Posted by Leonard Steinberg on October 16th, 2013 Uma Thurman is buying an apartment at iconic Riverhouse. The gossip rags are aflutter over this purchase, but from a real estate perspective this is a VERY important sale that every co-op in Manhattan should look at closely. Several months ago I reported how this co-op’s board… [Read More]
IS SHEIK NOT CHIC?
Posted by Leonard Steinberg on May 9th, 2012 Sheik Hamad bin Jassim bin Jaber Al Thani — prime minister of the oil-rich Persian Gulf nation of Qatar — was rejected in his $31.5 million attempts to buy a pair of 907 Fifth Avenue apartments once owned by the recently deceased eccentric heiress Huguette Clark. Although… [Read More]
CO-OPS: NEW TIMES, NEW RULES
Posted by Leonard Steinberg on May 8, 2011 We live in new times, which requires adjusting. All of us are doing it. Some Democrats are talking about deficits, some Republicans are talking about energy savings and green energy. Condominiums are talking about reserve funds and closer scrutiny of buyers. Yet many co-ops appear to be stuck in… [Read More]
3.5% Downpayment insanity?
The FHA has come out to guarantee mortgage loans on a few new buildings in Manhattan: While the idea is brilliant, and long overdue, the plan is a perfect example of how governments can take a great idea and muck it up really badly. As we exit (very slowly and grindingly and uncerytainly) from the worst… [Read More]
HIGH UNEMPLOYMENT? IT’S ABOUT THE REAL ESTATE!
Unemployment is very high, yet many employers are finding it extremely difficult to fill certain jobs. It is estimated that unemployment amongst the very skilled is actually rather low: We know unemployment amongst the highly educated is definitely low. In this morning’s Wall Street Journal, an article tries to establish what is causing this. Employers and economists… [Read More]
BIGGEST NEW YORK BIDDING WAR OF 2010
The MANHATTAN BIDDING WAR has returned: Carlos Slim, reportedly the wealthiest man in the world, just won a bidding war on the Duke Semans Mansion at 1009 Fifth Avenue in New York City. His winning bid of $44 million outbid a Russian bidder whose bid was around $37 million. This is the largest multiple bid sale of 2010, and an… [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]
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]