Barry Sternlicht wants a “train wreck” in Manhattan’s luxe market, warns of less global money coming into CRE

Real estate mogul Barry Sternlicht is very bearish on Manhattan high-end luxury real estate:

“We are beginning to see the cracks of the high-end residential market in Manhattan,” he said. “The building on 57th Street just went through it’s B-lender. Those deals, and the building going up next to MoMA, those deals are going to be a disaster. So high-end resi in New York really is in trouble.”

 

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Barry Sternlicht wants a “train wreck” in Manhattan’s luxe market, warns of less global money coming into CRE