A prominent real estate bigwig caused a stir Thursday by admitting that the New York City residential property market is a big bubble waiting to pop.
“If real estate was a publicly traded company and I could short its stock, I would very happily short 57th Street,” said Ofer Yardeni, CEO at real estate development firm Stonehenge Partners, referring to the stream of high-end towers popping up along 57th St.’s “Billionaires’ Row.”
“The market there has stopped,” he said. “It hasn’t just declined 5% or 10%. It’s just stopped.”
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