Low demand for four more years

Bloomberg

Commercial property prices in the U.S. dropped by almost 15 percent in 2008, wiping out two years of appreciation, Moody’s Investors Service said in a Feb. 19 report.

Vornado has about $1.75 billion of cash in reserve, which the company may use to buy over-leveraged properties once prices settle, Roth said. "One of the things that makes a bottom is stupid, stupid, stupid low asset values," Roth said. "And we’re getting to at least the first or second ’stupid.’"