Robert Frank emailed The Observer on Wednesday as to why he and his wife recently spent $4.2 million on a penthouse loft at 73 Fifth Avenue: "We bought because this was an ideal family home at good value, to the degree that either exists in Manhattan. It wasn’t a reflection of our view on the market, which seems even more inexplicable than ever these days. I think the market will remain soft for at least the next three years; there simply isn’t enough new wealth creation or credit." Mark that down. Mr. Frank, after all, would know. He is the wealth reporter for the Wall Street Journal and author of The Times best-seller Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich.
By Chloe Malle, February 17, 2010 New York Observer

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