Tracey Daniels of Hartman & Craven addresses where the "silver lining" is in the current economy

I am a partner at Hartman & Craven LLP. My responsibilities include representation of numerous sponsors of offering plans with respect to both new construction projects and the conversion of existing buildings. Representation of borrowers and lenders in commercial real estate financing, buyers and sellers in the acquisition and disposition of commercial and residential real property as well as landlords and tenants in commercial leasing transactions. I am is affiliated with New York State Bar Association, Real Property Law Section; Association of the Bar of the City of New York and New York Commercial Real Estate Women (NYCREW). The "silver lining" in the cloud of the current economy is... The "silver lining" in the cloud of the current economy is that a tough economy forces people, in order to survive and be successful, to be creative and completely on their game. In a real estate boom like we've recently experienced people can get complacent-buyers and sellers were both happy with the deals, banks were happy to lend and borrowers were happy to take money. It's when things get more difficult that people are forced to think through all of the ramifications of the deals they are doing, to be creative with the structure of those deals and to thoughtfully negotiate their terms. Warren Buffet said that you never know who is swimming naked until the tide goes out. Well the tide's out and there's nothing to hide behind. The end result will be not a survival of the fittest, but of those most adaptable to change. Tracey Daniels is a partner at Hartman & Craven LLP, New York, N.Y.