Vulture Investors Eye New York
The prospect that the Federal Reserve will push interest rates even lower has hungry vulture investors circling New York. “Everybody is still hoping the bottom will fall out,” Peter Duncan, CEO of George Comfort & Sons Inc., said Thursday at a real estate briefing sponsored by Bloomberg.

While U.S. commercial property prices hit the lowest level in eight years in August, according to Moody’s Investors Service, other observers don’t believe prices will fall any further because lenders are loosening lending.

“Without leverage real estate is just another mediocre asset class,” said Stephen Meringoff, a managing partner at Himmel & Meringoff Properties in New York.

Source: Bloomberg (11/04/2010)