Rupert Murdoch made official on Tuesday what has been widely reported for the past few months: The Wall Street Journal will be launching a New York section in April. Speaking at a midtown gathering of the Real Estate Board of New York, the News Corp. chairman lauded the real estate industry—a likely source of advertising revenue for the section—and lobbed a grenade at the Journal‘s rival, The New York Times.

“We believe that in its pursuit of journalism prizes and a national reputation, a certain other New York daily has essentially stopped covering the city the way it once did,” he said in prepared remarks. “In so doing, they have mistakenly overlooked the most fascinating city in the world—and left the interests and concerns of people like you far behind them. I promise you this: The Wall Street Journal will not make that mistake.”

So who exactly from the Real Estate Board of New York was invited to this event? The brokers who pay for the organization to exist? Or was it another closed-country-club-style gathering for a select few? We hear that Josh Barbanel from the New York Times has been hired away already: who will follow?

I guess the only way to judge the WSJ section will be to actually see it: their recent real estate supplement was just ok in our opinion. If this section becomes one big advetorial, controlled by those with the biggest budgets and the most influence it could de-legitimize the section and indeed the entire Journal.

But the Wall Street Journal does indeed have a huge opportunity to address the luxury real estate market, something the New York Times often dilutes with it’s emphasis on affordable housing. The big question will be if the focus is placed entirely on celebrity gossip, are there enought celebrity transactions to feed the Post, the NYT and the WSJ with enough exclusive material? Or will the New York real estate sections all start looking like the magazines at the grocery store checkout?  Some real, thoughtful, clever real estate reporting would be most welcomed!