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New York

Schwarzman says don’t buy real estate

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Blackstone Group’s CEO Stephen
Schwarzman is urging people against buying real estate. “You should
keep away from that for now; if it looks cheap it will be cheaper,”
Schwarzman said, adding that there will also be more Wall Street layoffs. Schwarzman’s firm posted a $1.2 billion loss last
year, and he is taking a 99.8 percent pay cut this year, making his
salary $350,000. Two years ago, Schwarzman’s firm acquired landlord
Equity Office Properties in a $37 billion leveraged-buyout and sold
most of the buildings for top dollar.