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From left: Eleni Janis (moderator), Faith Hope Consolo, Paul Homsy, Jane Weng NEW YORK CITY—Effective communication comes in many styles. At a forum “Game Changing Ideas and Best Practices Among Leading Dealmakers,” Time Equities chairman and CEO, Francis Greenburger, minced no word in his videotaped message to the mayor.
After criticizing the high number of vacant retail spaces and pointing to costly real estate tax bills, Greenburger pointedly said, “The mayor needs to recognize his very important, very useful and commendable social programs are coming from the money that the real estate industry in New York provides. So, he’d better take care of us or the golden goose … the golden goose isn’t feeling so well today.”
Paul Massey, Jr., the president of NY investment sales at Cushman & Wakefield, who ran against Mayor Bill de Blasio, was the keynote speaker at Wednesday’s event produced by CollabNet and Ellipsis, LLC, at the Pillsbury law firm. Massey’s message to the mayor was to “get out and listen.” He emphasized New York City has a very challenging situation with the middle class suffering from a housing crisis.
From left: Paul Massey, Jr. and Harry Dublinsky/ Photo by Gregory Beltre “It’s incredibly expensive to live and work here,” Massey said. The housing stock is approximately 80 years old and deteriorating and New York City will likely increase in population. The city will need massive housing on a scale it has not seen in decades, according to Massey.
He encouraged consensus building and praised the strength of New York City to welcome immigrants from all over the world. Massey stressed that international investment will create more housing, businesses and commercial opportunities. He noted during the recession in 2008 and 2009 foreign investment in New York real estate spiked from 6% to 13%, helping to pull the city out of the recession much faster than other markets.
This sequed into the panel discussion on best practices, including international markets. Paul Homsy, principal at Noonmark Capital Partners, and a partner at the law firm Eaton & Van Wickle, focuses on doing business in the Arab gulf states.
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