Madoff impact on Manhattan real estate

http://www.nytimes.com/2008/12/18/business/18brokers.html?_r=1&hp

The victims include executives at the global commercial brokerage CB Richard Ellis, most prominently Stephen Siegel, a major Bronx landlord who is chairman of worldwide operations at the brokerag

etc etc

At a xmas last night and ran into a CPA partner deals with NY clients. Has had 4 clients affected, 1 had everything in a secondary Madoff account (no cash at all-lived off dividends), all that's left is apartment. How do you keep up with your 8,000 expenses when you have no money to run your household.

I think it will do more to affect panic than actual financials... but I think the panic effect will be pretty big.