Posted by Leonard Steinberg on May 6th, 2014 The ultra-high-end Art and Real Estate markets often mirror one another as they are a barometer of the ultra luxury markets. Last night’s auction results at Christie’s may be an insight to what is coming to the Manhattan real estate market where excessive pricing on some not-so-worthy apartments is… [Read More]
MAYOR DE BLASIO REVEALS HIS AFFORDABLE HOUSING PLAN
Posted by Leonard Steinberg on May 5th, 2014 Mayor De Blasio today revealed his bold affordable housing plan for New York, aiming to build at least 200,000 units over the next 10 years as opposed to the Bloomberg administration that built about 165,000 units in its 12 years. The plan calls for almost $42 billion… [Read More]
SILICON ISLAND – NEW YORK'S TECH INDUSTRY TAKES OVER
Posted by Leonard Steinberg on May 1st, 2014 The Flatiron District and Chelsea was termed Silicon Alley as the East Coast’s alternative to Silicon Valley in California: now that this industry is spreading further West into Chelsea and South into the Financial District, we have decided to re-name our tech industry…..SILICON ISLAND. As all our… [Read More]
HERMES SOARS – LUXURY BUYERS PAY A PREMIUM FOR REAL QUALITY
Posted by Leonard Steinberg on April 28th, 2014 The super-luxury market is alive and well as witnessed by Hermes’ forecast-beating 14.7% rise in like-for-like first-quarter sales on Tuesday, driven by strong demand for its ultra high quality fashion and leather goods. Sales in Japan, one of its biggest markets, were boosted by purchases ahead of… [Read More]
THE TREND TOWARDS URBAN LIVING GROWS
Posted by Leonard Steinberg on April 28th, 2014 More Americans are moving to cities in the wake of the uptick in the economy in recent years, reversing the decades-long trend of moving to the suburbs. Census Bureau data shows that the Urban American city is experiencing a renaissance, driven primarily by migration into the center… [Read More]
THE NEW YORK AUTO NO-SHOW
Posted by Leonard Steinberg on April 27th, 2014 The other night I visited the New York Auto Show as its time to get a new car: This experience was an eye-opener in the area of customer service. Firstly I was amazed that they would charge visitors a $ 15 entry fee to come in to see their… [Read More]
THE POWER OF GARBAGE
Posted by Leonard Steinberg on April 25th, 2014 I just learned that garbage produces more energy than SOLAR power: good to know our buried piles of decomposing New York garbage produce methane gas energy and is doing some good! Now if only we could make garbage collection a bit more attractive and 21st Century…..
NUMBER OF MORTGAGES DROPS DRAMATICALLY: A NEW ‘NORMAL"?
Posted by Leonard Steinberg on April 25th, 2014 The number of mortgages issued has dropped dramatically compared to a year ago fueling concerns that rising interest rates could have a negative impact on the housing market in general…..the bulk of the drop is attributed to the drop-off in re-financing. $235 billion in mortgage loans were… [Read More]
NEW YORK AIR IS CHEAP!
Posted by Leonard Steinberg on April 24th, 2014 At last something to report on in New York that is actually cheap: AIR. Yes, the cost of air rights – also known as transferable development rights – are averaging $305/sf in 2013 compared with the $207/sf average in 2012…..up 47%, yet still a bargain compared to as-of-right FAR… [Read More]
HOT OFF THE PRESS: FIREPLACES, THE MIDDLE CLASS, TAXES
Posted by Leonard Steinberg on April 23rd, 2014 The news items of the day are not that great, or maybe they are? 1) Mayor De Blasio is planning to abolish wood-burning fireplaces in New York. While I love a crackling fire in a living room, quite frankly they do make some horrific pollution… [Read More]