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00:00Joe I want to start off kind of big picture. Whoever wins I think is going to get better in New York. I would say similar to what you just heard. Now this is probably not just the most pivotal election in the last few years I think for the city of New York. This is the most pivotal election in decades. I mean you stop and think as a city what we in the people of New York have gone through probably worse than anybody else in the developed world in terms of the effects of the pandemic on us and the resulting ripple effects in some of the progressive movements that mean well in some of the damage it's caused. This means everything guys whether you're a New York resident that's been here for years whether you're a young millennial you're a tech company executive whether you're operating a business trying to decide what's the best place to locate your business this is that magic point. Hey Joe a big part of businesses are going to want workers to come back. And a big hurdle of that is transportation and safety is what we've just been talking about. You're really bullish on reopening in terms of offices last time we talked. Are you still as bullish right now. You guys heard me call it all those many many months ago that after Memorial Day we were going to see a total change in terms of the feel and vibe traffic in the city and I think we've seen that. I think the next point obviously is that back to the school early September time of year. But I do think that there are two things. One that you alluded to that are going to be critical which is city services. You know one is sanitation. I mean it was disgusting what our city streets looked like. Only six months ago and even worse a year ago. And I lobbied to work. The Bill de Blasio and his chief of staff call really hard to get the streets cleaned up. And then the second thing which is a global headline item for New York is crime. I mean you nailed it. I mean the the the the feeling of fear and concern that people have been on Trump public transportation or just in the streets in New York is a is of serious concern. And I think that the progressive movement you know over swung that pendulum. I think defund the police really turns into no police particularly in African-American communities. And it's resulted in countless deaths blood on the hands of all those folks that had the defund police orientation in New York and other cities. Given that given what you just said. Would a Mayor Adams stop businesses moving out of New York moving out of offices in New York and moving to Florida. OK first of all we don't know who's going to be the mayor yet. But I do think Eric's got the best chance. If you look at San Francisco's rank voting experience if you look at the 20 other cities in the United States that have had rank voting and you look at the spread that our academy has ahead of some of the others he's definitely got the lead. But I would say if it's not Adams and obviously I'm I'm an Adam expand my voice. I spent a lot of time trying to help them out in terms of getting certain communities to be supportive of them. So we all rally together. City what we need. But Garcia. Catherine. She's also very very capable lady. Experienced as well. So I think if either one of them win New York wins in terms of Florida versus New York I think that what New York needs right now is an ambassador or a representative somebody that we're proud of somebody that could be a great emissary to other cities cargo companies and people to come to New York. And I think that our Eric I think Eric would be great at that. I think Catherine's so good at running the city like he is. But he would be that great ambassador. So Joe if this is the turning point you're talking about let's go to your expertise on real estate. Does that mean that we've hit the bottom when it comes to vacancies and rents for example. And if that's the case. Are there good opportunities out there for you right now if we're going to enter into this new phase here. Well first of all things run a bit on a lag. I mean even see now sadly announced just today. Philip Morris gave up on New York City. And what's scary is they didn't give up on New York to move to Nashville and Florida cetera. They gave up to move to Connecticut. And that's a trend that does concern me. You know if we need to work quickly as the new administration or the administration to be and really get Eric Adams out there if he was to win and hopefully does to already do that rallying cry to already do meetings as that mayor elect one of the things that I got active on only a year ago was trying to revive the Amazon deal. I worked hard with the blogs your administration and his team to try to see if we can get Phase Olson that team to reconsider New York City. I will tell you the welcome mat did not come out as well as it was needed. But I think that that's something that Eric Adams can go out there and do and make happen quickly if he acts like a mayor elect as opposed to waiting. So that's part one of the answer in terms of opportunity number two. Obviously you know I've been so extremely bullish for a year plus. And while in the early days I was talking about inflation and the opportunity being more in telling people to go buy oil and go buy metals et cetera et cetera. I think we cheap this inflation opportunity right now is New York City you know by the pound it's cheap. And if I had to pick opportunities in real estate I would actually pick it through the public markets take a company like Alexander's. Eighty five percent of the income of that company's stock comes from one building. You know where that building is. It's the building that you're sitting in right now. That Bloomberg headquarters for the Bloomberg administer the Bloomberg company drug derives 80 plus percent of the rent and over 80 percent of value. And it's being traded so cheap you know call it under a thousand a foot if you monetize some of the value of the other components. Take another company for NATO. You know they've been assembling the area around Madison Square Garden to make it into a tech hub and again trading for well below what it would sell for in terms of individual buildings. And then last but not least as in New York example is Madison Square Garden itself whether it's the Madison Square Garden sports team or Madison Square Garden. The entertainment company you know all great examples of things that didn't pick up running a great flag. That is still an opportunity for investors to get in. Well Joe it's a great point. And to that point you really need to get the crime under control because if you go by Madison Square Garden right now is not a pretty sight. Joe thanks. I just said there are equities at chairman.

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This Election Means Everything to NYC: Thor Equities' Sitt

Thor Equities Chairman & CEO Joe Sitt calls the New York Democratic mayoral primary pivotal for the city. He says city streets need to be cleaned up and crime is a serious concern. Sitt says the defund the police movement has led to "countless deaths." He speaks on "Bloomberg Markets: European Close." (Source: Bloomberg)

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