Warren Buffet’s thank you note in the op-ed piece of this morning’s New York Times, prompted us to write our own letter. While not a thank you note, it does infer gratitude of sorts: Dear Uncle Sam: We second most of the points made by Mr. Buffet, but would like to add a few of… [Read More]
BABY BOOMER BUDGET CUTS
News headlines are overwhelmed with talk about how to cut the deficit. The tone before the election is noticeably different to the tone after the election as the practical realities of balancing the budget surface. On of the very biggest areas of spending is entitlements, and right now we are entering a significant milestone: The… [Read More]
TWEET NOTHINGS!
I just returned from a Real Estate Conference that addressed the future, existing technology, and new technology, and how all this will impact our lives as real estate brokers. About 500 people attended. So here I am blogging…. The most annoying aspect of this conference was the strong encouragement of that recent phenomenon called TWITTER…. [Read More]
$ 10,000+ PER SQUARE FOOT HITS NEW YORK MARKET AT 15 CENTRAL PARK WEST
The elusive $ 10,000/square foot price has been reached in Manhattan with the sale of the Zeckendorf’s penthouse at 15 Central Park West. The $ 40million sale of their penthouse marks a turning point in the history of New York real estate pricing. “We have by-passed The Gilded Age, and entered THE PLATINUM AGE,” says… [Read More]
FOREIGN BUYERS + SAFE BET BUYS FUEL ART BUYING
Two trends emerged in this weeks art auctions that are a reflection of the luxury buyer: Firstly, the bulk of ‘big-bucks-buyers’ were from foreign lands (obviously using foreign currencies to capitalize on the weak dollar). The reality is the big new money is being made in many countries besides the USA. The second trend is… [Read More]
IS THERE REAL LUXURY? OR IS IT JUST A BIG CON?
In this morning’s Financial Times, Aswath Damodaran, the NYU business school professorwho moonlights as the guy who teaches Goldman Sachs trainees about how to value companies, said he defined luxury as an industry that has figured out how to leave people feeling good about being suckered. He also said you can’t value luxury; it’s in the… [Read More]
TRIBECA'S NEWEST PARK OPENS AT PIER 25.
Great news for Tribeca, and another reason why the West side of Tribeca will increase in desirability and value: Construction at Pier 25 wrapped up right on time for Thursday’s grand opening of what becomes the newest piece of the five-mile-long Hudson River Park, the largest open space to be built in Manhattan since Central… [Read More]
THE $ 210,000.00 PER MONTH RENTAL: THE PLATINUM AGE BEGINS.
Rumor has it that New York’s most expensive rental lease has been signed…..a massive pad in Midtown: And the monthly rental rate? A mere $ 210,000.00! That rent is TOO DAMN HIGH! With a massive shift in political power to the right, it is only fitting that the Wasserstein apartment at 927 Fifth Avenue is… [Read More]
AND NOW?
What will be the results of to-day’s election? Chances are we will see a distinct shift to the right nationally, although locally the shift will be less pronounced we imagine. How will this all affect New York real estate? Here are our predictions: 1) GREEN BUILDING: This area will be less supported by the Federal… [Read More]
NOVEMBER LUXURYLETTER
Click on this link for this month’s LUXURYLETTER, New York’s only monthly report on the Manhattan real estate market downtown.