Posted by Leonard Steinberg on September 4th, 2014 Where will all those chic new homeowners coming to West Chelsea do their shopping? Neiman’s of course! A quick hop onto the Highline Park will take swell Chelsea dwellers a few streets north to Hudson Yards. Yes, its official: Neiman Marcus is coming to the West Side… [Read More]
THE INFLUENCE OF HOTELS ON LUXURY APARTMENT BUYERS
Posted by Leonard Steinberg on August 27th, 2014 I am currently comfortably settled in my hotel room at the tip of a peninsula overlooking the Mediterranean Sea and the famous Faraglioni rocks of Capri. Looking around this room I am reminded why so many buyers of luxury real estate around the world use the quality… [Read More]
ONE-TIME CASH WINDFALLS: WHAT TO DO WITH THE MONEY?
Posted by Leonard Steinberg on August 21st, 2014 I sit on the Board of my building, and sometimes (very seldom) a building can come into a windfall of money, a surprise revenue source that boosts its reserves unexpectedly and outside all budgetary expectations. New York State is experiencing this exact phenomena right now: It will realize a… [Read More]
THE INNOVATION ECONOMY: IS TECHNOLOGY NEW YORK'S FUTURE?
Posted by Leonard Steinberg on August 19th, 2014 There can be no doubt that technology has become a key driving force and growth sector for the New York economy (and the world in general). A city that was once almost entirely reliant on the financial sector for high paying jobs is seeing tech catch up… [Read More]
THE 24/7/365 WORLD
Posted by Leonard Steinberg of URBAN COMPASS on August 16th, 2014 In my role as President of URBAN COMPASS, I post some of my thoughts and observations to the company. I thought I would share this one as it highlights the new world we live in: THE 24/7/365 WORLD. Seasons are a magical way of reminding us… [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]
IN 'DEFENSE' OF THE ALEXANDER BROTHERS
Posted by Leonard Steinberg of URBAN COMPASS on August 7th, 2014 “In what could be a real estate record for New York City, the nation of Qatar is in contract to buy an Upper East Side townhouse for $100 million, The New York Post reported earlier this week.” This week it was revealed that the… [Read More]
BUBBLINGO!
Posted by Leonard Steinberg of Urban Compass on August 6th, 2014 Its annoying to me how some people in our industry are fueling a bubble when a bubble could easily be avoided: I am calling it BUBBLINGO…..the language that causes bubbles. One example: “So a very similar building next door to ours sold units for… [Read More]
FOOD MARKETPLACE/EATERY COMING TO WEST CHELSEA!
Posted by Leonard Steinberg of URBAN COMPASS on August 4th, 2014 Far West Chelsea residents like myself love living here, but certainly miss one component: good food. Now there is news that HUDSON MARKET is coming to 303 Tenth Avenue, a few doors down from Avenue’s School! The gourmet-style marketplace/eatery will have a mix of products and… [Read More]
ZILLOW AND TRULIA MERGER: THE END OF THE BROKER?
Posted by Leonard Steinberg of URBAN COMPASS, August 2nd, 2014 Zillow will be buying out Trulia and their combined might in the real estate world has sent shudders down the spines of real estate brokers everywhere: will this machine replace brokers just the way travel agents were made virtually extinct? Hardly. The bulk of Zillow… [Read More]