“…Public employees' pension plans who have heavily invested in commercial real estate have incurred big losses in the value of their portfolios. Investment performance of California public employees retirement system. Calpers declined 23 point 4% for the fiscal year ending June 30. With its greatest single year decline ever be California State retirement system counts stirs. Reporting that its investment portfolio -- 45% for the year. At calpers as of march 31. While casters investments in -- they. We're down 43%. Real estate and private equity returns for both funds -- estimates and a reduction in value which is subject to change pending appraisals through June 30 2009. Both of these pension plans have been active purchases of New York City residential commercial rules for these pension plans -- purchasing joint venture buildings including. I certainly for -- Lexington avenue 1177 avenue America's 99 tertiary. And Peter Cooper village and …”

“…Earlier this month Manhattan welcome its newest timeshare vacation club west 57 street by who grew up. Between avenue of the Americas and seventh avenue the facilities the first ground up residential …”

“…Which also includes membership. In the -- grand vacations club a Hilton vacation club is also located on the 37 through thirtieth floor of the New York Hilton in addition today -- vacation club. . Perspective perches -- who seek -- fractional interest can purchase units at the Manhattan club. Located 200 west 56 tree where the …”

“…great of the commercial space for the empire state building and the Chrysler Building combined. And the result will be some 11000 new manufacturing and distribution -- too many of them coming within the next few months. And other sectors of the city's second economy ripe for growth is biotechnology. Were already home to more than 120 bioscience companies some of the best academic medical institutions. That talented workforce. The only thing when you really lacked in space for growth. Too often a patent has been that firms that created it research institutions in the city. And then move out of town and they develop and expand its taking jobs with them. But that's now about to change we've been hard at work developing it flagship location for commercial bioscience research and development. Rattle -- the first avenue medical science Carter and last week we securities the very first sentence. Global pharmaceutical giant Eli Lilly and company. Our agreement with slowly means that we now have a world respected company anchoring our new bioscience park. Shall publish attract other top research and development companies there can create new jobs. About ball loose decision amounts to a great -- vote of confidence in the future of our city and our future epicenter of biotechnology. And make no mistake it -- As part of -- five Borough economic opportunity plan we're gonna continue pursuing opportunities to diversify our economic based. So that in the future when Wall Street sneezes the rest of the city doesn't catch a cold. This is mayor Mike Bloomberg thanks -- listening. …”

“…Good morning this is mayor Mike Bloomberg what if anything the current national recession has reminded us of the importance of economic diversity in our city. The more we can grow and strengthen a wide array of industries. Less our local economy local economy will be driven by the ups and downs of Wall Street. . And that's been our strategy. For the past seven years we've focused on maximizing. Those sectors of our economy that have existing …”