We've discussed this year's bonus season a lot recently. The partying will be long and hard as $36 billion in bonus bucks will be given out this year, compared with $21.5 billion last year. This will have the expected trickle down effect on the Manhattan economy. The real estate industry is hoping for a huge bump in sales and prices. Already, the psychological effect is kicking in. Business is up on the mere hint of a record-breaking year on Wall Street. All this comes amid talk that New York is on the wane as a financial power. Honestly, I really don't see it. True, some issuance business has gone overseas, but the fact is that the banks are making more than ever from overseas issuance. The big exchanges are hoping to replicate that. New York seems as vibrant and as rich as ever, and to a large extent you can thank the Street.

For more on bonuses and real estate:
- Here's a New York Observer article