Broadcasting live to New York, Bloomberg eleven, Rio to Washington, d C, Bloomberg to Boston, Bloomberg twelve, Undige to San Francisco, Bloomberg nine six to the Country Series Exam General one nine Team, and around the globe the Bloomberg Radio Plus athen Bloomberg dot com. This is taking Stock. I'm Kathleen Hayes along with pim Fox, continuing our very special live broadcast today from the midtown Manhattan offices of Eisener Amper, one of the leading tax and advisory companies in the city.
And now we're gonna be talking, in fact to one of the most prominent women in the New York City real estate industry. She's become one of New York's most active owners, having accumulated a substantial portfolio PIM of commercial real estate holdings valued in excess of one billion dollars. How was the number of one, Leslie Himmel, managing partner Himmel and maron golf properties. But right now let's go to Charlie Parks Bird Business Flash and I thank you
very much pim Fox, and thank you Kathleen Hayes. It is a down day on Wall Street twenty nine minutes to go ahead of that closing bell on this Monday. Final trading week for the month of September, SMP five hundred index now down fifteen. That's a decline of seven tenths of one percent. Banks financials declining today. Deutsche Bank is down six point nine percent the down down one hundred thirty four points off of session lows, but down seven tenths of one percent. Nas Stank is down eight
tenths of one percent. A federal appeals court has ruled that American Express can provide can prohibit merchants from steering customers to credit cards with lower transaction fees. That case involves about fifty billion dollars of merchant fees annually. American Express down today by four tenths of one percent. Deutsche Bank shares falling to a record low amid concerns the German government will not stop a step in to back the lender. Deutsche Bank down now by six point nine percent.
Oil producing nations have been considering limiting an output to counter a global glut that has made cut crewde prices by more than half from their peak. Saudi Arabia and other OPEC members are meeting in Algeria this week and may consider freezing production in an effort to shore up prices.
Crewde advancing today up two point six percent. West Texas Intermediate of a dollar eighteen of barrel to forty five dollars and sixty five cents Gold up to climbing two tents of one percent to thirty nine and at three thirty two on Wall Street. Now, let's take a look at other news from around the world on Bloomberg Radio. Thank you, Charlie from the Bloomberg News Room. I'm Jill Schneider. This news update is brought to you by the Jeep
Grand Cherokee, the most awarded suv ever. The Grand Cherokee continues to raise the bar with its luxurious interior and legendary four by four capability. Drive one at your local Jeep dealer today. Donald Trump and Hillary Clinton will face off in the first of three debates tonight, and a new Bloomberg Politics national poll finds them any dead heat. But the candidates won't be the only ones under scrutiny this evening. Bloomberg Washington Bureau Chief Megan Murphy says the
moderator will also be watched closely. Lester holt role as a moderate and particular as a fact checker has come really to the forefront, particularly in the wake of the Commander in Chief appearance they both had on The Trepid in New York few weeks earlier, where Matt Lauer, who was hosting that form, was accused of not sufficiently coming back at Donald Trump on a few of the statements. In particular, Donald Trump frequently says that he was against
the Iraq war. Matt Lower didn't challenge that, and he attracts a lot of criticism. So I expect Luster holl It to be a forceful presence in this debate, particularly on fact checking. And you can join us tonight for live coverage and analysis of the presidential debate beginning at seven pm Wall Street Time on Bloomberg Radio and eight thirty pm on Bloomberg Television. The family of Arnold Palmer is waiting until after the Ryder Cup this week for
a public farewell. A family spokesperson says the saying Palmer would want is for a golf schedule to be interrupted. He died last night at the age of eight seven. The government star witness in the George Washington Bridge case was back on the witness stand today, telling jurors it was his idea to close access lanes in Former Port Authority official David Wildstein pleaded guilty last year to orchestrating
the traffic jams near the bridge. Global News twenty four hours a day, powered by more than journalists and analysts in more than one twenty countries. I'm Jill Schneider. This is Bloomberg, Charlie, and we thank you. And we're brought to you by National Realty Managers of New York City cash Flow real Estate, providing you twelve percent annualized returns with immediate monthly distributions. See them at n r I a dot net recapping SMP down fifteen, a drop of
seven tenths of one percent. I'm Charlie Pellock. That's a Bloomberg business flash. You're listening to Taking Stock with Kathleen and Pim Fox on Bloomberg Radio. This is a very special addition of taking Stock. Today, we're coming to you from the offices of accounting and advisory firm Eisner Amper as they prepare for their annual real estate Private Equity Summit this Wednesday. Down appear sixty and there's going to be hundreds of private equity investors, real estate developers and
more talking about the real estate investment environment. So how perfect that we have with us today one of the most prominent women in New York City's real estate industry. Leslie Himmel, managing partner, founder at Himmel Amerngolf Properties. Welcome. Let's say, it's great to meet you. Thank you for having me. So tell us a bit about your company, what part of the real estate industry you specifically fit into.
Stephen Marengolf and myself formed Himmel and Marengolf Properties about thirty two years ago, and through the past three decades have accumulated a privately held portfolio of secondary office buildings. Were known for buying an emerging neighborhoods like Times Square before before it became popular, Park Avenue South Back actually in nineteen seventy nine, Uh down on no Ho soho.
Everything now has a name. We purchased something out in Long Island City in six So we've been known for buying properties emerging neighborhoods, renovating, repositioning and retending and then holding them for the long term. We have continued in this market we have a few billion dollars worth of
secondary office buildings. We are continuing to spend a lot of time on renovating our properties, financing as much as we can in the lowest interest rate environment that we've ever seen, and getting ready for what we think is going to be a change of a cycle. We've been delighted that sum If I have had a fantastic partnership. Very unusual two individuals have a masked portfolio and stayed
partners for so long. UM. Steve Maradas probably my my best friend and challenges me every day, is an engineer and training. We have our own management and leasing company that helps us keep those buildings full. The effort to put together this whole portfolio, as you mentioned more than thirty years. What would you do now if you were just getting into the business, where would you be looking? Well?
I wake up every learning feeling like I am just getting back into the business, as I wake up saying what can I do today to increase my portfolio? UM, my son's over at Jamestown Properties. I guess he's just starting in the business. You can't really find properties as
much off market like we used to. UM, but I think you're asking a really good question, because Steve Maronoff and I have been asking how do we reposition ourselves this year after building a war chest of a few hundred million dollars of cash to go and buy as the cycle starts to change, and where will those opportunities exist? And I'll tell you where we think it's going to happen is the last few years we've had a rising
tide and an a rising tide. The operator is almost like a janitor or a custodian, and it's they're important. But asset values keep going up as interest rates change, and I think the twenty million square feet of property gets added to the commercial stock in New York, we believe that they'll be a little bit of a tide going down. And that's when the operator becomes so important than we become the captain of the ship and very very important. So I would keep going at the same
thing in a slightly different energy level. So changes SoC you're talking about the interest rate credit cycle, I imagine it isn't aside Eric Rosingrand, president of Boston FED, who I had a chance to speak to a couple of times out of the Jackson Whole FED conference in August has given a couple of speeches lately his worry about a commercial real estate bubble. Do you see anything like that?
And are you then kind of girding for this change from pools of liquidity everywhere, very low rates around the world. Is something less generous? That's a great question, and the answer to that is yes. Trees do not grow to heaven. Interest rates don't stay at zero forever. Uh. I saw a chart last week at M and T s board meeting where I'm on their board, where we had a chart of all the negative yield bonds that are being
held in Europe. Um. We know this will change. And what my concern is in real estate when you have a zero interest rate environment, we just we just borrowed for at fourteen sixty Broadway at three point six percent interest only ten years. It's record lows. We love it, but that might be causing an asset bubble, which, for operators like ourselves, will create an opportunity to buy again. That opportunity assumes that you've got the cash or the
wherewithal in order to execute. Are most people prepared for that or is that an outlier? Do you find yourself having to explain why you're holding money on the side. I think Warren Buffett was a market timer and would hold cash when he really thought it was president to do so. Oh, and we're similar. A lot of our competitors will finance. Maybe you don't want to have as
much cash on the sidelines. That's been our philosophy. We've been frozen in the eighth inning for quite a while, and uh, perhaps we have some extra innings to go. But we're ready to pounce when that market changes. Well pounds, indeed, we're we're looking forward to say how it goes it Pouncings work pretty well for you so far. Great, Thank you very much. Leslie Himmel is a managing partner and the founder of Himmel and Maringough Properties based in New
York City. Talking about the future of New York City real estate. Thank you very much for being in anticipation of the fourth annual Yes Eisner and for Real Estate Private Equity Summit taking place at Pier sixty on Wednesday. This is Bloomberg. Thank you a changing credocycle. If had a preserve that's ready to raise interest rates. Very important for the real estate market is our continue our special live broadcast here at Eisner Emper. We're gonna look at
the bond market with Dan Fuss of BLOOMA. Blumas sales on Bloomberg Radio