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.
Copyright Obser - Observer
