Friday, July 25, 2014

NYC Real Estate is the new Swiss Bank Account.

Stach Pad (Andrew Rice, New York Magazine)

"And so New Yorkers with garden-variety affluence—the kind of buyers who require mortgages—are facing disheartening price wars as they compete for scarce inventory with investors who may seldom even turn on a light switch. The Census Bureau estimates that 30 percent of all apartments in the quadrant from 49th to 70th Streets between Fifth and Park are vacant at least ten months a year."

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