Mark Goldstein

The gory fallout from the mortgage crisis is more nightmarish in Middle America—where there are “Foreclosures R Us!” ads (with actual exclamation points) in some local real estate sales pamphlets—but be sure to pity Park Avenue, too.

Earlier this month, The Observer pointed out that four Lehman Brothers executives had spent, before their firm’s fall, a combined $46.58 million on spreads in one Manhattan building alone. Besides the fact that the city suddenly has a lot less super-rich home buyers to snatch super-expensive real estate, there’s the question of what will happen to the marble-floored mega-apartments that all our freshly fallen executives bought at their peaks.  read more »