We're seeing technology change how we do business and real estate is used,said Richard LeFrak of The LeFrak Organization.We're seeing clicks taking the place of bricks.It turns the shopping center more into entertainment and less retail activity.You have to be a little cautious about it-whether,in the long term,they're still gonna be in business.
Tech isn't a bad thing;it's just intruded in the business.It has disrupted the real estate business a little bit.The placement of columns and the power grid have to be rethought now.The traditional model may not apply.
In the Northeast,multifamily residential has very strong demand.Occupancy rates and rentals are going up.
If the Empire State Building goes public,its shares will have an emotional premium.It's an iconic building that symbolises New York.The ESB has been in the families of some of the current owners for a long time.They have an emotional attachment to it.
Miami has had a tremendous resurgence in a very short period of time,confounding the pundits.It's Latin American money and conversions to rentals.The inventory in general is pretty low.They are all-cash buyers now.There is very little new product.Miami is a young place,an exotic city in a first world country,international in character.
The LeFrak Organization owns an extensive portfolio of real property in New York,Los Angeles and London,concentrated in residential and office,but with significant hotel and retail assets as well.It develops and builds the majority of its own portfolio.Founded in 1901,the company also owns oil and gas properties.
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