New York is Dead

Quote from sammybea:

53,000 Citigroup cuts just adds fuel to the fire. I love this city.. but my timing suck when i bought a place 7 months ago on the UWS. Ugh... Just hoping I will be able to break even in a few years. (I am down 10% right now.. roughly 85k)
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What prompted you to buy during an inflated, bubbly market?
 
Quote from sammybea:

53,000 Citigroup cuts just adds fuel to the fire. I love this city.. but my timing suck when i bought a place 7 months ago on the UWS. Ugh... Just hoping I will be able to break even in a few years. (I am down 10% right now.. roughly 85k)
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I heard Blackrock is gonna be laying off people, too. There's a lot of people going to work, scared, these days, and for good reason.
 
Rumors coming in from my buddies on the street with the main topic bonuses.

In light of GS honcho's declination of bonuses (you may guess on your own what their reasons were), there is great concern among the rank and file at other firms that bonuses will be non-existent, let alone cut.

This is for political reasons only. Fear of recrimination/prosecution most likely. CEO's will vote to save their own skins, damn the rest of the peons, of course.

All of a sudden that 200k base doesn't sound so hot when you're working 100 hour weeks and forced to pay high rent/high taxes, as the 3x-5x multiple goes bye bye.

FWIW, good luck to those back there - its not fair what's happening, particularly to those at the lower end of the scale (sub 400K).
 
Quote from Mecro:

You call that cute? LOL. You need to get out of the boonies more often.

Marketsurfer does not know NYC, he just moved into it. Come on, he goes to tourist traps like Cipriani's.

Quality places will do OK, as long as they are not overleveraged. The local mom & pops should be fine also, as there is a sense of community in NYC neighborhoods.

The rest are on their way out. I'm glad to see the over-commercialization of NYC reverse its course.
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Too funny..I dont live in the boonies amigo. She is cute though.....probably some chick at dinner who's boyfriend went up to go the bathroom and Surfer ran up and took a picture as she wasnt looking.

I wouldnt be caught dead in Cipriani's. I passed by the place a few times when I used to live in NYC. Like you said..tourist trap.
 
Quote from drsteph:

All of a sudden that 200k base doesn't sound so hot when you're working 100 hour weeks and forced to pay high rent/high taxes, as the 3x-5x multiple goes bye bye.
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That was my experience at a hedge fund. I made about 2x but they worked me about 3x. It didn't make sense after a few years. They also severely restricted my personal trading having to pick securities from their "approved list".
 
most venues in the midtown, lower warf, etc are traps.

You have to venture into Brooklyn, or even Queens to escape.

Manhattan has and will all way's be a Trap, Bridge and tunnel crossers swarm in every weekend.
 
Quote from EMRGLOBAL:

most venues in the midtown, lower warf, etc are traps.

You have to venture into Brooklyn, or even Queens to escape.

Manhattan has and will all way's be a Trap, Bridge and tunnel crossers swarm in every weekend.
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Prior to 1991-92 recession things were different. Living in manhattan was possible, though not cheap (never was) for a bloke. The B&T crowd was much derided then as well as they would pay $20 (inflation adjusted $50) for a club admission and then sip their $7 drink all night. You had gone there comped on the guest list three months prior and drank $ 28 in liquor; now you wouldn't be caught dead there.

Scary that you now have to go OUT of the city to be cool. I think the furthest I ever went was to brooklyn heights to go to a used stero reseller, or to sheepshead bay to do some fishing on the old dorothy B VII.
 
Quote from EMRGLOBAL:

most venues in the midtown, lower warf, etc are traps.
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Not really, many of them are established business lunch & dinner spots.
 
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