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]
BANKERS OUT OF CONTROL AGAIN? BANKER BUREAUCRACY?
Posted by Leonard Steinberg on December 7th, 2011 Are the banks messing things up again? Surely it makes sense to try shifting homeowners in trouble who cannot pay their mortgages into more affordable mortgages that may prevent foreclosure? Apparently not…. The Treasury Department said that JP Morgan is still doing a poor job helping people… [Read More]
NEW WHITNEY MUSEUM TO BRING AT LEAST 300,000 VISITORS ANNUALLY
Posted by Leonard Steinberg on December 6th, 2011 The opening of the Crystal Bridges Museum of Art in Bentonville Arkansas reminded me of the power a strong art museum has in attracting the crowds…. The Whitney Museum currently attracts 300,000 visitors annually to its uptown location. When the new Whitney opens on the West Side… [Read More]
GOLDMAN SACHS SAYS NEW YORK REAL ESTATE TO DROP 6% IN 2012
Posted by Leonard Steinberg on December 6th, 2012 Analysts at Goldman Sachs predict in a new report (published on Friday) that the end of the crash in home values is actually within view……and will bottom out in mid to end 2012. The report however forecasts price declines of at least 6% for New York and Atlanta…. [Read More]
LEFRAK SAYS FUTURE IS BRIGHTER THAN THE PAST
Posted by Leonard Steinberg on December 5, 2011 Richard Le Frak, one of New York/New Jersey’s great developers and owner of some 16million square feet of property, not to mention his company’s stellar and consistent ranking in the Forbes Top 400 privately held companies, said to-day on CNBC with some conviction: “As of to-day the… [Read More]
LIFE HAS BECOME ONE BIG REALITY TV SHOW – OCCUPY REALITY TV?
Posted by Leonard Steinberg on December 4th, 2011 Did MTV start the reality TV craze with MTV CRIBS? Maybe C-span started it? Maybe it was HGTV? Actually it was PBS with a show called AMERICAN FAMILY….and it aired in 1973. Remember PBS creates content on a tight budget. The snowball seemed to escalate with SURVIVOR,… [Read More]