Market for Rentals

Observer said 8% median decline YoY.

Anecdotally, I've definitely seen some lower prices in Manhattan, free months, and willingness to negotiate.

And, if you're willing to do FiDi, there is an outright glut down there. 30% rent chops all over the place (just check out 20 pine).

My broker says "people are afraid to spend money". Do you agree?

absolutely. get used to it.

LOL. Due to the market or in general?

Per all the reports from retailers, New Yorkers were cutting back on spending going back about 6 months. Nationally, it was more like 1.5 years. Once September hit, the pullbacks in NYC became even more dramatic... high end sales are getting hammered. Crain's does a pretty good job of noting the latest trouble cases.