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SOURCE: Long Island Commercial Real Estate Expo
In order to help rebuild property damages caused by Hurricane Sandy, the New York City pension funds have voted to invest $500 million in real estate. The investment is expected to result in $1.5 billion in capital infusion for thousand of housing units and commercial space. Mark Neuwirt, the producer of the Long Island Commercial Real Estate Expo, issues a response applauding the investment, stating that the area’s real estate industry needs all the help it can get after Hurricane Sandy.
Bohemia, NY (PRWEB) March 06, 2013
On March 6, Mark Neuwirt, producer of the Long Island Commercial Real Estate Expo (LICREE), responds to an article from Real Estate Rama on the New York City pension funds’ vote to invest $500 million in real estate. The investment is aimed at helping the commercial and private real estate businesses rebuild after the devastation of Hurricane Sandy.
According to the article, “it is anticipated that [the investment] will result in a $1.5 billion capital infusion for potentially 3,000 units of housing and 150,000 to 200,000 square feet of commercial space.” In a statement, City Comptroller John C. Liu said that he was happy to see so many New York City employees and retirees generate collateral benefits for their communities. He added that the investment will give these employees strong returns. Liu has been pushing for the pension funds to pull together and assist the damaged neighborhoods since Sandy struck the East Coast, devastating the Long Island and New York City areas.
“This is a great example of how a community can come together and help out not only their neighbors, but an industry that is vital to the economy as well,” said Neuwirt, whose upcoming Long Island Commercial Real Estate Expo will try to help regain some of the momentum that the area’s commercial real estate industry lost since Hurricane Sandy.
Several housing reconstruction and renovation projects will be funded by Comptroller Liu’s investment plan. “The investments will be made by two newly formed partnerships with Related Companies and the Hudson Companies Incorporated, which the Funds will provide with $300 million and $200 million respectively,” according to the article.
The Long Island Commercial Real Estate Expo will be held on March 12, and will feature many local businesses and keynote speakers who want to work together to solve some of the problems facing the industry.
“Anyone who is involved in the real estate industry will want to attend the expo,” says Neuwirt. “We are going to provide some vital information on the future of commercial real estate on Long Island. Comptroller Liu’s plan for using pension funds to help invest in real estate is a great one.
The Long Island Commercial Real Estate Expo (LICREE), presented by The New York Real Estate Journal and NYREJ Tech, is a convention designed to create a forum of discussion in the commercial real estate industry. Showcasing over 100 local businesses, LICREE’s mission is to promote business opportunities and develop solutions for issues affecting the Long Island real estate climate.
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