Halstead Property
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John Goldman
Managing Director of Commercial Division
jgoldman@halstead.com
(212) 381-2203
Slowly But Surely
For more on CRE investment, we stopped by the National Realty Club’s luncheon last week at the Friars Club to hear from Halstead Property’s John Goldman, Eastern Consolidated’s Alan Miller, and Massey Knakal’s James Nelson. There’s still a lack of discretionary spending, but it’s creeping back in, James says— foreign buyers are particularly looking for meaningful discounts in multifamily, and 6% is a good yield for many. Deep pockets are seeking low average rents, but there’s still more capital than deals, Alan adds. Land is at a premium, and you can get a loan at 50% loan-to-cost. But even if you’re a Related or Vornado, land’s still difficult to come by. Things will get better, but it’s a question of when, John says, noting that although healthcare, education, and tourism are growing, they don’t use office space. Every deal has a story, and as brokers, you have to find a way to motivate sellers, he adds.
Thursday, September 30, 2010