As first reported on LUXURYBLURB a few days ago, Bank of America has exited the wholesale residential lending market, cutting off its business with mortgage brokers, the bank announced yesterday. “After receiving $ 45 BILLION in TARP funding from the US Governemnt/taxpayers, BOFA was one of the first banks to re-pay this debt,” says Leonard… [Read More]
"WE ARE CHIMPANZEES WITH NO MEMORY"- QUOTE OF THE DAY
Ken Fisher, head of Fisher investments, made what we think to be the most defining comment of our time to-day: “WE ARE CHIMPANZEE’S WITH NO MEMORY” How apt. While power-hungry, self-serving politicians, panicked individuals, self-serving commentators, ratings starved media, and generally paranoid humans exploit this moment in the current cycle, constantly over-analyzing the current conditions,… [Read More]
REAL ESTATE RUSH
Real estate sales in Manhattan generally pick up after Labor day, although in the past 3 years, the pick up was rather tepid. This year however, the pick up is certain, and aggressive. “We are seeing a level of activity and bidding that we have not seen in many, many months,” says Leonard Steinberg, managing… [Read More]
IS BANK OF AMERICA ABANDONING RESIDENTIAL MORTGAGES?
Just to-day, Bank of America withdrew a loan that had been completely signed off on and referred it to another lending institution…..word on the street is Bank of America may be exiting the residential mortgage market….. “Its amazing how many smaller banks and untraditional lenders are eating away at the market share of the more… [Read More]
ZOMBIE BUILDINGS…..DOES NEW YORK HAVE ANY?
In this morning’s Wall Street Journal the subject of Spain’s 1,5million vacant apartments in ZOMBIE BUILDINGS is addressed: do we have ZOMBIE BUILDINGS in Manhattan? Two that come to mind are 1 Madison Park and 245 Tenth Avenue, both really wonderful buildings caught in the financial storm of 2008/2009. “The difference between these two buildings… [Read More]
MONACO SAFRA PENTHOUSE SELLS FOR $ 17,600/sf: A NEW RECORD
The chatter on the French Riviera is all about the recent sale of a Monaco penthouse, once the home to Edmund Safra and featured recently in Architectural Digest….recently we reported the London penthouse that had sold for around $ 220 million making it then the world’s most expensive private residence: Now the record has been shattered with the… [Read More]
WE LOVE THIS LIGHT! THE UN-FLUORESCENT, EFFICIENT LIGHT.
We found this simple, elegant light fixture in the bathrooms of a hotel in Italy and thought it to be the best lighting for a bathroom. “This lighting is both super-efficient and also did not give you that hideous blue-white, sickly appearance created by the average fluorescent lighting fixture found now in too many bathrooms,”… [Read More]
DOES BEST LOCATION = WORST QUALITY RESTAURANT?
I am currently traveling in Europe researching trends and getting a breather: it ceases to amaze me how many restaurants located in the very best, most desirable, attractive locations seem to have the worst food and service. Is this an international phenomena? Thinking of New York City, I guess the definition of ‘best location’ helps… [Read More]
BIG CITY FEDERAL TAX CREDIT ESSENTIAL!
The Obama administration is about to define ALL single persons earning $ 200,000.00 or more or ALL couples earning $ 250,000.00 or more rich: It is time we stand up to this sheer stupidity. Yes, these incomes would definitely qualify you as rich in Oklahoma City or a small town in Vermont, but it is… [Read More]
EATALY: MANHATTANS NEW FOOD COURT
Yesterday I visited EATALY for the first time, the new food emporium of Mario Batali…..what an experience! The line at the front door was the reminiscent of Studio 54: who would be chic enough to get past that velvet rope from a line stretched around onto 5th Avenue? I had to negotiate hard, explaining a… [Read More]