GNYCUC seminar examines future of city's development

Real Estate Weekly,  Oct 17, 2007  

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The Greater New York Construction User Council (Council) hosted a special seminar that examined the future of New York developments in the wake of the current mortgage crisis and other factors related to the local economy.

The seminar was held on Thursday, October 4 at New York University and a panel discussion was led by moderator Jason Bram, an economist at the Federal Reserve Bank of New York. Panelists included Theresa Agovino who reports on the commercial real estate market for Crain's New York Business, Andrew J. Singer, chairman & CEO of The Singer & Bassuk Organization and Michael Schochat, principal for Schochat Capital.

The seminar provided a forum to discuss future development plans and how real estate owners and corporate tenants can plan for the future. Each panelist provided an analysis of the real estate market and a perspective of what is to come in 2008. The consensus among panelists was that there are many factors contributing to New York City's development both commercial and residential including foreign investments, currency fluctuations, rising costs in energy and the lending market. It was also agreed that the New York City development market is unlike any other and one cannot expect that trends occurring elsewhere will have the same impacts in Manhattan.

The Council hosts several programs throughout the year and will host another panel discussion on Wednesday, November 14, also at New York University and featuring a case study on the Brooklyn Courthouse project. A holiday networking reception will be held in December as well as ConstructionTech2008 in Spring 2008. ConstructionTech is a construction technology exhibition that features innovations in construction technology and allows companies to promote new products and services to a national real estate, design and construction industry audience.

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