The Real Deal New York

The end of Wall Street’s reign?

October 10, 2011 07:04PM
By Stuart Elliott

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From the October issue:
Maybe the question for Wall Street these days shouldn’t be “When will things get back to normal?” Instead, it should be “Will they ever get back to normal?”
That’s one of the ideas we explore in our cover package this month, which looks at the impact of a diminished financial sector on the real estate market in New York.
Of course, Wall Street is the prime driver of the city’s economy, and its success (or lack thereof) determines how many high-end apartments get snapped up, and how much office space gets leased each year. These days, Wall Street workers and firms are spending more cautiously than in the boom-time heyday, hindering the real estate market in the process. But could it stay that way? Are we living in an age of permanently diminished expectations? [more]

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