The Real Deal New York

From the February issue: With dire prognostications for the U.S. real estate market multiplying like a virus, it’s no surprise that the impregnability of Manhattan’s market is being questioned. And though no one is predicting apocalypse along the lines of recent movies such as “I Am Legend” or “Cloverfield,” Manhattanites are wrestling with some rather grim predictions of late. Worst-case scenarios range from predictions of price depressions lasting for years, to sales drops as much as 30 percent in the suburbs, to a slowing demand from a group of buyers that the city has grown to depend on in recent years: Europeans.