Bill Rudin told my colleague Dana Rubinstein that he’s not too fearful the Bernard Madoff scandal will have a big effect on Manhattan’s commercial real estate:
I think it’s early to judge the impact, but I don’t think hundreds of thousands [of feet] of space will come onto the market because of this.
Others are more worried. Here’s Eastern Consolidated’s David Schechtman: “The bad news that we’re receiving on an almost daily basis is leading a lot of would-be buyers to stay out of the market.”
(Neither Mr. Rudin nor Mr. Schechtman were investors with Mr. Madoff.) More on big real estate’s reaction to the accused master swindler here.