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Top developer says New York real estate market is a 'bubble'

2014-11-06 23:33:09| Real Estate - Topix.net

A prominent real estate bigwig caused a stir Thursday by admitting that the New York City residential property market is a big bubble waiting to pop. "If real estate was a publicly traded company and I could short its stock, I would very happily short 57th Street," said Ofer Yardeni, CEO at real estate development firm Stonehenge Partners, referring to the stream of high-end towers popping up along 57th St.'s "Billionaires' Row."

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