Exclusive outtakes from industry leaders
For Marc Holliday, chief executive of SL Green Realty Group and Gramercy Capital Corp, the Tom Petty lyrics ring especially true.
Holliday, speaking at the Reuters Global Real Estate Summit, said on Tuesday that his company is waiting with bated breath to hear about which company has won the award to expand the gaming options at New York City’s borough of Queens-located Aqueduct Race Track.
In April, three companies where chosen as finalists for the rights to expand Aqueduct with thousands of video lottery terminals (VLTs) that the state hopes will eventually give it $300 million a year of revenue.
The companies include Holliday’s SL Green, Delaware North, and Capital Play Inc, whose partners include the Mohegan Tribal Gaming Authority and Victoria Racing Club.
Sure thing, kids LOVE the bubbles. The blowing, the running around, the popping.
All the things that gives real estate investors and developers fits.
Any simple search on “real estate” in a news story for the past two years would more than likely also mention the word “bubble”. In fact, a quick Google search of “real estate” and “bubble” turned up 998 news stories — in the past month!
Asked if weakness in the New York real estate market – which has been fairly resilient so far – could signal a bottom for the battered U.S. housing market, the head of the influential National Bureau of Economic Research said :
”No, no no! The New York real estate market is priced in euros and pesos,” Martin Feldstein said, referring to overseas investors snapping up property in the Big Apple which for them works out as a relative bargain because of the weak dollar.