Do Public or Private Companies Dominate New York's Real Estate Market?

Stacey Corso is editor of Real Estate New York

NEW YORK CITY-Who has more staying power in New York City: publicly held real estate companies or private families? It depends on whom you’re asking. “We have as a private company a different degree of flexibility and ease in which we can function. Our response time and reaction time can be quicker,” William Macklowe told those in attendance at an AREW luncheon held May 5 at the University Club on Park Avenue.

“Regardless of what we paid for the General Motors Building, we know what our goals are–and we don’t have to answer to any analysts,” he said. “We can bury our return until we are really able to effectuate that investment,” he said of the record-breaking sale.