Paul Krugman Goes Long New York Real Estate

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With his fat check from the Nobel Prize committee in hand, econ professor and NYT columnist Paul Krugman has gone long New York real estate.

The Observer: The Times columnist, Princeton professor, recent Nobel winner, and all-around ceaslessly smart economist Paul Krugman has a nice new co-op. According to a deed filed in city records today, Mr. Krugman and his wife, economist and yoga teacher Robin Wells, spent $1.7 million on a three-bedroom Riverside Drive apartment earlier this month.

If you follow the NYC market, you’ll probably not be surprised by the price history:

Even though the couple bought their place at a big discount–it was listed early last year for $2,495,000, which became $2,199,000 and then $1,850,000–it’s slightly odd that Mr. Krugman, whose cynicism about the American housing market is not a secret, would want to buy something now. “Yes, I do expect New York prices might fall some more,” he offered, “but we need a place. And I came into some money.” He chuckled awkwardly, because he was referring to his Nobel, which comes with about $1.4 million. “We have financial resources that we didn’t have before.”

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