Broker abuse on Craigslist has been a common complaint by the consumer, but brokers beware: the consumer is getting smarter! INMAN NEWS reports that Craig Newmark recently commented on Real Estate broker abuse on his site: The site depends on self-policing to catch inappropriate content. As the customer service representative for Craigslist, Newmark handles consumer… [Read More]
VEGAS’ STEVE WYNN BUYS AT THE PLAZA
The Wall Street Journal reported that Steve Wynn (boss of Wynn Resorts)has bought the penthouse at the famed PLAZA HOTEL in Manhattan for about $ 23 million from developer EL-AD…..thats a little over $ 4,000/sf which is actually a good price for a park-facing apartment in a condominium with outdoor space and panoramic views. The 5,600sf… [Read More]
ELEVENTH AVENUE: THE FIFTH AVENUE OF THE WEST?
100 Eleventh Avenue has closed on several more units as it approaches completion, including to some of the City’s most fabulous of the fabulous crowd…..Richard Pandiscio and Richard Rogers son Roo Rogers with his wife Bernadine Huang owner of OZOCAR, the city’s first car rental company with super-efficient hybrid cars. Also living on Eleventh Avenue:… [Read More]
GROUND ZERO MOSQUE MEETING TONIGHT!
Opponents of the planned mosque near Ground Zero are calling those who agree with them to attend the Landmarks Preservation Commission’s Tuesday meeting in Hunter College’s Lecture Hall 714 at 904 Lexington Ave. The meeting is set to determine whether or not the 152-year-old building at 45 Park Place should be given landmark designation. Landmark… [Read More]
RUSH LIMBAUGH SELLS NEW YORK APARTMENT
A year after railing about the high tax burden on wealthy New Yorkers, Rush Limbaugh, the super-rich conservative radio talk-show host has sold his Liberace-meets-Ivana-Trump-meets-Donatella Versace Fifth Avenue penthouse to an undisclosed buyer. Mr. Limbaugh’s 10-room condominium, which features a 30-foot-wide living room with fireplace and four terraces overlooking Central Park at East 86th Street,… [Read More]
MANHATTAN EMPLOYMENT GREEN ($$$) SHOOTS
Indicators from Wall Street would say that what is probably the defining source of Manhattan’s luxury real estate market should be in good shape going forward….. The financial work force in New York has shrunk by more than 28,000 since its peak in January 2008, but is still slightly above its level in 2003 after… [Read More]
FORECLOSURES HIT THE RICH
More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic. In an article in this morning’s TIMES, the point is made that the housing bust we are witnessing right now is not… [Read More]
NEW YORK POWER CRISIS
With the current heat wave straining the power supply all across the North East, maybe now is the time to look closer at the accute power needs of New York, not to mention the entire USA. We have more energy on this earth than we could ever use, yet because of political agenda’s, how that… [Read More]
MANHATTAN COMMERCIAL SPACE VACANCY RATES DROP FOR FIRST TIME IN 3 YEARS
The un-occupancy rate in New York fell to 10.8 percent from 11.6 percent at the end of March according to Cushman Wakefield. Rents declined for the seventh straight quarter to $54.31 a square foot from $55.38. I guess when banks are hiring 6,800 employees in 3 months, you need space….
ARE PROFITS HURTING CAPITALISM?
To-days NEW YORK TIMES featured an op-ed addressing a subject we have spoken about many times: the stupidity of quarterly thinking. It is rampant on Wall Street and has driven corporations to focus purely on quarterly results at the expense of long term strategy. This same quarterly mentality has manifested itself in the real estate… [Read More]