Stacey Corso is editor of Real Estate New York

NEW YORK CITY-Who has more staying power in New York City:publicly held real estate companies or private families? It dependson whom you're asking. "We have as a private company a differentdegree of flexibility and ease in which we can function. Ourresponse time and reaction time can be quicker," William Macklowetold those in attendance at an AREW luncheon held May 5 at theUniversity Club on Park Avenue.

"Regardless of what we paid for the General Motors Building, weknow what our goals are--and we don't have to answer to anyanalysts," he said. "We can bury our return until we are reallyable to effectuate that investment," he said of the record-breakingsale.

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