"I have been in business for 12 years. I have never seen it this bad," Peter Von Der Ahe, VP of investments for Marcus & Millichap tells the Times regarding New York City's commercial real estate market. His colleagues note the environment hasn't been this bad since the early 1990s.
The wager, explains senior real estate economist Aaron Jodka at Property and Portfolio Research is that the market has not hit bottom yet and that eventually the city will see those buildings' value decline by 58% from their peak in 2007, possibly by 2011.
To read the full Times article, click here.
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