NEW YORK CONSTRUCTION COSTS/ECONOMY SET TO RISE?

Posted by Leonard Steinberg on July 8th, 2011 The past few weeks have been a hive of activity with developers snapping up development sites throughout the city: yes, the new development market is waking up and it is waking up with a LOUD BANG. These are some of the projects in the pipeline:  The Drake… [Read More]

MORE BANKER FOLLY…..OR THE SIGNS OF HOPE?

Posted by Leonard Steinberg on July 4th, 2011 Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, the New York Times reported yesterday. In some cases, the banks are slashing the amount… [Read More]

SO WHATS SO GREAT ABOUT USA REAL ESTATE?

Posted by Leonard Steinberg on July 4th weekend, 2011 As we pause in the middle of the year I reflect on what is great about the USA, and specifically what is so great about American real estate. Here is my list: 1)     You don’t have to know the royals to build something:  Unlike… [Read More]

TOY BUILDING SELLS – WITKOFF IS THE WINNING BIDDER

Posted by Leonard Steinberg on June 30th, 2011 The Witkoff Group won in the bidding for the Toy Building, the Madison Square Park landmark once slated to be condominiums by developer Yitzhak Tessler. Supposedly the bidding was fierce with competitive bidders S.L. Green and Macklowe losing out on the purchase of this magnificent structure that… [Read More]

THE STUPIDITY OF GOVERNMENT-THINK BANKS

Posted by Leonard Steinberg on June 29th, 2011 Some banks are being like governments right now: stupid. When banks do not want to lend to highly qualified, super-reliable, well educated, credit worthy clients, we should conclude that we have a MAJOR problem. When these same banks make everything in the application process so  difficult, cumbersome,… [Read More]

THE AUTOMATED PARKING GARAGE

Posted by Leonard Steinberg on June 21, 2011 NY1 reported yesterday on the new automated parking garages opening up in New York, a system where a mechanized system takes your car and parks it in a compartment without the need of a parking attendant. The cars are stacked on top of one another in ‘contained… [Read More]

THE POWER OF A VIEW: THE VIEW AS ART

Posted by Leonard Steinberg on June 20, 2011 The other day I did a showing of a rather wonderful Chelsea apartment that boasts the most extraordinary view…..the kind of view that leaves you breathless even after seeing many truly incredible views. This view located from the top of the Chelsea Stratus building at 101 West… [Read More]

MANAGING AGENTS: GET IT TOGETHER!

Posted by Leonard Steinberg on June 11th, 2011 New York Managing agents perform the unenviable task managing all aspects of a building’s operations and financials including staffing, repairs, maintenance, etc. The managing agent reports to the board of the building, a group of people elected by unit owners to oversee the physical and financial well-being… [Read More]