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Product Description
27th Annual Cornell Real Estate Conference
UNPRECEDENTED CHALLENGE...
and OPPORTUNITY
October 1st and 2nd 2009
New York City
Timely Strategies and Real-World Solutions
Real time industry snapshot
As inpast conferences, our first panel on Friday will “set the table” by sharing up-to-theminute proprietary data on transactions, pricing and trends. With so much activity and pricing discovery taking place outside of traditional channels, this panel is
especially valuable.
Residential: The root of our problems (and a sign of recovery?)
Many of the problems we are now experiencing began in the single family home market, when the valuation bubble popped, foreclosures soared, and financial institutions cratered. We will hear from Bob Toll, CEO of Toll Brothers, and other senior housing executives, on what they are seeing in this market and how they assess their industry’s future prospects.
Capital 3.0
It is clear that the commercial real estate industry lacks sufficient debt capital to function. We need a new solution to replace the “broken, but huge” CMBS sector. The key question is when will lending capacity return, in what form, and with what terms and conditions. Our speakers include a broad cross section of debt capital providers, from traditional lenders such as commercial banks and life insurance companies, to sovereign wealth funds, domestic pension funds and private equity firms.
Will Washington Help or Hinder CRE?
The government has greater involvement in our financial system and commercial real estate industry than ever before, in large part by employing a constantly evolving set of alphabet programs (TARP, PPIP, etc.). The jury is out on whether these programs, and proposed changes in tax laws, make them an industry friend or foe. Expert speakers who deal on a daily basis with the key people and programs in Washington will share their insight.
Workouts and Distressed Opportunities
Foreclosures and workouts are expanding exponentially as the severity and duration of the downturn increases. For many industry participants, including many CMBS lenders and servicers, this is unfamiliar territory, and even seasoned workout specialists are questioning how this distress scenario will play out. To provide some answers, we have assembled a panel of leading restructuring professionals (who are working on the highest profile workouts taking place today) and a group of opportunistic investors targeting these distressed situations to discuss how they evaluate and price risk, and what they have learned from prior cycles and from their “too early investments” during this cycle.
Message from Conference Program Chairman
For more than a quarter century, the Cornell Real Estate Council has explored all aspects of real estate at its annual conference.
For 2009, we’re back in New York City and our industry is burdened with distress, starving for capital, devoid of even meager transaction volume, and craving some optimistic news—not all that different from twelve months ago.
What is different this time is the realization that these conditions are not fleeting, that few sectors and property types will be spared, and that the path to recovery will be mostly uphill for the near future. What is also clear is that there will be excellent rewards for those who are sufficiently nimble, cash-rich and prescient to find opportunity where others see only risk.
Against this backdrop, we have assembled a group of speakers who have successfully navigated through rough markets in past cycles, who are finding opportunities to survive and even thrive, and who are willing to share their perspective and insight with fellow Cornellians and other industry leaders.
Please join us on October 1st and 2nd in JP Morgan’s downtown Manhattan conference facility, for what is sure to be a lively and informative conference—our 27th Annual.
David Rupert
Chair
Conference Planning Committee
