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New Yorkers Rising
In times of adversity, there are those that shine and those that look the other way. At both a local and national level, I firmly believe that the majority of New Yorkers will prove to be the bright light leading the way out from the abyss many now reside in. Historically, the real estate industry has always risen during troubled times (e.g., NYC commercial and multifamily property owners prepaying their taxes to ward off NYC’s filing for bankruptcy in the 70’s), and our sense of community and passion to add and create value for not only ourselves but for those not as fortunate will ultimately be among the chief driving forces to renewed prosperity.
That said, the “old reality” of real estate (circa 2006/07-known to some as the “good old/bad old days”) regrettably will not allow us to make the fallout from those heady times but a distant memory. Mistakes were made and hopefully for most lessons will be learned. It is imperative that we not forget the past and the mindset that got us to the crossroads where we now stand. The “however” is that too many of our friends and colleagues are stuck on the corner of Whine Street and Kvetch Avenue, passing their day dwelling on what no longer is and what may never be again. To them, I extend my heartfelt condolences on what you have lost. At both a personal and financial level, I truly feel your pain. BUT GET OVER IT AND DEAL!
The focus needs to be on the cure to what ails us-while not forgetting to somehow extend a helping hand in the form of financial and/or sweat equity to the many worthy causes who as a consequence of past aggressive underwriting suffer even more today than ever before! Until all of the players in the real estate and financial markets have their reality checked and accept the world as it is today, it will not get better! Real estate fundamentals must be corrected before there is light at the end of the tunnel, and pricing must reach a standard that sellers, buyers, landlords and tenants alike can appreciate. Stated another way, it is time to share the pain, take our medicine and recognize that price capitulation is a good thing for all concerned.
On the philanthropic side, across the metropolitan area, basic human decency and selflessness still prevails-notwithstanding an occasional moment or 3 to be self-absorbed to deal with our respective distressed situations. Real-time examples include:
●The Torch Foundation a/k/a “The Torch” , a 501c3 comprised of a volunteer base of vendors, property managers and other professionals from within the Real Estate, Design and Construction industry, is gearing up for their annual Monte Carlo Night on March 21st to provide (a) financial assistance directly to families in need by funding medical bills and/or equipment and (b) financial support for a wide variety of children's charities. Partnering with these charities, the foundation makes significant donations of time, money and service to forward its mission of "Building a Foundation for a Better Tomorrow". (http://www.torchfoundation.com/)
● Chaired by real estate professionals and in conjunction with 4Boyz Autographs to Battle Autism, the Ascent Youth Alliance to Battle Autism (www.ayabany.org) is in the final stages of planning its Spring Student Volunteer Memorabilia and Ticket Fundraiser, which among other things has played an integral role in the running of previous Met Autism Awareness Days. AYABA is a small army of nearly 200 elementary, middle, high school and college students in the metropolitan area helping local children impacted by autism reach their full potential…by not only raising funds necessary for their education and enhancement of their socialization skills but by promoting awareness, tolerance and acceptance as well.
●With leadership and support in the Men’s division primarily from those in the real estate and financial industry, Children's Medical Fund of New York (CMF: www.cmfny.org) ensures children on Long Island and in the New York metropolitan area have access to the best available pediatric care by raising funds to help build and equip medical facilities and sponsor vital programs at Schneider Children's Hospital. Upcoming events include a Texas Holdem Night on March 18th and a golf outing in June.
Despite the looming redistribution of wealth among the well to do leaving many from their ranks newly appointed members of the middle class, fortunately a good portion of the real estate industry continues to rise above and take the lead in displaying a much needed sense of community and passion to make a difference for those other than themselves. To those who get it, I salute you. To those standing on the sidelines waiting for your play to be called, I implore you to take the initiative and get in the game.
Be part of the rising tide...an integral link in an unbroken chain collaborating to bring prosperity back to the greatest city in the world! I trust you will find that the intrinsic rewards will far exceed the efforts exerted!
Peace, Love & Understanding,
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