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For real estate people who want to get their hands on hard assets and do something with them, distressed assets illustrate the maxim that you can’t always get what you want, at least not right away. Getting your hands on bricks and mortar, in the world of distress, oft en means having to grab some paper first. As founding partner and managing principal Larry Kestin of New York City-based Glenmont Capital Management puts it, “Even investors who want to own property are required to pursue such assets via the debt.”

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