Property developers and financiers - including Israeli companies that have invested heavily in everything from trophy office buildings to Brooklyn residential renovations - are being whiplashed by the spreading credit crisis, which has brought New York's real estate market to a screeching halt.
Some are rushing to draw down credit lines before they are withdrawn, while others, following the example of Israeli billionaire Lev Leviev, are chasing down rapidly disappearing capital to shore up their balance sheets.
Longtime players in the market said they expect a protracted shakeout as the nosedive on Wall Street and the paralyzed global economy erase demand for every kind of real estate, from luxury condominiums to sparkling new office towers - at a time when Israelis own more of both than ever before.
New York City 2010
