Thru the Lens: REBNY holds member luncheon

On March 8­th over 500 members of the Real Estate Board of New York (REBNY) turned out for the Members' Luncheon at the New York Hilton. The packed room hushed to hear moderator, Charles Bagli of the New York Times and panelists, Seth Pinsky of New York City Economic Development Corp., Kenneth Adams of Empire State Development Corp., and Patrick Foye of the Port Authority of New York and New Jersey discuss major issues affecting the commercial real estate market. Bagli asked questions on topics ranging from runaway property taxes for multifamily residential owners, job creation and tax incentives for development projects, upstate and outer borough development and the need for the city to advocate for the financial sector on Wall Street. A major sticking point was made about the Excelsior Jobs Program which provides job creation and investment incentives for strategic businesses in targeted industries. One successful example of the program is the Fresh Direct relocation from Long Island City to the South Bronx. One of the major takeaways of the afternoon was the resilience of the New York market. In 2010, for the first time, more people moved into New York City than moved out and to date, New York City has recovered 30% of the jobs lost during the recession, ending the luncheon on a high note. Shown (from left) are: Seth Pinsky, president, New York City Economic Development Corp.; Kenneth Adams, president & CEO, Empire State Development Corp.; Patrick Foye, executive director, Port Authority of New York and New Jersey; and Charles Bagli, the New York Times.