Isn’t that the key to everything?
Last night my friend Tony noted the strength of the beta of real estate in NY. That is, as the markets go, so does real estate to a vast degree. Then this morning, his words are vindicated:
“This is the company town for money,” [Richard Lefrak, patriarch of a fourth-generation real estate family that owns office buildings and apartment houses in New York and New Jersey] said. “If there’s no liquidity in the system, it exacerbates the problems. It’s going to have a serious effect on the local economy and real estate values.”
Anyone have any liquidity to spare…purty please?….