Click on the image below to access this month’s LUXURYLETTER
Posted by Leonard Steinberg on December 22nd, 2011 New York will draw more than 50 million visitors by the end of 2011 — a record for the city, Mayor Michael Bloomberg announced yesterday. “While playing host to the world isn’t new for us, the number of visitors we’re welcoming in recent years is new,” Bloomberg said… [Read More]
R I C H – THE MOST MIS-USED FOUR LETTER WORD OF 2011
Posted by Leonard Steinberg on December 22nd, 2011 The word RICH has to be one of the most used words of 2011….it also happens to be a four letter word. Just like the word LUXURY, it also has to be the most mis-used word, although in this lie many similarities. What is rich? What is… [Read More]
FROM RUSSIA WITH LOVE: 15 CENTRAL PARK WEST SELLS FOR $ 88 MILLION, OR $ 13k/sf)
Posted by Leonard Steinberg on November 21st, 2011 Christmas is almost upon us but some really good girls have had a visit from Santa a wee bit early: The 22-year-old daughter of Russian billionaire Dmitriy Rybolovlev received an $88 million penthouse condominium located at 15 Central Park West in her stocking from her daddy — the most expensive residential transaction… [Read More]
LUXURY TREND? WALL STREETERS BECOMING ENTREPRENEURS?
Posted by Leonard Steinberg on December 21st, 2011 Has anyone noticed how many ex Wall Streeters are turning to the markets to create new ventures and businesses? I have heard some who have lost jobs hopeless about their chances of re-creating their past positions or income and others who were just tired of the rat-race…. [Read More]
THE 'TAXES' THAT, IF REDUCED, COULD BOOST OUR ECONOMY MORE THAN ANY OTHER
Posted by Leonard Steinberg on December 21st, 2011 There are certain essential expenses that Americans incur that are a form of taxation…..Here are two examples: GAS: The average American spends over $ 4,100/year on gasoline…..thats over 8% of their income! Now thats quite a tax. Gas prices are artificially high because of OPEC’s ability to… [Read More]
CORNELL UNIVERSITY WINS SCIENCE CAMPUS: GREAT NEWS FOR NEW YORK’S ECONOMY
Posted by Leonard Steinberg on December 19th, 2011 Cornell University is the winner of a competition to build a new science and engineering campus in the city: An official announcement from Mayor Michael Bloomberg is expected later today. The city has offered free land on Roosevelt Island and up to $100 million worth of infrastructure…. [Read More]
THE NAR’s FLAWED DATA REFLECTS A BROADER PROBLEM
Posted by Leonard Steinberg on December 18th, 2011 I have been ranting about the inaccuracy and inconsistencies of residential real estate sales reporting for years, and now the ultimate embarrassment: Unsurprisingly, this week the National Association of Realtors announced that the data they’ve been releasing on home sales has been flawed – mainly understated –… [Read More]
THE REVOLVING DOOR: WHY MANHATTAN REAL ESTATE WILL ALWAYS BE AN ACTIVE MARKET
Posted by Leonard Steinberg on December 17th, 2011 If there is one thing people consistently ask me, it has to be: “How is it that the real estate market in New York continues to be so active, even through such tough economic times?” My answer is not a simple, quick one. Its rather complex and detailed…. [Read More]
MISSION POSSIBLE: IS 57th STREET THE NEW PARK AVENUE?
Posted by Leonard Steinberg on December 8th, 2011 Is 57th Street becoming the new PARK AVENUE? With ONE 57, the EXTELL developed tower located between 6th and 7th avenues on 57th street commanding prices upwards of $ 5,000/sf comes confirmation that Macklowe’s site (now CIM)of the former Drake Hotel on Park Avenue and 57th Street… [Read More]