Richard LeFrak: CRE's tough times are just beginning

11/13/2009 | CNBC

This is just the beginning for the challenges commercial real estate must face before things get better, said Richard LeFrak, president of the LeFrak Organization. "We're kind of in the second inning or third inning," he said. LeFrak didn't want to give an estimate of how many more banks will fail before the economy recovers but said no matter what the number is, the failures are going to damage commercial property portfolios across the country.

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