Real Estate Forum Real Estate New York

Cross spoke on numerous aspects of the widely criticized plan including the potential for New York to host the 2012 Olympic Games, another proposition facing intense criticism. "If we don't need it, why does Paris? Why does London?" he asked. "In the end, they're all phenomenal forums." He expects that New York might have an edge on getting the Olympics because other European countries are in the running to host the 2016 games and because New York is a headquarters of sort for sports with various leagues and marketing companies based here.

In addition to be a possible Olympic venue, the stadium could also be used to host the Super Bowl. Cross estimates the event would be held in Manhattan every five to six years and generate in the area of $25 to $30 million in direct tax impact to the city and state. And even that estimate could be low. "A New York City Super Bowl would not be like any other Super Bowl."

Naming rights was another issue Cross addressed. While he estimates that marketing the naming rights to the stadium could generate as much as $20 million per year, he feels that comparable revenue could be achieved by creating a founder's level. "New York is not used to a name on buildings," he said, comparing the proposal to Yankee and Giants stadiums.

Plans for a so-called "Convention Corridor" also include the expansion of the Jacob Javits Convention Center have total costs pegged at $1.4 billion and will be funded through state, city and private sources. The city and state will each contribute $300 million to construct a deck over the rail yards and for the stadium's retractable roof. The Jets organization contribution is expected to be approximately $900 million. "In a real estate sense, this sounds impossible, but it's not," Cross said.

Cross was among a bevy of industry leaders who offered their views on the state of the real estate industry here to an expected 600 attendees.

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