Posted by Leonard Steinberg on November 5th, 2012 Cracks in concrete are a common problem in New York, especially noticeablye on sidewalks that are mostly the responsibility of the buildings they front. With the vast temperature range in New York from below freezing in Winter to over 100 degrees in Summer, cracked concrete can begin… [Read More]
THE FUTURE OF THE ‘PLATINUM MILE’?
Posted by Leonard Steinberg on November 5th, 2012 There is much chatter in the New York real estate community about the future of the ‘Platinum Mile’, that stretch of high end downtown properties fronting the Hudson River from 30th Street down to Tribeca. After Hurricane Sandy it is understandable that there is concern that these… [Read More]
ONE 57 CRANE COLLAPSE
Posted by Leonard Steinberg on October 29th, 2012 The uber-hyped, mega-luxe Extell new condominium building located at 157 West 57th Street is one of the first victims of Hurricane Sandy: The crane at the top of this construction site has collapsed and the area is being cleared. If you think the winds on the street… [Read More]
HURRICANE SANDY LESSONS
Posted by Leonard Steinberg on October 29th, 2012 As I sit observing white crested waves on the Hudson River, bracing for the worst of Hurricane Sandy, there are some real estate lessons to be learned. We all know that waterfront property has its risks, so in that is nothing new. But why is it that… [Read More]
I’VE GOT THAT SHRINKING FEELING….
Posted by Leonard Steinberg on October 26th, 2012 Yesterday a client mentioned to me an interesting phenomenon that is hitting the New York/Manhattan luxury real estate market. He was visiting a very high end new building in Greenwich Village and as he stood in one of the secondary bedrooms, he felt the entire world around him… [Read More]
AT LAST A SUPER-PAC TO PROMOTE CENTRIST VIEWS: INDEPENDENCE USA PAC.
Posted by Leonard Steinberg on October 20th, 2012 “You cannot balance the budget without raising revenue and cutting expenses. There is no reputable economist that remotely thinks you could do this without doing those two things — one of which is anathema to the Republicans, and one of which is anathema to the Democrats.” No,… [Read More]
US BUILDING ROARS BACK TO LIFE.
Posted by Leonard Steinberg on October 17th, 2012 As always, the press has just caught on to the fact that construction is experiencing a mammoth surge….it started months ago, but now the data is out with enough hard evidence to prove a point I have been making for quite a while. Groundbreaking on new U.S. homes… [Read More]
THE NEW YORK BOOMERANG BUYER
Posted by Leonard Steinberg on October 15th, 2012 The Wall Street Journey reports this morning about the Boomerang Buyer who through foreclosure in the 2008 financial crisis lost their home and is now back in the market ready to buy. In New York, we have a slightly different Boomerang Buyer: The buyers who left the… [Read More]
NEW $ 6,636/sf RECORD SET FOR DOWNTOWN PENTHOUSE SALE AT 18 GRAMERCY PARK
Posted by Leonard Steinberg on October 11th, 2012 Reports indicate the penthouse at 18 Gramercy Park has gone to contract for $ 42million, setting a new record for pricing in Downtown New York. The Robert A.M. Stern-designed building At $ 6,636/sf it seems like a relative bargain when compared to the penthouse sales uptown at… [Read More]
MANHATTAN RENTS SOAR 10+% IN ONE YEAR: MAJOR INFLATION?
Posted by Leonard Steinberg on October 11th, 2012 The Douglas Elliman RENTAL REPORT just came out and Manhattan rents soared 10.2 percent in the past year as tenants scrambled for new apartments in the tightest, fastest-moving market in years, new figures show. The median rent hit $3,195 a month — and $3,500 with a doorman. Apartments… [Read More]