Eugene David
...The One-Minute Pundit

Wednesday, August 30, 2006


The sound of heavy drooling from the capital of the universe: MetLife is putting a huge apartment complex on the Lower East Side up for sale. It says $5 billion: but when you have
the most active developer in New York City, the Related Companies; one of the largest landlords, Glenwood Management; Tishman Speyer, which controls Rockefeller Center; two publicly traded real estate companies, Archstone and Vornado; the international bank UBS; and the Blackstone investment firm, as well as the Rudin, Durst and LeFrak real estate families
in the bidding -- $20 billion! $50 billion! $100 BILLION! THE SKY'S THE LIMIT!! Then we can Rendellize it full bore with $100 MILLION CONDOS and....

Why do we think the winner will end up a loser?

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