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National Real Estate Investor and PRIMEDIA Business Magazines & Media would like to express our deepest sympathies to the families and friends of the victims of the September 11 attacks on our country. Our thoughts and prayers are with you.

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New locations of displaced WTC tenants

Building Status Update
12/17/01


World Trade Center tenant listing

World Trade Center retail tenant listing

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Matt Valley
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Steve Webb
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Stephen Ursery
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Jessica Miller
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blank blank Do you have a comment, observation or question about how the attacks on New York City and Washington D.C. are affecting the commercial real estate industry? Send us an e-mail.

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New York office brokers putting in long hours to serve displaced tenants

 Cristina Gair, Associate Editor

Online Exclusive, Sep 24 2001

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NEW YORK — The slowdown in the velocity of office leasing deals experienced just a few short weeks ago probably seems like eons ago to real estate brokers in Manhattan. The aftermath of the World Trade Center (WTC) terrorist attacks has brought brokers more office deals than could have been imagined prior to Sept. 11.

Phones are ringing off the hook. Trying to get an office broker on the phone is an obstacle in itself. "I’m too busy to call you back to talk about how busy I am," said Jeff Bernstein, managing director at New York-based Insignia/ESG, a commercial real estate services firm. After attending a morning meeting, it’s now typical for Bernstein to find his voice mailbox nearly entirely full. During the past few days, his normal workday of approximately eight-plus hours has stretched to 12 hours.

Other brokerages also are experiencing a flurry of activity. "Since the crisis, we’ve been working around the clock," said Josh Carliff, executive vice president of New York-based Cushman & Wakefield. He expects the demand to drop off significantly once the displaced tenants find replacement space.

In the midst of this activity, there are other tenants not affected by the WTC attacks that realized that they needed to hurry up and find space before the displaced firms gobbled up all the remaining offices.

Displaced tenants aren’t necessarily being given preference, according to Bernstein, although landlords are sympathetic to their plight. Bernstein stressed that he’s willing to put in the extra time to negotiate for tenants struggling with the aftermath of the terrorist attacks.

"This flurry will abate very quickly, in less than a month," predicted Bernstein. "New York is a huge engine, and it’s moving very quickly."



© 2008, Primedia Business Magazines and Media, a PRIMEDIA company. All rights reserved. This article is protected by United States copyright and other intellectual property laws and may not be reproduced, rewritten, distributed, redisseminated, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without the prior written permission of PRIMEDIA Business Corp.

 
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  As a lender, if a prospective borrower were to inform you that a property he is refinancing, purchasing or developing does not carry terrorism insurance, would you:
  approve the loan anyway
  reject the loan
  make loan approval contingent on the applicant fulfilling certain requirements
  other
   
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