Posted by Leonard Steinberg, President of URBAN COMPASS on January 17th, 2015 A historic moment has arrived in NEW YORK CITY: The city’s first $100 million apartment has just sold, a duplex at One57 (157 West 57th Street). We at Urban Compass are extremely proud of our very own ROY KIM, head of Urban Compass… [Read More]
THE INFLUENCE OF HOTELS ON LUXURY APARTMENT BUYERS
Posted by Leonard Steinberg on August 27th, 2014 I am currently comfortably settled in my hotel room at the tip of a peninsula overlooking the Mediterranean Sea and the famous Faraglioni rocks of Capri. Looking around this room I am reminded why so many buyers of luxury real estate around the world use the quality… [Read More]
FABULOUS FLIPPERS COME TO 57th STREET!
Posted by Leonard Steinberg on May 21st, 2014 As new neighbors such as the Nordstrom Tower, Steinway Tower, MOMA Tower and 220 Central Park South, 432 PARK AVENUE get added to the 57th Street area mix competing with One 57, a new classification of competitors has joined the mix: re-sellers/flippers….. or FABULOUS FLIPPERS? Yes, re-selling and flipping… [Read More]
MORE 421-A TAX ABATEMENT LIES
Posted by Leonard Steinberg on November 18th, 2013 Life in real estate land involves many liars and lies. It is especially bad when these lies are summarized and printed as truth by a major newspaper. THE NEW YORK POST just reported how the millionaires will pay NO real estate taxes for 10 years in super-luxury… [Read More]
ITS ALL ABOUT THE BIG VIEW, BUT NOT FOR ALL
Posted by Leonard Steinberg on June 14th, 2013 My recent experience selling 150 Charles Street, the record-shattering new Witkoff-developed building in the West Village, and more recent sales in other new very high end buildings in Manhattan, has given me a great insight into the mindset of New York high end buyers when it comes to… [Read More]
BACCARAT HOTEL CONDOMINIUMS HIT MARKET – IS MIDTOWN BECOMING OVER-SATURATED WITH MEGA-LUXE?
THE BACCARAT HOTEL AND CONDO located at 20 West 53rd Street make its debut in what I think is a rather over-subscribed midtown mix: Starwood Capital’s hotel and condo tower has already settled on a price for its penthouse unit, supposedly asking $60 million ($8,128/sf). For $60 million, the buyer gets a duplex with 7,381 square… [Read More]
NEW YORK NEW DEVELOPMENT: THE NEXT CHAPTER
Posted by Leonard Steinberg on January 12th, 2013 In the coming weeks and months, over 7,000 units of new construction LUXURY apartments will be coming to the market in New York……that is a VAST number of units and will significantly alter the bland inventory landscape we are currently experiencing. While one could argue that the… [Read More]
ONE 57 CRANE COLLAPSE
Posted by Leonard Steinberg on October 29th, 2012 The uber-hyped, mega-luxe Extell new condominium building located at 157 West 57th Street is one of the first victims of Hurricane Sandy: The crane at the top of this construction site has collapsed and the area is being cleared. If you think the winds on the street… [Read More]
BRICFLATION: ARE BRIC COUNTRIES ARTIFICIALLY INLFATING REAL ESTATE VALUES?
Posted by Leonard Steinberg on September 22nd, 2012 Is BRICFLATION upon us? In this morning’s Financial Times a story addresses a potential pricing bubble in the Central London new construction real estate market, where it was identified that just under 20% of the buyers are UK citizens and the majority buyer pool are foreign, mostly… [Read More]
COUNTRY-WIDE REAL ESTATE MARKETS EXPLODE: A RUSSIAN INVASION?
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]