Invasion of the Suits?

November 8, 2007 at 7:02 am Leave a comment

wall-street-bonus-season-nyc-real-estate.jpgWe’re starting to hear a lot about disappointing bonuses for the financial sector in early 2008 (see today’s related front-page story in the NY Times, “Markets and Dollar Sink as Slowdown Fear Increases“). That’s going to take its toll across the country (and world) in innumerable ways. One obvious hit will be the real estate market. From Noah Rosenblatt of, whose tagline is “Tips on Profiting on NYC Real Estate:

I expect bonuses to come in, but not as widespread (in total bonuses handed out) and not as high (in size of bonus) as some may expect with stocks just off record highs. The financial sector has felt a lot of pain, and management knows the level of toxic waste still on their books. I would go far as to say that 2009’s bonus season looks to be the real problem, not this years, as we still have some time to get the full depth of losses off the books.

Most people on site, however, expect this year to be painful too, so we’re potentially looking at two paltry bonus years at a minimum. What could this possibly have to do with Forest Hills, which is not exactly known as a hub for financial types? Well, not every master of the universe is going to be able to live in 40 Bond, or even the Ikon in Williamsburg, once they hit the unpleasant wall of reality. But by now, most New Yorkers are committed to the idea (and ideal) of staying here. Add to that the sterling report card grades Forest Hills schools just received (whether we think they’re meaningful or not), and suddenly the Windsor and 108-Street pre-wars are looking pretty good.

It could be that the real estate price lag Forest Hills (and Jackson Heights, which is expecting its first Starbucks) has felt vis-a-vis our Brooklyn counterparts all these boom years is about to go bust. If you’ve been thinking about buying, you can still get an insider’s price.


Entry filed under: Forest Hills, real estate, timely topic.

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