Quote of the day comes from a distressed heiress:
"Five years ago, if you were an investment banker that meant big bucks and automatic entry. And today it is a dirty word," said author Holly Peterson, the wife of a multi-millionaire investment banker and the daughter of multi-billionaire financier Pete Peterson.
The story explains that in the rarefied world of New York City co-ops, investment bankers are much less likely to get board approval these days. As a result, they’re going to be harder to sell — and prices are going to come down.
Alternatively, maybe NYC co-ops will become a bit like Damien Hirsts (or high-end houses in London): bought only by Russians, but always for vast amounts of money. I’m not up to speed on co-op boards’ attitude to Russian buyers, but if they’re the only people willing to pay top dollar for these apartments, the boards won’t hold out forever.
(Via SAR)