New York during the inflationary surge of the late 70s and early 80s was a mythical place where one could purchase a Park avenue penthouse for $1 (while assuming the copious debt, of course). Now, thanks to the brutal bear hug of the highest interest rates in 40 years and the ongoing CRE crisis, those legendary days have made a comeback to the Big Apple, if only in the realm of commercial real estate for now.
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