Falling fat cats

Wall Street: Fall of the fat cats (CNN.com)

Excerpt:

"These guys were spending more than $250 billion a year," Robert Frank said. "They bought mansions in Greenwich and Palm Beach. They bought art for $100 million a painting."
Frank, author of "Richistan," says the enormous amounts of money earned by Wall Street elite made them practically a nation unto themselves.
"They just looked at the guy with the bigger house, the nicer Ferrari, the better artwork," he said. "And it was all competitive spending."

Noted

Before today's epic 777-point meltdown, Reuters had a piece on how the economic crunch may have an impact on downtown living:

The state labor department expects Wall Street to lose 40,000 jobs, perhaps permanently, which means the city's service industry could lose another 80,000 workers, in fields ranging from retail shops to law firms.

Lower Manhattan's future could rest on residential development, which has seen its population double to about 57,000 since 2001, as a older, obsolete office buildings were converted into trendy apartments for Wall Street whiz kids, said Mitchell Moss, professor of Urban Policy and Planning and director of the Taub Urban Research Center at New York University.

"That's going to turn out to be one of the great ironies that the residential development is going to create the demand for office space," Moss said, "because people enjoy working near where they live."

But financial sector job losses could drive down prices for apartments 20 percent to 25 percent, more than the rest of the city, said Bill Staniford, chief executive of real estate data web site PropertyShark.com.

"The buildings that have gone after this young hot Wall Street crowd will be the most vulnerable," said Pamela Liebman, chief executive at The Corcoran Group, which specializes in luxury homes in the metropolitan area.

"Finance is one of the more dominant buyer profiles that you'll see, so obviously it's a concern," said Angela Ferrara, a vice president of sales for The Marketing Directors, sales agent for The Setai, a luxury building at 40 Broad Street.

The week after Lehman Brothers failed, brokerage Cooper & Cooper received several calls from clients who needed to break their lease or could not take a new apartment, according to the brokerage's Vice President Jed Cohen.

Report: A Big Apple coming to 23 Wall Street

"The Corner" is the iconic former home to JP Morgan & Co. at 23 Wall Street that sits across from the New York Stock Exchange and Federal Hall. Now it looks like the luxurious space will become home to ... an Apple store.

According to the New York Post:

Sources tell us that Apple is seriously negotiating for the entire 12,500-foot building at 23 Wall St.

It's now an empty building connected to its tall residential and luxury condominium neighbor at 15 Broad St., which has an Hermes shop on the Broad Street side, facing the New York Stock Exchange.

Lovely.

More from the Post:

Recall that 23 Wall also serves as the quirky Philippe Starck and Yoo Development-designed rooftop terrace for the residents of 15 Broad St.

It has tremendous windows that we're sure Apple CEO Steve Jobs will enjoy illuminating with neon Apple logos.

My office is nearby...so I walk by this area quite often. I'm sure the folks who sit on the steps of Federal Hall taking in the city's history may be lured to go buy an iPod.

Meanwhile, Forgotten New York has the story on the bomb that exploded in front of 23 Wall Street in 1920 that killed 33 people and injured some 400 people.