GlobeSt.com EXCLUSIVE: Downtown Development, Job Hopping Dominate NYC RealShare Town Hall Meet

NEW YORK CITY-The future of Lower Manhattan and this year’s spate of desk-jockeying by many of the city’s top brokers were among the topics discussed at a town hall meeting held yesterday at the first New York RealShare Conference. More than 300 people attended the event, which was held at the Roosevelt Hotel.

The panel, a who’s who of New York real estate, was moderated by John Salustri, editor of GlobeSt.com, the breaking news affiliate of RealShare organizer Real Estate Media Inc. Salustri queried panelists on World Trade Center owner Larry Silverstein’s recent court defeat, in which three insurers were found liable for coverage of only one incident in the twin tower bombings, rather than two.

“It is one factor in what is really a complex series of issues,” said Mary Ann Tighe, president and CEO of the New York Tristate Region for CB Richard Ellis. “I’m sure the insurance [issue] will be a factor in the discussion, but it is just one small piece, and I think we’re not going to get much more clarity until after the elections.

“Certainly Larry is appealing [the decision], but whether it’s $3.2 billion or $7 billion is somewhat missing the point that what is ultimately built is also probably premature to talk about,” said Bruce Mosler, president of US operations for Cushman & Wakefield. “The question that needs to be resolved today in order for anything down there to be successful is the transportation question. Downtown has been stepchild to Midtown for 50 years-plus. For Downtown to succeed, what has to be answered now, in a timely fashion, is what is going to be done not to restore transportation, but to bring it to the next level?”

Anthony Malkin, president of W&M Properties said Downtown is “a story with three parts.” The first part, he said, is that Downtown has suffered the loss of many industries, leaving it largely dependent on the financial services sector. Second, he noted, is “the 24/7 lifestyle, people who move down there, who like it down there, you’ve got to work on that.” The third component, Malkin stated, is importing workers to an area “that’s difficult to get to. You’ve got to deal with more people being there. You’ve got to make it easier for people to get there.