Unemployment, bonuses will drive NYC market, TRD’s Jill Gardiner says

January 04, 2010 03:02PM

Going forward, broad economic indicators may determine the health of the real estate market in New York City, The Real Deal‘s Jill Gardiner told My Fox NY in a recent segment. Unemployment will impact the market more so than any other factor, she said, though on the opposite end of the spectrum, big bonuses on Wall Street will also play a role. “If you’re just an average buyer on the market, even if you’re not getting a huge bonus, they still have an impact on you because they trickle through the market and they spark activity,” Gardiner said. Meanwhile, foreign interest in the city — particularly in Manhattan trophy properties — is at a near fever pitch, according to Edward Mermelstein, a real estate attorney who represents foreign investors. He said he believes retail prices have further to fall before they can begin to recover.

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