The Real Deal New York

 
From the September issue: The downsizing of New York’s largest financial service companies means almost nothing but bad news to the city’s office market. But as investment bankers get their walking papers in the thousands, a handful of hedge funds that bet right on subprime mortgages and the U.S. economy are prospering. The success of funds such as Paulson & Co., Soros Fund Management and Renaissance Technologies, whose founders earned a combined $9.4 billion last year, has also inspired plenty of laid-off investment bankers to do the same and form funds, and they need space to build their empires from the ashes.