If anyone thinks manhattan real estate is going to thrive in this market situation you are crazy, manhattan real estate is going to fall EXTREMELY HARD, those penthouses and all other high end luxury condos and apartments that people are paying millions and millions for are going to collapse. You will see prices drop on average 25%, I would not doubt to see prices drop a total of 40-50% by the time its all over with. Not only that but all high end luxury dealerships around that area are going to suffer as well, restaurants, everything in NYC is going to feel the pinch do to massive layoffs and bonuses that will probably not be paid out this year. Its going to be tough on wallstreet... Officials: NY state could lose 40,000 jobs, $3B Thursday September 18, 1:03 pm ET By Michael Gormley, Associated Press Writer Projection says New York state could lose up to 40,000 jobs and $3B in taxes over 2 years ALBANY, N.Y. (AP) -- A new projection shows Wall Street's meltdown will likely cost New York state up to 40,000 private sector jobs and $3 billion in tax revenues over the next two years, two state officials said Thursday. The revised numbers in the snapshot of worst case estimates was done Wednesday at the highest levels of New York's state government. The projection is worse than Gov. David Paterson predicted just Tuesday when he said the state could lose some $1 billion in revenue because of upheaval in the financial sector. Wall Street is a major economic force in New York state, generating one-fifth of the state's revenues each year. The officials spoke on condition of anonymity because they weren't authorized to comment on the fiscal analysis. Both hits would be substantial. The total New York state budget including federal funds is about $120 billion, and the state has about 7.25 million private-sector jobs. State officials used the model of the fiscal damage to New York after the Sept. 11, 2001, terrorist attacks. Then, Gov. George Pataki said it was the worst financial hit to New York since the Great Depression 70 years earlier. The new analysis includes the stock market drop, lost revenue from transactions and projected lost income tax revenue from Wall Street jobs. Three of the five major U.S. investment banks -- Bear Stearns, Lehman Brothers and Merrill Lynch -- have either gone out of business or been driven into the arms of another bank. The two remaining banks, Goldman Sachs Group Inc. and Morgan Stanley, are under siege.