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Bonuses and NYC condos. They go hand in glove. If bonuses keep pushing higher and higher, the Manhattan market will rebound fast — just like in London, where the return of finance means that prices are already back at all-time peaks.But here in the US we have Kenneth Feinberg, cracking down on excessive banker pay in a manner that’s much more severe than anyone expected. And NYC property owners are freaking out.
Users of the StreetEasy message boards are all over this story.
Our guess is that because Feinberg’s orders only apply to the really senior folks, the ranks of bonus-getters will still be there, and will still bid up real estate. So breathe easy, people.
And besides, apparently NYC real estate is really attractive to the uber-rich in Russia right now, so that should make up for whatever Feinberg does.
Moscow Times: Irina Levieva, a broker at the Ostrov Realty Group, said a year ago “foreign buyers had disappeared” but now they are expressing interest and buying properties again.
“I’ve been contacted by one of the largest Russian real estate investment funds. They don’t want to build, they want to invest,” Levieva said.
Earlier this month a penthouse on Manhattan’s Central Park West sold for $37 million to a Russian investment fund, the New York Observer reported. And in June, financier Andrei Vavilov, who represents Penza in the Federation Council, bought an apartment in Manhattan’s Time Warner centre for $37.5 million.
“[Russians] buy high-profile properties and yes, I am seeing a lot of them,” said Dolly Lenz, a broker at Prudential Douglas Elliman.
Anyway, if you do get your bonus this year, how about checking out Brooklyn’s ridiculous $25 million clocktower loft? >>>