Cuomo scolded everyone from government agencies, watchdogs and lending institutions for a lack of oversight and a rash of irresponsibility. He drew a comparison to the 1974 film Murder on the Orient Express, where all were guilty in the end.

Then, sounding like a pro at the political stump, Cuomo said he does not think New York State should raise taxes at this time. "This whole New York experience is beautiful but delicate, and if you continue to raise taxes and create an inhospitable atmosphere for business, don't be surprised if you start to see individuals and businesses leave." He argued that when income goes down, expenses have to go down and when the revenues decrease, so should the expenses.

Meanwhile, Yormak would not speak to GlobeSt.com about the debt problems facing Broadway Partners where he's a principal. From December 2006 to May 2007, the company gained attention by its use of short-term debt to buy up more than $8 billion in trophy office towers. One ray of light arrived Thursday when, as GlobeSt.com reported, the company had reached an agreement to restructure debt on a 46-story office tower in Chicago. But the company reportedly faces steep loan payments and the possible foreclosure of high-profile properties like John Hancock Tower in Boston.

And Yormak acknowledged that the industry faces tough times. Still, addressing the talent present at the event, Yormak tells GlobeSt.com "there are going to be a lot of new faces in the industry in the coming years as the economy and the real estate industry itself changes."

Of the current storm "nobody knows when we are going to be out of it, it's going to be quiet some time for sure," Yormak tells GlobeSt.com. "Ultimately, [the economic crisis] will turn around, and when it does, all the people [at the REX luncheon] are creative and smart enough to figure out how to take advantage of it and capitalize the net value for our city and country."