The outlook was generally positive and motivational during theNYU Schack Institute of Real Estate Alumni Association's Women'sPanel Discussion: "Adapting in an Era of Change." The illustriouspanel boasted Hoit; Ruth Agnese, president of Appraisers andPlanners Inc. ; Susan Chapman, global chief administrative officer,Citi Realty Services; Faith Hope Consolo, chairman, retail leasing,marketing and sales division of Prudential Douglas Elliman RealEstate; Helen Hwang, senior director, New York Capital MarketsGroup at Cushman & Wakefield; and the moderator of the evening,Barbara Champoux, partner at Crowell & Moring LLP. The wisdomimparted by these executives was to focus on opportunity andpreparation.

"One of the wonderful things that happens [during a downturn],it opens opportunities to move forward [newer initiatives],"Chapman explained. If it helps reduce cost, Chapman pointed out,most companies are willing to look at anything right now; forexample: sustainability programs and revamps. Citi ramped up someof these programs during the upswing and was situated to implementthem when the market turned. Hwang hammered home preparation,especially for sales.

"Investment sales, there's no volume," she explained. "We'refighting for small deals." With large drops in overall sales in NewYork City, there were bright spots in the future, which is whykeeping in contact with clients and potential lenders was asimportant now as deals in the long-term will be. "You can't makesomething out of nothing," she said. "But the floodgates will open.You have to be prepared."