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?….