Are New York Quarterly reports delivering Artificial Intelligence? Yesterday’s (April Fool’s Day) First Quarter Manhattan real estate market reports touted radical home price escalations just as the entire real estate industry is adjusting to a ‘new normal’ comprised of slower absorption, adjusted asking prices and more negotiability. This further highlights just how severely quarterly reports… [Read More]
ECONOMIC BENEFITS 432 PARK AVENUE
The economic benefits of 432 Park Avenue, New York, the much-hyped Manhattan Mega-Tower in the Midtown Cultural District are enormous: Units have just started to close. Too many have vilified the buyers of these uber-expensive apartments marginalizing their contribution to the City. The economic impact of this building is massive and here is a breakdown of what… [Read More]
THE MOST EXPENSIVE WIND TUNNELS IN THE WORLD?
Posted by Leonard Steinberg of URBAN COMPASS on November 22nd, 2014 Many New Yorkers have succumbed to their chiropractors recently as they arch their heads to the skies to fully embrace the sky scraping height of 432 Park Avenue, the tallest (1,396ft) residential condominium tower in New York City now fully topped out and visible… [Read More]
FABULOUS FLIPPERS COME TO 57th STREET!
Posted by Leonard Steinberg on May 21st, 2014 As new neighbors such as the Nordstrom Tower, Steinway Tower, MOMA Tower and 220 Central Park South, 432 PARK AVENUE get added to the 57th Street area mix competing with One 57, a new classification of competitors has joined the mix: re-sellers/flippers….. or FABULOUS FLIPPERS? Yes, re-selling and flipping… [Read More]
THE TALLEST TOWER IN THE WORLD
Posted by Leonard Steinberg on April 20th, 2014 And you thought the Freedom Tower or those buildings on the 57th Street corridor of New York were tall? Hah! Work to build the world’s first 1km-high building…..yes, 3,280ft tall, or almost TRIPLE the height of 432 Park Avenue….. the Kingdom Tower in Saudi Arabia, is set… [Read More]
BACCARAT HOTEL CONDOMINIUMS HIT MARKET – IS MIDTOWN BECOMING OVER-SATURATED WITH MEGA-LUXE?
THE BACCARAT HOTEL AND CONDO located at 20 West 53rd Street make its debut in what I think is a rather over-subscribed midtown mix: Starwood Capital’s hotel and condo tower has already settled on a price for its penthouse unit, supposedly asking $60 million ($8,128/sf). For $60 million, the buyer gets a duplex with 7,381 square… [Read More]