Chillin' out till it needs to be funded
Manhattan has become cheaper since it rained stones in Washington and even as the Senate Banking Committee keeps Blankfein and Volcker busy, the first defaulters in the crisis, the real estate guys are out in a leather hunt for continuing bargains. It looks as if documentation on the affluent Manhattan real esttae is in order as there are quite a few deals in the New York area, which NYTPICKER will be proud of.
A group led by the LeFraks is interested in buying Stuyvesant Town and Peter Cooper Village, a complex of 11,227 apartments near the East River whose current owner defaulted on $4.4 billion in loans. The Rudins and other families are looking at the Carlton House, an apartment-hotel building on Madison Avenue that is for sale. The Dursts, who like the Rudins and the LeFraks are in their fourth generation in New York real estate, are looking to buy a stake in the $3 billion skyscraper under construction at 1 World Trade Center. nytimes
Also the new ETFs are in Gold and in indices of Canada and Australia, no new REITS yet, 🙂