By: DFree | July 1, 2010 | Wall Street Ethics
I guess you could consider this a positive indicator, however, it just doesn’t feel quite right. Manhattan apartment sales have reported an 80% (yes, 80%) growth rate since 2008. Much of the demand and growth can be attributed to Wall Street which has added up to 6800 jobs from February through May of this year.
The average per-square foot cost for apartments in Manhattan; a whopping $1051. This could be considered quite a deal as these prices are down 18% from 2008 rates.
Who can afford these units? A large majority of buyers are employed by Wall Street giants who have been reaping the benefits of the recent market uptick. Don’t forget that Wall Street paid a collective $20.9 billion in bonuses in 2009.
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