Posted by Leonard Steinberg on November 23rd, 2013 An article in today’s New York Times laments the tone of much of the new buildings being constructed around the City that in many ways are reminiscent of Dubai. While change is inevitable, and evolution certain, retaining the 100% character of certain neighborhoods may be arrogant……everything has to… [Read More]
DOW 16,000: THE CLIMB CONTINUES….
Posted by Leonard Steinberg on November 22nd, 2013 The DOW has gone over the 16,000 threshold again to-day: an indicator of an improving economy or a signal that we may be at a high? NO-ONE knows. Lets focus on what we do know. There are strong arguments on both sides for sure. Just finished an interview with… [Read More]
AN EDITORIAL THAT ENCOURAGES BUILDING MORE FOR BILLIONAIRES
Posted by Leonard Steinberg on November 21st, 2013 Matthew Yglesias posted this editorial on SLATE.com and I thought you should read it: In it lies some wisdom that many should read (whether we like it or not). A billionaire might be anywhere at any time, riding away on his private jet. But for day-to-day purposes, 30… [Read More]
MORE 421-A TAX ABATEMENT LIES
Posted by Leonard Steinberg on November 18th, 2013 Life in real estate land involves many liars and lies. It is especially bad when these lies are summarized and printed as truth by a major newspaper. THE NEW YORK POST just reported how the millionaires will pay NO real estate taxes for 10 years in super-luxury… [Read More]
THE NEW YORK MANSION TAX: WHO ARE THEY KIDDING?
Posted by Leonard Steinberg on November 17th, 2013 New York State imposes certain taxes on what elected officials describe as ‘the rich’, but in actuality many of these taxes are a war on the middle class. The “Mansion Tax” is a 1% New York State tax imposed on the purchase of residential property (condos, co-ops… [Read More]
NEW TRENDS EMERGING IN NEW DEVELOPMENT?
Posted by Leonard Steinberg on November 16th, 2013 We are beginning to see some new trends in the new development arena in New York real estate land. I am hearing of more and more ‘flippers’: developer-investors who bought development sites for good prices, now flipping them for profit, some even doing so before closing….. are… [Read More]
MORE CABS COMING TO NEW YORK, BUT….
Posted by Leonard Steinberg on November 15th,2013 About 200 more cabs will hit the New York streets after an auction yesterday for new medallions, the first since 2008. Bidders, restricted to medallions for wheelchair-accessible vehicles, offered as much as $1.26 million for a single placard, which permits the holder to operate one of the city’s 13,000… [Read More]
WHAT YELLEN SAYS TODAY MATTERS
Posted by Leonard Steinberg on november 14th, 2013 Janet Yellen, the President’s nominee to lead the U.S. Federal Reserve, will defend today the central bank’s aggressive monetary easing before a Senate panel that includes many tough Republican critics who believe the volume of money-printing to be excessive. Yellen is likely to remain vague on future Fed actions…. [Read More]
DE BLASIO LUXURY CONDOMINIUM TAX REVENUE WINDFALL
Posted by Leonard Steinberg on November 13th, 2013 Mayor-elect Bill de Blasio may be thanking the creators and buyers of luxury condominiums soon: Over the next 24 months, the City and State of New York stands to collect close to a half a billion dollars in taxes from the construction and delivery of roughly… [Read More]
MORE LUXOFLATION: FRANCIS BACON WORK SETS NEW RECORD AT AUCTION
Posted by Leonard Steinberg on November 13th, 2013 While real estate pricing continues to set new records weekly, the art world is mirroring the phenomenon we call LUXOFLATION, the significantly elevated levels of inflation that we are seeing on luxury products from collector cars, to art, to Manhattan apartments. Last night a work by the late… [Read More]