2017-09-29 —

Blockbuster deals like HNA Group's $2.21 billion purchase of 245 Park Avenue may be going the way of the dodo bird as the flow of institutional Chinese cash in the United States slows to a trickle.


"We've been fed a lot of crack cocaine to support asset values over the past 7 to 8 years," Sotoloff said. "It's been artificially inflating asset value."


Sitt noted that various markets have reacted to the dynamics of the Trump administration -- such as whether Steve Bannon or Jared Kushner had more influence in the White House.

"I think it's gotten to the point where the markets have given up," he said.


"The New York office-based REITs are getting hammered," Mills said. "The public markets have spoken, and New York is out of favor for the time being."

As for international investment, Mack said he's hopeful that the U.S. won't "close [its] borders to international investment" but is troubled by a global rise in nationalism.

"I see it happening for China right now, they are trying to keep their money there. The banks are getting queasy about loaning to real estate of any kind, especially retail, and secondarily office," he said. "I have grave concern that the next step will be a diminution of capital coming into the country or capital that is available in the country for real estate lending."

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