “Unemployment will go up there there is a certain level of security now that the financial system will hold up versus a year ago

Above: Ofer Yardeni, Stonehenge Partners

Their conclusions ultimately are that the recovery is going to be a slow limp forward; that it might be a great time to buy to buy cash-flow, if you can; a good time to work on broken deals; that patience is still the watchword, that managing, or “hypermanaging” the business to survive is the key now; that sliding rents are stopping their slide and may even start edging up, at least in multifamily; and finally that the government has pumped trillions of dollars into the financial system and it appears to be surviving, if only bumping along the bottom for now…and, of course, never bet against New York City!

Above: Kip Sanford, Eurohypo; Margaret Mulcahy, TriSail Capital; Michael Stoler; Mathew Galligan, Bank of Ireland

Above: Chris Gratto, Whitney Krueger, Alex Janoff, Beck Street Capital

Above: Ernest DesRochers, Northmarq Capital; Bruce Haber, Creative Funding Group

Above: Brent Simon, Urban American Investments; Edward Kubow, EKR Holding

Above: Daniel Vene, C.P. Eaton Partners; Jennifer Williams, Meredith Negrin, Peninsula Real Estate;

Above: Fred Harris; David Lowenfeld, World-Wide Holdings

Above: Michael Green, Forest Hills Financial Group, Evantz Saint-Gerard, Nationwide Equities

A crowd gathered to network at the Social Bar after work May 26th, courtesy of Nationwide Equities Corp & First Equity Abstract Corp. Some of the intrepid entrepreneurs seen at the event were captured, photographically, by GP’s intrepid photographer,  Marc Becker.

Above: Amy Morris, Liberty Business Travel; William Wiesman, Cowan Financial Group

Above: John Echan, Fulcrum Analytics; Olga Tuimil, LivingNY; Lawrence Siben, Siben Realty

Above: Harold Cazena, Sam Foreste, World Financial Group

Above: Scott Stein, Dusivents; Dean Graber, NWE Consulting Corp.

Above: Andy Frankl, IBEX Construction; Lenore Janis, PWC President; Daisy Gallagher, Gallagher & Gallagher; William Fife, The Fife Group

PWC President Lenore Janis recounted to a packed GSA audience at the Together Building Change Conference at the  Marriott Marquis May 27th the story of the progress women and other minorities had made in the industry. She recalled 1943 transportation magazine that advised managers that “girls” needed to take breaks to “freshen up” in order to maintain their productivity.

The conference was aimed at small and disadvantaged businesses to help them to learn more about government contracting opportunities. Among the highlights of the meeting were discussions of the intricacies of the American Recovery and Reinvestment Act, The Green Initiative, Capital Projects, Small Projects, subcontracting opportunities and how to submit a bid.

Janis then fast-forwarded to 1978, when President Carter signed the laws that implemented participation by minority owned businesses…minority referring to their numbers in the business community, she advised. It was in those years that she and 11 others formed the Professional Women in Construction. which became co-ed in 1985.

Above: William Fife, The Fife Group
Andy Frankl then spoke. He advises that like the name of his company IBEX, one had to be able to live on difficult terrain in these times (an Ibex is a mountain goat).

He noted that there was a lot of work available through the GSA, due to its size. It has 340 million SF of space in its portfolio, which houses all branches of the federal government.

His told the crowd that he had 4 principles, and advised them to apply them in their own businesses:

1 Product differentiation. It’s important to clearly state how you are different from your competition.
2 Have best employees possible.
3 Never give up;  take care of your client to bitter end. He told a story about fixing a loading dock for a customer…even though he’d built it years earlier for a different owner of the building. But it got him, he said, a client for life.
4 It’s not enough to do great work–you have to make sure people hear about it, especially through networking.

Times are tough now and facing challenge of our lives, he observed. “But in perspective…my folks are holocaust survivors…” he said, noting that from adversity comes innovation and fresh thinking…”if you are energetic and persistent and keep clients interests foremost,” he recommended, “good things will happen to you.”

Above: Lenore Janis, PWC President

Bill Fife talked about years in the business and stressed that, “One of the things I have seen is the change from when I came into it (the business) forty-two years ago. One of those changes, which he focused on was networking. His advice to be a better networker included:

1 Have an elevator speech. What would you say in one elevator ride with a potential client that made sense and was a differentiator? “Everybody in this room needs an elevator speech that helps explain why you are different and can add value,” he said.

2. Be involved in professional organizations…and don’t just be “a bump on a log,” but head up committees and do other things that get you noticed.

3. Remember that networking is not a one night stand but a continuing relationship…He has recently gotten on linked in and reconnected with colleagues from decades ago. “it’s absolutely amazing,” he said.

4. Practice FUBB…”follow up beyond belief.” If you had the opportunity to meet someone today, write down what you talked about and what you promised and deliver it tomorrow.

5. Make a practice of ensuring that you and others use best practices. Take advantage of lessons learned. He criticised the industry for not using enough peer-review groups to ensure that those with like tasks share their knowledge more broadly.

Above:  Andy Frankl, IBEX Construction

Above: Lloyd Mair, NYC School Construction Authority

Above: Tom Graf, Northmarq Capital; Josh Prottas, Working Realty

Above: Jerome Richardson, RRC/Hillmann; Michele Spinowitz, RRC/ Hillmann; David Rutherford, RRC/HIllman

Above: Joseph Watson, The Watson Group

Above: Lenore Janis, PWC President, Aimee Hazuda, Touchstone Services; Trish Giaquinto, PWC