Posted by Leonard Steinberg of Compass on April 20th, 2015 Shockingly, the politically fueled non-story about how people who qualify for affordable component rental housing within a large market-rate condominium would have to use a separate entrance, has resulted in over 88,000 applicants for just 55 units at 470 West 62nd Street. Further proof that… [Read More]
THE $50 BILLION QUESTION – NEW YORK RESIDENTIAL CONSTRUCTION SOARS
Posted by Leonard Steinberg of URBAN COMPASS on August 14th, 2014 The volume of New York residential construction planned over the course of the next three years keeps growing: We are now approaching $50 BILLION worth of new rental and condominium buildings. Here are some recently released statistics: Spending on residential construction will hit a new… [Read More]
FIRST TIME HOME BUYERS DWINDLE HIGHLIGHTING INFLATION FARCE
Posted by Leonard Steinberg on May 25th, 2014 First-time buyers are a diminishing sector of the housing market and now account for about 16% of new-home purchases, down from 25% – 28% between 2001 and 2007, according to the National Association of Home Builders. In the existing-home market, first-time buyers accounted for 29% of purchases in April:… [Read More]
MAYOR DE BLASIO REVEALS HIS AFFORDABLE HOUSING PLAN
Posted by Leonard Steinberg on May 5th, 2014 Mayor De Blasio today revealed his bold affordable housing plan for New York, aiming to build at least 200,000 units over the next 10 years as opposed to the Bloomberg administration that built about 165,000 units in its 12 years. The plan calls for almost $42 billion… [Read More]
THE TREND TOWARDS URBAN LIVING GROWS
Posted by Leonard Steinberg on April 28th, 2014 More Americans are moving to cities in the wake of the uptick in the economy in recent years, reversing the decades-long trend of moving to the suburbs. Census Bureau data shows that the Urban American city is experiencing a renaissance, driven primarily by migration into the center… [Read More]
THE SOLUTION FOR AFFORDABLE HOUSING? BUILD LOTS!
Posted by Leonard Steinberg on April 15th, 2014 The answer to New York’s affordable housing problem may ultimately be solved by building LOTS: If you need any evidence of this, think back to the 2007/2008 recession where masses of housing stock sat idle…..and resulted in prices dropping, often dramatically. Or look today towards China…. In… [Read More]
NEW YORK DOORMAN COSTS AND AFFORDABLE HOUSING
Posted by Leonard Steinberg on April 14th, 2014 New York Doormen are a hallmark of New York buildings, the first and last impression of a guest and often a wonderful welcome home at the end of a long day. They perform numerous tasks during the day and night, many more than the expected opening and closing of… [Read More]
MAYOR DE BLASIO’S NEXT 100 DAYS
Posted by Leonard Steinberg on April 13th, 2014 Many have asked my opinion of Mayor De Blasio’s first 100 days in office: I was lambasted by many for vocalizing my support of him……surely someone in real estate could not support this obviously liberal mayor for New York City? Well, I did. And I did so with good… [Read More]
DOES GOVERNMENT STIMULUS FUEL HOUSING VALUES?
Posted by Leonard Steinberg on March 17th, 2014 Does Government stimulus fuel housing values? Apparently in the UK with its ‘HELP TO BUY” program the answer is YES: London housing prices surged 2.1% from February to a record this month, as the buoyant outlook spread to other parts of the country: annualized this equates to… [Read More]
DOES AFFORDABLE HOUSING MEAN RENTAL HOUSING?
Posted by Leonard Steinberg on March 9th, 2014 As the cries for AFFORDABLE HOUSING grow in a city where labor, land and material costs keep escalating, it is probable that the only real solution for affordable housing is RENTAL housing. The percentage of new homes being built as rental apartments is at the highest level… [Read More]