You know who’s not worried about the economy? The co-op boards of Manhattan’s most exclusive apartment buildings. Why? Cause a long time ago they made the prudent decision to safeguard themselves from things like a recession by not allowing anyone whose wealth might be exposed to market fluctuations to move in.
“You find that people at River House are rather serious and not as exposed to the vicissitudes,” [Mr. Blinken, said about his co-op, where he was a board member before becoming President Clinton’s emissary to Hungary].
The meticulous, monogram-shirted, Virginia-born broker Edward Lee Cave said the best buildings want buyers with three times the apartment price in liquid assets. “It’s never been more important than today,” he said. “I’ll tell you why! They don’t want you going belly up, they don’t want you, your fabulous company—Bear Stearns, excuse me—all of a sudden going face down, and you have to sell apartments and you can’t pay your maintenance,” Mr. Cave said. “The current crunch doesn’t affect them at all.”
Top Co-ops Amid Dismal Economy: No Fear, Still Loathing [The Observer]