Sternlict: midtown on precipice of epic collapse

Sternlicht pulled no punches. He also thinks the high-yield debt market could see a major crash. And he sees the midtown New York residential market on the precipice of an epic collapse. “The Arabs and Russians are leaving, and there isn’t enough new money flowing in from Asia to support current prices,” he observes. He worries that the falling value of the Canadian dollar is going to hurt tourist... [more]

Sternlicht pulled no punches. He also thinks the high-yield debt market could see a major crash. And he sees the midtown New York residential market on the precipice of an epic collapse. “The Arabs and Russians are leaving, and there isn’t enough new money flowing in from Asia to support current prices,” he observes. He worries that the falling value of the Canadian dollar is going to hurt tourist traffic from Canada, the biggest source of international visitors. There is at least one positive factor in the current U.S. real estate environment: Slow economic growth in the U.S. has deterred the overexpansion of capacity. http://www.barrons.com/articles/what-hedge-fund-stars-are-buying-and-selling-1446873724?mod=articleRelStories [less]