Real Deal Excerpt -
Joe Sitt, the CEO of Thor Equities, echoed Roubini's pessimistic viewpoint with regard to the commercial side of the market.
"The commercial market is just starting to feel its pain," said Sitt, who has been engaged in a years-long struggle with the city over the redevelopment of Coney Island. "We haven't even tasted the pain that's about to come."
Sitt stayed mostly mum about his plans for Coney Island, but did say he and Mayor Michael Bloomberg are close to an agreement.
"We're starting to get on talking terms," he said. "We will figure out a solution."
Thanks to the economic slowdown, a mutually agreeable plan "will take more patience than Mayor Mike or myself would like," he said, but he ultimately believes that "Coney Island will be a special place."