The NY Post concludes a brief article about interest rates’ upward trend and the possible impact on an already-softening market with this almost-throw-away comment:

Regardless of what happens, Manhattan real estate might be less dependent on interest rates than the rest of the country, thanks to year-end Wall Street bonuses. So don’t count on the boom ending just yet.

At this point in Brooklyn’s evolution, we’d argue that the brownstone market is also quite tethered to Wall Street’s fortunes, although most of the bankers we know are pretty much limited to Brooklyn Heights and Cobble Hill. The trickle-down effect alone should make everyone in the Brooklyn market keep a close eye on what happens on Wall Street over the next month. If Goldman Sachs is any kind of an indicator, a few measly fed fund increases won’t get between the newly-moneyed and their castles.
Taking an Interest [NY Post]