"I am amazed at how much money is pouring into real estate," said Anthony E. Malkin, president of W & M Properties, a frequent investor.

Anthony E. Malkin, the president of W & M Properties, said his company operated like a virtual REIT, raising money from a pool of investors on a project-by-project basis.

"A lot of these companies took space in anticipation of growth or as a defensive gesture," said Anthony E. Malkin, president of W & M Properties, an investment and development company.

"I go to twice-monthly meetings with Adam and Amy Rose," said Anthony E. Malkin, 31, the president of W & M Properties.

"The psychology of the market started changing around June," said Anthony E. Malkin, president of W & M Properties.

"When three buildings were chasing every one tenant, we had to give all kinds of flexibility," said Anthony E. Malkin, president of W & M Properties.

"We are at the base of a slowly rising plateau," said Anthony E. Malkin, the president of W & M Properties.

Another cautionary note was sounded by Anthony E. Malkin, the president of W & M Properties, a company that owns and manages real estate.

"The Today's Man store is an anchor," said Anthony E. Malkin, president of W & M Properties, a major New York property management firm.

"By 1991 Stamford real estate was dead in the water," said Anthony E. Malkin, president of W & M Properties, which owns two Class A office buildings in the city.