CNBC's hot on CRE today...
-Recession will last much longer than anyone is currently predicting
-Activity picking up in NYC 12 leases over 100,000 sq ft in 3rd Quarter
-Looking for 2+ years of finding the bottom in this market
-World didn't come to end (some would disagree)
-Tenants are making long-term commitments at what they view as near bottom, versus short-term commitments.
-Unsecured debt market roaring back (but, don't know if I'd call that constructive)
-Gov't trying to bridge this illiquid period rather than get into long-term financing, so they feel like it was pretty sweet that they extended TALF terms out 5 years.
-We are in the TALF queue (Roth), but its been slow, working with all three Rating Agencies. Talked about the "new" AAAs.
-CNBC surprised that S&P downgraded Vornado given cash on the balance sheet
-Our CDS are inside everyone else in the industry (Roth) - "we have $2.8 billion in cash, but I'm not going to get into criticizing S&P on national TV, Becky"
*Full disclosure - I don't watch CNBC anymore, so maybe they do this everyday on CRE*
Hotel Tango D.Bodamer