Wednesday: Great Depression #2? (Not For the Lawyers)

  • Moody’s believes that 20 American metro areas “could experience a ‘crash.’” (The word is even scarier when it’s put in quotation marks, isn’t it?) On the national scale, the 2007 forecast is for a decline in home prices. The last time that happened was a doozy called The Great Depression. (CNN/Money)
  • “There is nothing sexy” about running the monolithic Realogy–the mother company of Coldwell Banker, Century 21, Sotheby’s and Corcoran. Since being spun off by Cendant this July, Realogy shares are down 10%. Blame it on the Depression! (NY Times)
  • Who knew gargantuan law firms had gargantuan funds for trophy Manhattan real estate? Dechert just grabbed 234,000 square feet at 1095 Avenue of the Americas–for 15 short years and $300 tall millions. One Bryant Park is in on the fun too (Akin Gump Strauss Hauer & Feldsigned will have 200,000sf there). But the shiniest trophy of the lawyerly set is Renzo Piano’s New York Times Building, where Covington & Burling and Seyfarth Shaw have leased 160,000 and 100,000 square feet. (Globe St.)
  • How can you tell that Chinatown is enjoying a post-9/11 (or maybe it’s post-post-9/11) resuscitation? Community activism is always a good sign, but the surest sign is community activism against Hollywood infiltrators (i.e. the crew of Law & Order: Criminal Intent, but also Wong Kar-wai). (City Limits)
  • Max Abelson