The U.S. government, which announced Monday that it plans to slowly unload its 27% stake in Citigroup Inc. over the remainder of this year, currently stands to pocket an $8 billion profit on the investment from last September. That’s a remarkable 30% return in six months, or triple the return generated by the average hedge… [Read More]
WHERE IS THE OUTRAGE? BOX OFFICE BS?
It was announced to-day that the cost of a movie theater ticket will rise from anywhere between 5% and 25%….this after a record-breaking 2009 where profits surged over $ 10 billion. Hmmmmmm….. This will probably affect more American’s pockets than any tax of any kind. So where is the outrage? There was outrage about the… [Read More]
NEW HABITS OF THE WEALTHY BUYER
The majority of wealthy investors rely on their own expertise over the advice of wealth managers, according to a new survey, which will come as a fresh blow to an industry still reeling from massive outflows of client money. Real estate group Knight Frank and US-based Citi Private Bank asked high-net-worth respondents to their 2010… [Read More]
NEW YORK: THE BEST GLOBAL CITY?
New York fares well in comparison to other global capitals following the economic downturn of 2008, according to Cities of Opportunity, an annual report on what makes cities thrive, released in a report by the Partnership for New York City and PricewaterhouseCoopers (PwC). The report analyzes how twenty-one global cities perform as centers of business opportunity, according to… [Read More]
IS MANHATTAN DIFFERENT?
Nationally existing home sales dipped 0.6 percent month-over-month to an annual rate of 5.02 million units, the National Association of Realtors said on Tuesday. The drop last month was a touch less than market expectations for a fall to 5.0 million units. The data showed weakness at a crucial time for the housing market with… [Read More]
THE EURO KEEPS WEAKENING….BUY US$$?
News out to-day is that the Euro is weakening: With the Greek crisis looming over the heads of the Euro community, now would probably be a very good time to take money outside of the European community. When we say the Euro is weak, lets not forget that the Euro was trading around 0.90 in 2001, and… [Read More]
RETAIL UP 0.3%! A REFLECTION ON REAL ESTATE?
Led by a big gain in electronics, U.S. retail sales increased 0.3% to a seasonally-adjusted $355.5 billion in February, despite three major snow storms in the East, the Commerce Department estimated Friday. Sales have risen in four of the past five months, and were up 3.9% compared with a year earlier. Most categories of retailers… [Read More]
16% MORE MILLIONAIRES IN 2009
The millionaires’ club in the United States grew by 16 percent in 2009, following a 27 percent decline in 2008. Families with a net worth of at least $1 million, excluding primary residences, rose to 7.8 million in 2009, an increase from 6.7 million a year earlier, according to a survey of high-net-worth U.S. households… [Read More]
ABC KITCHEN – JEAN GEORGE’S LATEST.
Jean-Georges Vongerichten’s newest venture is ABC KITCHEN, a roughly 150-seat café inside ABC Carpet & Home that will serve breakfast, lunch and dinner and fresh juices at a juice bar with a ‘from farm-to-kitchen’ mindset. Located steps off Union Square in the Flatiron District, Vongerichten worked with ABC CEO Paulette Cole on the design,… [Read More]
THE LUXURY MARKET BAROMETER?
Neiman Marcus Group Inc. swung to a fiscal second-quarter profit on steep write-downs a year earlier, as the luxury retailer posted higher revenue and lower expenses. The Dallas-based retailer is also owner of BERGDORF GOODMAN. Neiman’s is probably the most important barometer of the Luxury market, and this certainly is a good indicator of the luxury market… [Read More]