The Real Deal New York

Schwarzman says don’t buy real estate

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.

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