Commercial Real Estate Collapse - Midtown Manhattan

From the October 6, 2009 PBS "News Hour."

One sees this every day. Storefronts on Park Avenue South where overpriced restaurants sat two years ago are empty with "For Rent" signs, something one never saw in such neighborhoods. Traditionally in NYC, property changes hands in private deals, never through the posting of rent signs. With 1% down payments, commercial real estate makes the subprime meltdown look outright responsible.

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[vpatel12]

great video, reminds me of southern california, there is a way to make money from a declining commercial real estate market...

check out DRV

it is like a mutual fund which is positioned to make money shorting the commercial real estate market.

[MarcusCMarcellus]

@vpatel12 Thanks for the tip on the fund. It's only worsened. I just returned from expensive Soho and nearly 1/3 of storefronts are vacant.

[LisaJ4Liberty]

Excellent piece by the News Hour. Thanks for posting this Marcus.

[MarcusCMarcellus]

For some mysterious reason, the PBS News Hour (McNeil-Lehrer News Hour when I was growing up) has a very good economics reporter , one of the better ones on TV. Go figure.

[Limeisback2012]

Either wall street dosent understand that without jobs people can't buy things and is purly focused on the short term benefits of laying people off. Or they know that there crashing the system and they have some grand plan of mass economic destuction we are just not privy to. Come on people, you can't keeping buying that the people who own and run america are idiots that don't know what there doing. There causing unimployment and system crash on purpose. There evil and it's obvious.

[soundzero]

Greed from top to bottom.

[4287shorty]

Love the NCIS Los Angeles ad in the background at 1:14. love that show! dont forget to thumbs up if you agree.

[denniskoutou]

@vpatel12 thanks for a great video

[rolficus]

times were good we only have ourselves to blame -live within your means not over it !

[cogginsconnieful]

our country wide relationships along with business lenders allow us to be a "first mover" on huge value assets visit our site at offmarketassets+com replace + with .

[scumpuppet4u]

great time to swoop up deals Baby!!!!!! Just buy at price were you can def pick up tenants

[theroilsoil]

We haven't seen anthing yet . . . it get's far, far worse.

So much greed, so much excess, so much hubris . . . now it all hits the trashcan.

This is a DEPRESSION . . . and there is no recovery in realestate.