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Partner Ronald B. Kremnitzer, Co-Chair of Pryor Cashman’s Real Estate Group, was quoted by Crain’s New York Business in its March 24-30, 2008 edition in an article entitled “For sale for less, longer – Layoffs threaten to put more pressure on real estate market.”

According to Kremnitzer, “what happened at Bear Stearns is a real ‘wow.’ I think there is a whole segment of buyers waiting for the other shoe to drop.” Kremnitzer believes that Manhattan apartment prices could fall up to 10% this year.

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