Tuesday, Sep 25, 2007
Heavyweights get out of Real Estate - London & UK next!
Bloomberg: Heebner, Top Property-Fund Manager, Sells Manhattan Real Estate
``You're seeing a retrenchment in the private-equity, hedge-fund and brokerage businesses, and there could be a lot of layoffs,'' Heebner, 66, said. ``That could have a devastating impact on high-end residential real estate in New York. Appetite for office space will also decline.''
Posted by tyrellcorporation @ 05:47 PM (294 views) Add Comment
2 Comments
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1. Whoever said...
I've read this and re-read it and don't see a mention of the UK or London?
2. alan said...
As noted in earlier posts, large sub-prime mortgage increases will hit the USA at the end of November, so substantial repossesions will happen late February/March. These defaults will work through CDOs the following month, and therefore we will see significant job cuts in hedge fund staff and private equity banking next April.
Wait till after Easter and those sexy Canary Wharf flats in London will be much, much cheaper! Expect Canary Wharf office rents to drop too as companies "rightsize".