KIM MOGULL President Mogull Realty Where is the market now and where is the market headed? Foreign tourists will continue to gobble up our luxury items as long as the exchange rate offers them the deep discount they’ve grown accustomed to. This is also one of the key factors driving up the cost of investment real estate and increasing our hotel occupancy rates to pre-Sept. 11 levels. What is the most overlooked opportunity in real estate right now? Overlooked retail opportunity exists in both the Downtown market and the northern portion of the bowtie in Times Square. Downtown, the rents are still low and due to all the residential conversions, the consumer base no longer clears out at 5 p.m. In the past, Times Square was solely tourism driven. Today there is fantastic new retail, but it seems to have stopped at 45th Street, while the office and residential growth has not. Northern Times Square has become a financial mecca and there are over 50,000 new office workers in the neighborhood.