Bill Rudin On Madoff Real Estate Effects

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.

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