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When Bankers Meet Co Op Boards

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by Felix Salmon
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Sep 19 2008 10:02am EDT

When Bankers Meet Co-op Boards

Quote of the day comes from a distressed heiress:

"Five years ago, if you were an investment banker that meant big bucks and automatic entry. And today it is a dirty word," said author Holly Peterson, the wife of a multi-millionaire investment banker and the daughter of multi-billionaire financier Pete Peterson.

The story explains that in the rarefied world of New York City co-ops, investment bankers are much less likely to get board approval these days. As a result, they're going to be harder to sell -- and prices are going to come down.

Alternatively, maybe NYC co-ops will become a bit like Damien Hirsts (or high-end houses in London): bought only by Russians, but always for vast amounts of money. I'm not up to speed on co-op boards' attitude to Russian buyers, but if they're the only people willing to pay top dollar for these apartments, the boards won't hold out forever.

(Via SAR)

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