Posted by Leonard Steinberg on November 17th, 2013 New York State imposes certain taxes on what elected officials describe as ‘the rich’, but in actuality many of these taxes are a war on the middle class. The “Mansion Tax” is a 1% New York State tax imposed on the purchase of residential property (condos, co-ops… [Read More]
NEW TRENDS EMERGING IN NEW DEVELOPMENT?
Posted by Leonard Steinberg on November 16th, 2013 We are beginning to see some new trends in the new development arena in New York real estate land. I am hearing of more and more ‘flippers’: developer-investors who bought development sites for good prices, now flipping them for profit, some even doing so before closing….. are… [Read More]
MORE CABS COMING TO NEW YORK, BUT….
Posted by Leonard Steinberg on November 15th,2013 About 200 more cabs will hit the New York streets after an auction yesterday for new medallions, the first since 2008. Bidders, restricted to medallions for wheelchair-accessible vehicles, offered as much as $1.26 million for a single placard, which permits the holder to operate one of the city’s 13,000… [Read More]
WHAT YELLEN SAYS TODAY MATTERS
Posted by Leonard Steinberg on november 14th, 2013 Janet Yellen, the President’s nominee to lead the U.S. Federal Reserve, will defend today the central bank’s aggressive monetary easing before a Senate panel that includes many tough Republican critics who believe the volume of money-printing to be excessive. Yellen is likely to remain vague on future Fed actions…. [Read More]
DE BLASIO LUXURY CONDOMINIUM TAX REVENUE WINDFALL
Posted by Leonard Steinberg on November 13th, 2013 Mayor-elect Bill de Blasio may be thanking the creators and buyers of luxury condominiums soon: Over the next 24 months, the City and State of New York stands to collect close to a half a billion dollars in taxes from the construction and delivery of roughly… [Read More]
MORE LUXOFLATION: FRANCIS BACON WORK SETS NEW RECORD AT AUCTION
Posted by Leonard Steinberg on November 13th, 2013 While real estate pricing continues to set new records weekly, the art world is mirroring the phenomenon we call LUXOFLATION, the significantly elevated levels of inflation that we are seeing on luxury products from collector cars, to art, to Manhattan apartments. Last night a work by the late… [Read More]
NEW YORK OBSERVER GUEST EDITORIAL
Posted on November 12th, 2013 Click here to read the NEW YORK OBSERVER ‘GUEST EDITORIAL‘ on why Leonard Steinberg supported Mayor-elect Bill de Blasio: Here it is….. http://observer.com/2013/11/bill-de-blasio-the-mayor-of-fairness/
A VETERAN'S OBSERVATIONS
Posted by Leonard Steinberg on November 12th, 2013 Yesterday was Veteran’s Day, and while I have never fought in a war, I am considered somewhat of a ‘veteran’ in the real estate industry. Here are a few nutty and ironic observations during the day that I thought I’d share: 1) While trying to navigate… [Read More]
LULULEMON LESSONS
Posted by Leonard Steinberg on November 10th, 2013 Founder of LULULEMON Chip Wilson said the unthinkable the other day: he suggested that those stretchy see-through-ish yoga pants were not for all body types: HOW DARE HE! Obviously some of his production delivered excessively sheer product, for which he apologized. Its not enough. It seems everyone… [Read More]
CONSTRUCTION FUELS NEW YORK EMPLOYMENT
Posted by Leonard Steinberg on November 8th, 2013 Need further proof how building those pesky LUXURY CONDOS helps the City? Employers added 11,000 construction jobs in October hitting a 50-month high and marking the fifth consecutive month of gains in the sector, according to data analysis by the Associated General Contractors of America. Employers added 11,000… [Read More]