The NYC real estate market is immune to a heck of a lot of things, but it certainly will not survive the current crisis on Wall Street unscathed. Mr. Bagli reports that much trouble is brewing especially with "the explosion of high-priced condominiums in neighborhoods outside Manhattan, from Bedford-Stuyvesant and Fort Greene to Williamsburg and Long Island City." [Bagli, NY Times] Mr. Bagli reports that many of these new condos may now turn into rentals, or will be sold to other developers.
Yikes, you must be sick right about now if you bought an overpriced loft in Bill Burg in the past couple of years. Although of course the Bronx will see its fair share of stalled real estate sales and rentals, we sure are lucky the real estate here was never insanely overinflated. Good luck moving those Fedders buildings Brooklyn!
*Photo courtesy of clintonhillblog.com*