Thursday, January 8, 2009

More Proof of Recession in NYC

You know the economy is really bad when you see headlines like this: Manhattan Apartment Sales Drop, Office Rents Fall

They went down nearly 10% from last year. The recession officially started in December 2007 so even though most people thought New York City real estate was immune from the overall macro-economy, clearly this was not the case. It's as fallible as everything else. I don't know if this is good news or bad news. Falling real estate prices are good for future home buyers like myself but if they keep falling -- and certainly if they plummet -- that's a sign of another Great Depression. Let's hope this stabilizes soon!

And here's a more subtle sign of falling fortune (like my alliteration?):

Deal for Wireless Access in City Parks Collapses

The deal between the City Parks Department and the contractor Wi-Fi Salon collapsed because the contractor couldn't get corporate sponsorship. The city and various private ventures have been working on getting the parks "hot" for wi-fi these several years. Clearly the economy had other plans. A little bit of progress put on the back burner -- for now.

I'm going to look high and low for good news stories on NYC. After all, this is a basically upbeat blog and, in these trouble times, I will venture to soothe your fears and lift your spirits :)

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