Posted by Leonard Steinberg on May 8th, 2013 I have repeatedly griped about the huge (un-constitutional)disparity in the way real estate taxes are assessed in New York: the range is often so large between very simlar properties that it would be laughable if it were not that sad. The system is driven politically, and this… [Read More]
WILL THERE BE ENOUGH SUPER-HIGH-END RENTERS?
Posted by Leonard Steinberg on May 8th 2013 Many of the very successful new buildings being sold right now in New York can attribute a chunk of their success to investor buyers: these are the buyers who plan to either re-sell or rent the units they are buying upon completion of these building which should… [Read More]
NEW STEINWAY HALL TOWER COMING TO 57th STREET, THE CENTER OF THE 'POWER TOWER'
Posted by Leonard Steinberg on May 7th, 2013 It’s music to New York’s explosive new developments market: Steinway Hall has been purchased by its next door neighbor who plans to build another super-swanky condominium tower. What was once considered a mediocre block at best on New York’s 57th Street, where the two tallest condominium towers in… [Read More]
GOING AFTER THE BANKSTERS? IS THE ENTITLEMENTS BUBBLE THE NEXT BUBBLE?
Posted by Leonard Steinberg on May 6th, 2013 Do you remember the housing bubble of 2008? It appears many have forgotten it already in this heated market. Most of those banksters guilty of robbing us blind escaped any form of punishment. The government failed in its roll to protect the consumer. Is there now a… [Read More]
BE CERTAIN OF MANHATTAN INFLATION…..VERY CERTAIN. (AND NO, ITS NOT 2%!)
Posted by Leonard Steinberg on May 3rd, 2013 The one thing that almost guarantees that real estate will continue its upward pricing trend is the fact that big city inflation is quite different from the rest of the country’s (I believe artificially deflated) inflation figures. Did cab fares go down during the recession? Food prices?… [Read More]
LUKOIL SITE ON TENTH AVENUE SELLS
Posted by Leonard Steinberg on May 1st, 2013 The illustrious LUKOIL site at 239 Tenth Avenue at the corner of 24th Street in the heart of the West Chelsea Arts District has supposedly gone to contract after multiple bids…..and it appears the price was several million dollars over the asking of $ 18,95million. The site… [Read More]
NEW YORK'S ON-GOING $88 MILLION QUESTION
Posted by Leonard Steinberg on April 28th, 2013 With a slew of listings above the $50 million mark cropping up in the Manhattan real estate market, Sellers repeatedly refer back to the $ 88million sale of the penthouse at 15 Central Park West and the elusive Russian/Asian/SouthAmerican billionaire has become the most desired demographic for… [Read More]
A STORY OF WHY BUYING AN APARTMENT CAN BE A GOOD RETIREMENT FUND.
Posted by Leonard Steinberg on April 24th, 2013 This is an actual story from a commentator on line that I thought was worth re-printing as it is a story I hear so many times from those at retirement age: “One way or another, try to buy a place, especially if you expect to stay a… [Read More]
HERMES POSTS STRONG SALES GAINS, YET GROWTH COOLS AS DOLLAR STRENGTHENS
Posted by Leonard Steinberg on April 22nd, 2013 Uber-luxury goods conglomerate Hermes posted its slowest pace of quarterly growth since 2009 as currency headwinds weighed on revenues, reporting a 10% rise in sales to 856.8 million euros. Last year, growth for a number of high-end names cooled as shoppers, notably in China, moved away from more mass… [Read More]
IS THE $ 100 MILLION NEW YORK APARTMENT THE INTERNET STOCK OF 2000?
Posted by Leonard Steinberg on April 20th, 2013 Has a new pricing insanity set into the New York uber-luxury market with 33 official listings (with many more un-official ones!)above $ 30 million and three over $ 100 million: Is $ 100 million the new $ 50 million just within a matter of months? It appears… [Read More]