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Your Morning Credit Crunch

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The first 90 days of the year saw only two prominent office buildings change hands, as recession fears have dried up financing for investment sales. Yes, the situation is bad, perhaps the worst in decades, especially when one takes into consideration a couple of quotes from some heavy-hitters. Says Larry Silverstein, "During my entire career of more than 55 years in real estate, I have never seen a dislocation of the capital markets of this magnitude." And from Vornado CEO Steven Roth: "Based on the current climate in commercial real estate, investment sales brokers can take off for the entire year." You hear that, brokers? Steve said you can take the year off! [Sun]