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Panels See Opportunity Amid Upheaval

NEW YORK CITY-Seismic shifts on Wall Street have transformed the landscape, but savvy players will find their footing, say RealShare New York panelists.

By Paul Bubny | Updated on September 26, 2008

For more on the financial crisis, check out GlobeSt.com’s Webinar , “Wall Street In a Freefall—The Winners and Losers.”

NEW YORK CITY-”It’s hard to be confident right now,” Eastdil Secured’s Douglas Harmon acknowledged in a one-on-one “Up Close” discussion with Incisive Media’s editorial director, John Salustri, at Thursday’s RealShare New York conference. Harmon, senior managing director at Eastdil, said getting deals done requires considerably more work in the current climate, and a big part of that additional effort entails adjusting sellers’ expectations. However, like other panelists at the daylong conference, Harmon saw opportunities for people who know how to manage them.

During his onstage conversation with Salustri, Harmon broke the news that Eastdil is now taking bids on the office portion of 660 Madison Ave., which Risanamento SpA bought last year for $375 million and is now looking to sell. He said the Italian firm expressed concerns about whether it would be able to get last year’s purchase price in a sale, let alone make a profit on it.

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