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What the Credit Crunch Means for NYC Real Estate

As the mortgage market churns and the stock market pedals a path downhill, the Post's Steve Cuozzo takes a look today at seven big Manhattan office building developments that might get crunched by the credit crunch. But what about those of us who don't develop offices for a living? What does all this turmoil mean for us? Curbed asked erstwhile Dealbreaker editor John Carney, who politely answered our insipid questions.
CrbdDaddy: carney, talk to me about turmoil
DealDaddy: Hmmm. Well, first off all: it all started with mortgages.
DealDaddy: And is still largely linked to mortgage backed securities.
DealDaddy: This post kind of explains what happened.
CrbdDaddy: right. but what does it mean for the nyc market?
DealDaddy: Weirdly, NYC market still hot and therefore it seems totally unfair that hedge fund managers and Wall Street guys getting hit hard by housing market woes when they've done their part in pushing up the housing market in NYC.
CrbdDaddy: ha
CrbdDaddy: there will likely be an effect on wall street bonuses, yes?
DealDaddy: down down down.
DealDaddy: some people will lose jobs. hedge funds in trouble. huge losses. m&a slowing to a crawl. credit markets frozen, so no bond market
CrbdDaddy: and that'll hit the nyc real estate market
CrbdDaddy: silver lining?
DealDaddy: lower housing prices for the rest of us, easing of rental market?
DealDaddy: arrogant SOBs given their comeupance?
CrbdDaddy: ah, the circle of life

Join the conversation. Your analysis of the current situation in the comments below.
· How Credit Market Turmoil Rocked the Quants [Dealbreaker]
· Seven big NYC projects that credit market turmoil could stifle [Cuozzo/NYPost]
· Credit Crunch Goes Nationwide [Matrix]
· Global Fears, Libor Rates, Fear Continues [UrbanDigs]
· Is this a Liquidity Crisis or an Insolvency Crisis? [Market Movers]