Posted by Leonard Steinberg on June 9th, 2011 YOSI MILO GALLERY is opening a new gallery at 245 Tenth Avenue, the iconic stainless steel building hovering over the newly opened extention of the Highline Park. I am shamelessly sharing this information as we are marketing the building, but it is always exciting when another gallery is… [Read More]
SUPER CITIES – THE ‘VIRTUAL CONTINENT"
Posted by Leonard Steinberg on June 4th, 2011 A dislocation between a few “super cities” is emerging, where international money moves markets, and national counterparts that are still closely linked to economic inertia. In to-day’s Financial Times it is reported that a separation has become marked over the past two years, with strong price growth in some major… [Read More]
WEST VILLAGE CONTINUED STRENGTH
Posted by Leonard Steinberg on June 2nd, 2011 The penthouse at 2 Horatio just went to contract for over $ 4,000/sf: Granted it was gut renovated, has spectacular views and significant outdoor space, but 2 Horatio is not exactly considered a trophy building. It is a co-op with lovely apartments, although most are rather ordinary…. [Read More]
JUNE LUXURYLETTER
Things have certainly heated up in more ways than one: As we finalized this month’s LUXURYLETTER, we were struck at how our editorial coincided with all the dreadful housing news that hit the media. It’s important to remind ourselves that the data collected is a reflection of closed transactions, most of which were negotiated many… [Read More]
GREENWICH CONNECTICUT SUPER-LUXE MARKET STALLED
Posted by Leonard Steinberg on May 30th, 2011 Bloomberg reports that homes priced at $10 million and above are accumulating on the market in Greenwich, Connecticut, a town about 30 miles (48 kilometers) north of Manhattan that’s known as the U.S. hedge fund capital. They’re moving so slowly that it would take more than four years… [Read More]
NEW NOISE POLLUTION LAWS/CITY ORDINANCES REQUIRED
Posted by Leonard Steinberg on May 28th, 2011 One of the worst forms of pollution in a city like Manhattan is noise pollution: Because of the very nature of the city, noise affects individuals more acutely than in other parts of the country where noise can carry and be spread out more. It is time… [Read More]
NO ONE IS BUILDING STUDIOS…
Posted by Leonard Steinberg on May 26th, 2011 I just went over the stats analysis and noticed an interesting factoid: The vast majority of studios that have traded in Manhattan in the past months are co-ops not condos, which leads me to believe developers are avoiding building them. I don’t think the day of the studio… [Read More]
EVERYONE IS EXHAUSTED, STRESSED OUT: TIME FOR MORE HELP?
Posted by Leonard Steinberg on May 19, 2011 The real estate market in Manhattan is absolutely exhausted…..brokers, buyers, sellers, mortgage brokers, managing agents, you name it. During the recession, while everything moved at a slower pace, the industry became accustomed to a longer, more protracted marketing and searching process and then slower negotiation. Now the… [Read More]
POINTING FINGERS, DOUBLE STANDARDS: Hmmmmm……
Posted by Leonard Steinberg on May 14, 2011 Everyone seems to be pointing fingers these days with horrible double standards…..here are some examples: 1) Pakistan is OUTRAGED that the USA ‘invaded’ their land to kill the world’s worst terrorist and the government now demands that these outrageous breaches of their borders end immediately…. even though… [Read More]
APPRAISAL BANKING RULES NEED MODIFICATION
Posted by Leonard Steinberg on May 12, 2011 New banking laws prevent a buyer from having an appraisal ordered prior to a fully executed contract: I think this is just stupid. Here is what I propose and why: With many Sellers reluctant to provide financing contingencies, and certainly appraisal contingencies, the ability to have an… [Read More]