NYC real estate...take a look at this....

this management is know as the 'smartest real estate investors' in the country....SFI...take a look at their stock....nobody is immune....if you think we're headed for a rebound just buy this stock, if it sits still and they can pay the dividend you yield 20+%....their largest NPL is a $200mm loan in MID-TOWN...if you think that residential real estate is immune you just need to look at CRE, they can't refi and technical defaults are happening even though default rates are non-existent. Please, tell me again, on a risk adjusted basis I want to buy an apartment in NYC when I can rent for approximately 1/2 the carrying cost???