"At the end of the day, it's a great opportunity and the actual interest, vigorous interest in this package, shows you that people are chasing yield right now," Lefrak said.
The commercial real estate sector was heavily dependent on healthy employment, so its recovery is going to take a while, according to Lefrak.
"When they're cutting jobs, they don't need office space. When the retail business is sagging, they don't need shopping space," he said.
And because commercial property investors are sophisticated investors who "ought to have known what they were doing," they don't get the same degree of sympathy from the government, he said.
"They made an effort now with the TALF… but in the end it's going to be about jobs. If we have a vigorous recovery in jobs, the real estate sector will follow," said Lefrak.
"But if the robustness of the stock market is directly related to robustness of profits which is directly related to… corporations getting lean and mean by getting rid of people, real estate will still suffer."