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From the December issue: Turns out the connection between Wall Street bonuses and real estate sales isn’t just broker lore — it’s real.
The Real Deal tracked the year-over-year percent change in Wall Street bonuses and Manhattan condo and co-op transactions going back to 1993, using data provided by the city comptroller and appraiser Jonathan Miller, respectively.
Besides the volatile period between 1998 and 2005, the leaps and plunges in annual transactions were in lockstep with the bonuses showered on Wall Street at the beginning of that year. [more]
