Panel: Preparation and Opportunity Will Meet

NEW YORK CITY-With an uptown view of the world’s most famous skyline that toes the cusp of Washington Square Park, Gentry Ashmore Hoit, senior partner at Rubenstein Partners offered her perspective on the current real estate market: “Transactions have come to a screeching halt. The market will come back, there will be opportunities to buy things. It’s just keeping everyone motivated [that is the trouble right now].”

The outlook was generally positive and motivational during the NYU Schack Institute of Real Estate Alumni Association’s Women’s Panel Discussion: “Adapting in an Era of Change.” The illustrious panel boasted Hoit; Ruth Agnese, president of Appraisers and Planners Inc. ; Susan Chapman, global chief administrative officer, Citi Realty Services; Faith Hope Consolo, chairman, retail leasing, marketing and sales division of Prudential Douglas Elliman Real Estate; Helen Hwang, senior director, New York Capital Markets Group at Cushman & Wakefield; and the moderator of the evening, Barbara Champoux, partner at Crowell & Moring LLP. The wisdom imparted by these executives was to focus on opportunity and preparation.

“One of the wonderful things that happens [during a downturn], it opens opportunities to move forward [newer initiatives],” Chapman explained. If it helps reduce cost, Chapman pointed out, most companies are willing to look at anything right now; for example: sustainability programs and revamps. Citi ramped up some of these programs during the upswing and was situated to implement them when the market turned. Hwang hammered home preparation, especially for sales.