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Greenburger: NYC Velocity Down; Neutral Elsewhere

NEW YORK CITY—Marking Time Equities’ five decades of business, founder, chairman & CEO Francis Greenburger spoke EXCLUSIVELY with GlobeSt.com on current market conditions and what’s ahead.

Francis Greenburger Greenburger: “As borrowers, if we see a bank alternative now, we’re prone to go to it [over CMBS lenders].”
NEW YORK CITY—In celebration of Time Equities reaching its 50th anniversary, founder, chairman & CEO Francis Greenburger spoke EXCLUSIVELY with GlobeSt.com on the present—and future—state of the market.

GlobeSt.com: What’s your take on today’s market?

Greenburger: Our experience is bifurcated between New York City and other geographies where we have properties; we’re in 26 markets. NYC is seeing significantly reduced velocity in the purchase of properties in the over $3 million condominium market from a year or two ago. High-end rentals also are seeing a bit of pressure while office, residential and retail rental has lost some velocity. It’s not dramatic but there’s some sense that what you might have rented in 30 to 60 days might take six months now.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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