There has been lots of talk around town and "The Internets" about what the financial implosion on Wall Street means for life in the city. More specifically, we've opined on the uber important issue of a possible end to high-priced bottle service in New York nightclubs, Gawker has followed suit predicting that the end may be nigh for a $450 dollar bottle of Ketel One, and the WSJ has written about other allied industries" fears. But few in the NYC webosphere have predicted when we might actually hit bottom, or rather how we will know when we've hit it.
Enter Lockhart Steele. The man, the myth, the founder of the Curbed network, and one of the most powerful people in NY real estate. So what does he have to say about high-priced bottles? Nothing, he isn't your typical character in clubland. If you want to find him you're better off pulling out your nerd-o-meter and zeroing in on the nearest media party, or maybe even a blogfest he is putting on. But what does he say about hitting the bottom?
"You will know when we have hit the bottom of this financial crisis the very day when Radar Magazine goes out of business. And you can quote me on that!"
Having been a pioneer in virtual new media, Lockhart knows not to touch print media with a 10 foot pole. And even with the success of Radar's Fresh Intelligence blog, which we happen to love, the bulk of their money goes towards their publication. A publication that is being held afloat by investors who want to have a physical magazine that they can pet their egos with and show to friends. It reminds us a lot of the new Manhattan Magazine, another ego-fest. Both are classic types of inefficiency that a melting economy punishes mercilessly.