From ABC News:
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Manhattan's finest co-op apartments may have already lost a fourth of their value as a result of the financial crisis, and the worst is yet to come, says leading New York estate broker Kathy Sloane, of Brown Harris Stevens.
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The Investment Bankers may not be quick to close out deals on the fancy upper east side apartments anymore. People who are worth thirty, forty, fifty millions dollars lost it all. And now they have their apartments, and their country houses and their ski houses but they have mortgage payments on all of those. And they have no cash.
09-19-2008, 02:58 AM
NYC Apartments and the Financial Crisis
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