Paul Bubnyis editor of RealEstate New York, from which this article is excerpted.

NEW YORK CITY-In keeping with the uncertainty in commercial realestate at present, a presentation on capital markets yesterdayoffered few ironclad guarantees other than that fallout from thesubprime crisis will linger for months to come.

Keynote speaker Richard J. Mack, partner with Apollo Real EstateAdvisors, told the audience at Herrick Feinstein LP's breakfastpresentation at the Harvard Club that he had "no idea" when theclouds over the market would finally lift. Mack, in charge of newinvestments and investment management at Apollo, did predict thatthe worst is yet to come, and that conditions would probably startto deteriorate as 2008 segues into 2009.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.