Brace Yourselves–Trouble Across the Pond

The once-mighty British economy is buckling, and the effects could be felt in New York City. The Wall Street Journal reports this morning:

The investment-banking business is already stalling, potentially eliminating thousands of high-paid jobs and demand for everything from tailored suits to high-end hunting trips.

Could it also affect New York City real estate? The New York Times estimated in November that foreign buyers made nearly one-third of Manhattan’s condo purchases in the previous 18 months. One has to think that a weakening British economy might weaken the British pound, which might… you get the picture.

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