The brain trust of CB Richard Ellis–president Stephen Siegel and vice presidents Michael Laginestra and Scott Gottlieb–sat down with Dana Rubinstein earlier this month to talk about the real estate market, 11 Times Square, and how the media writes about the precarious position of properties like Stuyvesant Town and Peter Cooper Village.
Mr. Laginestra: I was going to say it’s like man bites dog to write about a Stuyvesant Town. Those people were so successful in so many other instances during the period leading up to this, that’s it not fair to pick on one little–you know, the deal’s not little–but one deal.
Mr. Siegel: …And there were a lot of politics involved, and all types of issues which are not real-estate related. And somehow, I think, these are very smart people, as I said earlier, I think they’ll get through it.
Mr. Laginestra: And they hit the cover off the ball at 300 Park, at the Chrysler building, etc, etc etc..
Mr. Siegel: Rock Center….
Mr. Laginestra; Yeah, so it’s a little man bite’s dog.
What does that mean, man bites dog?
Mr. Gottlieb: It’s an old newspaper term.
Mr. Laginestra: The newspaper doesn’t want to write about dog bites man… because it’s too common. I’m showing my age, I guess.
Mr. Gottlieb: Remember the Post headline, ‘Headless Man Found in Topless Bar?’
That’s a classic.
Mr. Laginestra: That’s what I’m referring to. Nobody buys a paper and says hey, ‘Mrs. McCarthy bought a quart of milk.’
The group seemed to agree that Stuy Town wouldn’t go under, and they said very few of the “big buildings” were likely to go to banks. One they said wasn’t an issue: 11 Times Square, which Mssrs. Gottlieb and Siegel represent.