Making Sense of Wall Street's Crisis

The outlook for New York City real estate is gloomy as the Wall Street fallout continues. For one, the Wall Street bonuses that helped raise Manhattan apartment prices in recent years are expected to be drastically slashed this year. As a result, there are signs of trouble for high-end apartment sales, which have been instrumental in holding up the New York market as the rest of the country faltered. Luxury retailers may struggle as their clientele becomes more frugal because of the economy. Large development projects look less likely to go forward as the prospect of snagging corporate tenants becomes harder with new office space coming back on the market. Even apartment buyers aren't yet able to take advantage of deals because of the difficulty in obtaining mortgages. The Real Deal recaps notable quotes from the experts about what's going on. "The extent of this problem is mind-boggling."