Posted by Leonard Steinberg on May 20th, 2012 As news broke this week that the Thomas Juul Hansen designed penthouse at One 57 (157 West 5th Street) sold for around $ 90 million, a new record for New York City real estate pricing, I am in California observing other markets. And all I can hear… [Read More]
A (NEW) CONTRACT WITH AMERICA? (WITH CONSEQUENCES)
Posted by Leonard Steinberg on May 15th, 2012 I am involved with contractual negotiations on a daily basis, even though in New York real estate contracts are handled by lawyers. In most real estate contracts, certain obligations have to be met by both sides, and failing to do so has consequences. Maybe its time for… [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]
OCCUPY WALL STREET: EAST SWITCHES WITH THE WEST?
Posted by Leonard Steinberg on MAYDAY, 2012 Mayday celebrations re-kindled the fuel of Occupy Wall Streeters to-day and it made me wonder: Is Western society becoming more socialist in its thinking while traditional communist countries embrace capitalism? China, Russia, Georgia and other traditionally communist countries are thriving with a capitalist spirit that is elevating millions… [Read More]
SELLER REMORSE: A NEW TREND?
Posted by Leonard Steinberg on April 30th, 2012 We have identified a new trend: sellers who once confronted with good offers and lots of interest in their properties decide to not sell and withdraw from the market ….and stay put. Many of these sellers who are forced quickly into putting on their buyer’s hats realize… [Read More]
IS HOME OWNERSHIP FADING IN FAVOR OF RENTING?
Posted by Leonard Steinberg on April 24th, 2012 The press is reporting that the U.S. homeownership rate may fall two percentage points to 64 percent, below historic norms, amid about six million additional foreclosures and tight lending standards, according to Pacific Investment Management Co.’s Scott Simon. This translates to about 4 million homeowners turning into renters…. [Read More]
SEX AND THE CITY HOUSE RE-SELLS: IMPORTANT TOWNHOUSE MESSAGE?
Posted by Leonard Steinberg on April 24th, s012 The 64 Perry Street house noted for its appearance on ‘Sex and the City’ has re-sold (after the original buyers won an intense bidding war 6 months earlier) for $ 9.85million. The house had traded above the asking price 6 months ago (and again it traded this… [Read More]
SOME TRUTH ABOUT TAXES
Posted by Leonard Steinberg on April 16th, 2012 As politicians blabber about the Buffet Rule and taxation fairness, I thought a recent Wall Street Journal article outlined the ‘non-soundbite’ version of what is really going on tax-wise in the USA. The only conclusion I can draw is that the system is much too complicated. Here are… [Read More]
NEW YORK TIMES COVERS STRONG REAL ESTATE MARKET
Posted by Leonard Steinberg on April 14th, 2012 After we reported for several months on the extremely busy New York real estate market, this morning the New York Times featured this story…..on the front cover! You know it serious if its on the front cover…. They talked about the lines of people outside 422 West 20th… [Read More]
THE BUCKS FROM BRAZIL
Posted by Leonard Steinberg on Friday, April 13th, 2012 Brazil is revising its currency laws to allow more money to flow out of the country. The strength of the Brazillian economy which is the only energy self-sufficient country also has one of the fastest-growing middle classes on the planet. A strong and stable currency, coupled with a… [Read More]