Posted by Leonard Steinberg on March 7, 2011 While not every listing is producing multiple bids, the volume of multiple bids on good properties is back in a BIG way in New York City real estate, both in the residential and commercial sectors. (It has also returned to the art world and many other markets)… [Read More]
BRACE YOURSELF: IS LUXE-HYPER-INFLATION AROUND THE CORNER?
Posted by Leonard Steinberg on December 19, 2010 Downtown New York residential real estate inventories are now approaching the levels of 2005…..does this equate to the beginnings of a shortage? With new construction having ground to a virtual halt over the past 2 years, we should not expect any brand new DELIVERABLE quality ultra-luxury apartments for… [Read More]
FOREIGN BUYERS + SAFE BET BUYS FUEL ART BUYING
Two trends emerged in this weeks art auctions that are a reflection of the luxury buyer: Firstly, the bulk of ‘big-bucks-buyers’ were from foreign lands (obviously using foreign currencies to capitalize on the weak dollar). The reality is the big new money is being made in many countries besides the USA. The second trend is… [Read More]
THE $ 210,000.00 PER MONTH RENTAL: THE PLATINUM AGE BEGINS.
Rumor has it that New York’s most expensive rental lease has been signed…..a massive pad in Midtown: And the monthly rental rate? A mere $ 210,000.00! That rent is TOO DAMN HIGH! With a massive shift in political power to the right, it is only fitting that the Wasserstein apartment at 927 Fifth Avenue is… [Read More]
FORECLOSURE MESS WILL COST ALL: YES, EVEN IN MANHATTAN.
The foreclosure mess could hurt homeowners in Manhattan in an indirect way: The costs of buying an apartment and paying off the mortgage are likely to go up, say housing experts. The rising costs will come both during the closing and throughout the life of the loan. At the closing, the cost of title insurance,… [Read More]
IAN SCHRAGER SPEAKS OUR LANGUAGE
At yesterday’s REAL DEAL FORUM Ian Schrager spoke the words that resonate with us most: “There’s always an opportunity for something special and unique.” We couldn’t agree more. And more importantly, we think the vast percentage of real estate developed is so hideously, grotesquely, boringly un-special, it almost deserves to stagnate and be discounted. Unfortunately,… [Read More]
BRACE YOURSELF: 2010 WALL STREET BONUS BONANZA COMING!
2010 Bonus pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal……so brace yourself for a real estate boost this coming Winter in New York. About three dozen of the top publicly held securities and investment-services firms—which include… [Read More]
THE MOST EXPENSIVE DOOR IN THE WORLD?
Yes, this door, a simple door located in THE CALEDONIA fronting onto The High Line Park, could very well be the most expensive door in the world….. Reliable sources have told us that negotiations between the building and the Parks department have broken down after the building was asked to pay an annual fee of… [Read More]
REAL ESTATE RUSH
Real estate sales in Manhattan generally pick up after Labor day, although in the past 3 years, the pick up was rather tepid. This year however, the pick up is certain, and aggressive. “We are seeing a level of activity and bidding that we have not seen in many, many months,” says Leonard Steinberg, managing… [Read More]
ZOMBIE BUILDINGS…..DOES NEW YORK HAVE ANY?
In this morning’s Wall Street Journal the subject of Spain’s 1,5million vacant apartments in ZOMBIE BUILDINGS is addressed: do we have ZOMBIE BUILDINGS in Manhattan? Two that come to mind are 1 Madison Park and 245 Tenth Avenue, both really wonderful buildings caught in the financial storm of 2008/2009. “The difference between these two buildings… [Read More]