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]
GROVE STREET VILLAGE TOWNHOUSE SELLS
A goregous townhouse on Grove Street in Greenwich Village has gone to contract close to its $ 15million+ asking price. Attached are some pictures of this beauty. The property was gut renovated by Triton Enterprises and never lived in, over 5,000sf in size. “The key to this story is,” says Leonard Steinberg, managing director of Prudential… [Read More]
REAL ESTATE BROKERAGE IS CHANGED FOREVER.
In this weekend’s New York Times, an interview with Frederick Peters, the head of Warburg Partnership, illustrates clearly how the world of real estate brokerage has changed forever. “I remember a time many years ago when I started doing e-mail blasts to the brokerage community, announcing new properties I was listing,” says Leonard Steinberg, managing… [Read More]
NEW YORK CITY: IT’S ONE OF THE ‘FABULOUS FOUR’…..
In CRAINS, a report shows how New York City is unlike the rest of the USA, and is truly an international city. These days, buyers of commercial property in New York can expect their investments to provide similar rates of return as they would in London, Paris and Washington D.C.—cities RCA calls the “Fabulous Four.”… [Read More]
IT MAY BE A VERRRRRY LONG HALLOWEEN….
With almost certainty we will see a major political shift after next week’s elections. The presidency will be stuck in a potential gridlock where the only window of opportunity is 2011 says Nouriel Roubini in to-day’s Financial Times. The president deserves credit for setting up a bipartisan debt commission, which is most likely to propose a… [Read More]
HIGH LINE PARK VIEWING SPUR RISES
If you are walking near West 26th Street and 10th Avenue, look up. You will notice a new addition to the High Line—the Viewing Spur is starting to take shape. Crews have hoisted the 22-by-11-foot painted steel frame into place, giving us a hint of what will soon be one of Section 2’s most dynamic… [Read More]
THE ECONOMY: IS GOOD NOT GOOD ENOUGH?
The economy in the U.S. probably grew at a faster pace in the third quarter, reflecting a pickup in consumer spending that bodes well for the recovery’s staying power, economists projected a report this week will show. Gross domestic product rose at a 2 percent annual pace, up from a 1.7 percent rate in the… [Read More]
MANHATTAN: Friendliest, safest, best…..now what about the cyclists?
A survey has just been released assessing the satisfaction of New Yorkers with their City…..Manhattan came out on top for some critical parts of the survey. Not only is it perceived to be the friendliest and safest borough, it is also considered to be the best place to live. On the down side, Manhattan was… [Read More]
RENTS ARE TOO DAMN HIGH? MIDDLE CLASS IS THE NEW POOR (IN NEW YORK)!
Rents in New York, Los Angeles and Washington D.C. average $2,090 and are among the highest in the nation, running as much as 218% higher than in other major metro areas, according to Movoto.com, which tracks sales and rental prices in the 40 largest U.S. cities. “This fact is common knowledge throughout our dear land and… [Read More]