Richard LeFrak on real estate: ‘If I had debt, I would be petrified’

In the last uh three or four years, values have deteriorated with the rise of interest rates. And I think values depending on the property type could be as much as 50% in some but on average I'd say about 20% loss of value. Now where that is playing into the business is the fact that there's a wall of refinancing that has to be done. Uh the number I saw uh was about $750 billion in the next two years. That's kind of crazy. >> Does that scare you? >> Uh if I had debt, I would be petrified. If I had debt, I'd be petrified. Uh but um the uh extend and pretend party is over and banks are being more aggressive about either selling off the loans or um uh dispos you know trying to dispose of the assets on one way or the other. And so for ownership, the truth that you know, we kind of the rubber hit the road now and there's going to be a lot of uh opportunities and also a lot of heartache as a result of