We have to be careful what we wish for here. The disaster scenario would be MM pulls out of Asbury and nobody else steps up to take over the project because other real estate opportunities are trading at distressed prices now but don't have nearly the risk that Asbury has. Or MM funds for Asbury get diverted elsewhere because of the opportunities arising. I spent all day at a distressed conference today and spectacular properties are trading at enormous discounts.
It becomes very difficult, virtually impossible to get funding for long term projects in this environment particularly ones that don't generate near term cash flow (asbury is a long tailed, long term cash flow play with big potential reward but bad near term economics). I wonder what the cotingency plan would be if MM backed out and cut its losses to focus elsewhere. This is probably a much more serious risk than most on this board perceive. Any thoughts? dan S. --- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote: > > --- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@> wrote: > > > > Very interesting (maybe boring for some), but from this read, $60m > > (that number again) seems that was MM.s money, then this pension > > system, Jan 2007, kicked in $125m (25%). Dan would be the best to > > comment I guess. > > > > http://www.psers.state.pa.us/org/board/resolutions/2007/madison.pdf > > > > Some of their analyis on the economy and commercial vacancy rates from > > today's view, is off. > > > > That coincides with numbers on the commercial side predicting higher > > vacany rates even on commercial spaces. Like MM, I have a client with a > > shopping center half full, current tenants in a panic. They are ready > > to offer one year free rent to get new business in and/or a piece of > > the business. > > > > How many have egg on their faces? I thought the market was going to > tank in 2005, 2006 and 2007. I was finally right. > > Tons of valuations were wrong. Big deals in NYC going/gone south. > Macklowe destroyed (again). Tishman Speyer may not make it with their > heady purchases of Peter Cooper Village and Stuyvesant Town. > Archstone, Blackstone and others' deals unwinding. Everyone forming > groups to assist in distressed properties. > > Ha! Sort of like the doctor being your undertaker too. Not only can we > guard your health, but if you don;t make, don't worry, we can bury you > too. Nothing like one-stop shopping. > ------------------------------------ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
