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Your Morning Credit Crunch: A Terrible Year ... in 2010

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The Post's Steve Cuozzo reads the tea leaves on the commercial and residential real estate markets, and he says that we're in for some troubled times. Not a shocking declaration given the level of panic out there concerning the credit crunch and Wall Street layoffs, but Cuozzo does not concern himself with paltry matters of the present. No, the Cuozz has his eye on 2010 as the winter of our discontent, because "an unusually high percentage of office leases will roll and many glamorous new condo projects will open their doors." In the meantime, Cuozzo writes that the current climate will make it difficult for certain far-fetched ideas to get realized, like the office tower that's supposed to sprout from the Port Authority bus terminal or even Sheldon Solow's East River waterfront plan. But all is not doom and gloom. In comes Curbed Network BFF Jonathan Miller to point out that the credit crunch may actually limit future damages to the market, because fewer apartments and buildings will be built due to a lack of financing.
· A Discouraging Word [NYP]