Ofer Yardeni of Stonehenge Partners has grim predictions about the health of Manhattan’s residential real estate market, according to The Real Deal. “If real estate were a publicly traded company and I could short its stock, I would very happily short 57th Street, ” Yardeni said at the New York City Real Estate Expo, says the Daily News.
“The market has just stopped, ” continued Yardeni. “It hasn’t just decline 5% or 10%, it has stopped.” Stonhenge owns $2 billion worth of real estate assets in New York City. While 7, 000 new luxury condos are going to be put on the market in the upcoming years, there is doubt about whether there will be a sufficient number of foreign investors to buy them.
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