Posted by Leonard Steinberg on January 6th, 2012 Some good news from the jobs market……while everyone is rambling on about the big numbers, one of the most important indicators, the disparity between those quitting voluntarily because of better job opportunities and those being fired has improved and now the quitters out-number those fired. In Manhattan,… [Read More]
R I C H – THE MOST MIS-USED FOUR LETTER WORD OF 2011
Posted by Leonard Steinberg on December 22nd, 2011 The word RICH has to be one of the most used words of 2011….it also happens to be a four letter word. Just like the word LUXURY, it also has to be the most mis-used word, although in this lie many similarities. What is rich? What is… [Read More]
FROM RUSSIA WITH LOVE: 15 CENTRAL PARK WEST SELLS FOR $ 88 MILLION, OR $ 13k/sf)
Posted by Leonard Steinberg on November 21st, 2011 Christmas is almost upon us but some really good girls have had a visit from Santa a wee bit early: The 22-year-old daughter of Russian billionaire Dmitriy Rybolovlev received an $88 million penthouse condominium located at 15 Central Park West in her stocking from her daddy — the most expensive residential transaction… [Read More]
LUXURY TREND? WALL STREETERS BECOMING ENTREPRENEURS?
Posted by Leonard Steinberg on December 21st, 2011 Has anyone noticed how many ex Wall Streeters are turning to the markets to create new ventures and businesses? I have heard some who have lost jobs hopeless about their chances of re-creating their past positions or income and others who were just tired of the rat-race…. [Read More]
CORNELL UNIVERSITY WINS SCIENCE CAMPUS: GREAT NEWS FOR NEW YORK’S ECONOMY
Posted by Leonard Steinberg on December 19th, 2011 Cornell University is the winner of a competition to build a new science and engineering campus in the city: An official announcement from Mayor Michael Bloomberg is expected later today. The city has offered free land on Roosevelt Island and up to $100 million worth of infrastructure…. [Read More]
THE NAR’s FLAWED DATA REFLECTS A BROADER PROBLEM
Posted by Leonard Steinberg on December 18th, 2011 I have been ranting about the inaccuracy and inconsistencies of residential real estate sales reporting for years, and now the ultimate embarrassment: Unsurprisingly, this week the National Association of Realtors announced that the data they’ve been releasing on home sales has been flawed – mainly understated –… [Read More]
THE REVOLVING DOOR: WHY MANHATTAN REAL ESTATE WILL ALWAYS BE AN ACTIVE MARKET
Posted by Leonard Steinberg on December 17th, 2011 If there is one thing people consistently ask me, it has to be: “How is it that the real estate market in New York continues to be so active, even through such tough economic times?” My answer is not a simple, quick one. Its rather complex and detailed…. [Read More]
GOLDMAN SACHS SAYS NEW YORK REAL ESTATE TO DROP 6% IN 2012
Posted by Leonard Steinberg on December 6th, 2012 Analysts at Goldman Sachs predict in a new report (published on Friday) that the end of the crash in home values is actually within view……and will bottom out in mid to end 2012. The report however forecasts price declines of at least 6% for New York and Atlanta…. [Read More]
LEFRAK SAYS FUTURE IS BRIGHTER THAN THE PAST
Posted by Leonard Steinberg on December 5, 2011 Richard Le Frak, one of New York/New Jersey’s great developers and owner of some 16million square feet of property, not to mention his company’s stellar and consistent ranking in the Forbes Top 400 privately held companies, said to-day on CNBC with some conviction: “As of to-day the… [Read More]
WOMEN’S WEALTH TO GROW SIGNIFICANTLY OVER THE NEXT 20 YEARS
Posted on November 23rd, 2011 by Leonard Steinberg. In to-day’s Wall Street Journal it is reported that over the next 20 years, some $25 trillion will be passed to women through divorce, death of spouse or inheritance. Women already make up just under half of the nation’s millionaires. Combined with their growing earning and wealth-creation power,… [Read More]