LuxuryBlurb
Archive for August, 2012
Friday, August 24th, 2012
 Posted by Leonard Steinberg on August 24th, 2012
Now that I am on vacation in the hot-hot South of France, I have had more time to absorb the world’s craziness and get a better global perspective. While watching the BBC this morning, I caught up on world events and wanted to compare the following to the statement I keep hearing again and again from sellers in New York: “Yes, but if we price it really, really high, I bet a rich Russian buyer will swoop in and pay the miracle price!”
I agree, that statement is crazy, but when compared to other crazy-thinking currently throughout our planet one may better understand the inspiration. Here are some examples:
1) Mitt Romney says its CLASS WARFARE to discuss the fact that he pays 13% in Federal taxes when other rich people pay double…..as do many upper middle class tax payers. Isn’t it class warfare to think you belong to a different country club that allows you to pay so much less in taxes than your (almost) equal neighbor? Why are YOU one of the chosen few who can do this? Who did the choosing? The same happens with real estate taxes in Manhattan, another class warfare, but not between rich and poor or middle class…..its class ‘war’ between the same classes where neighbors pay vastly different real estate taxes for almost identical properties, well, just because…..! This is not a partisan political statement at all as I consider those bilking the welfare system (legally of course) to be as guilty of moral corruption as Mitt. Both are abusing the system.
2) Ecuador, a country best known for its moral and ethical leadership (ranked 26th out of 29 countries in the South and Central America/Caribbean region: its overall economic freedom score is well below the world and regional averages), is demanding that Mr. Assange, the WIKILEAKS founder, be released immediately from Britain so that any charges against him related to having sex with under-age girls cannot be investigated. How moral. How ethical.
3) The GOP wants less government interference in our lives: I think thats a GREAT idea. Of course when it comes to abortion, many in the GOP want the government to insist that a 13 year old girl who has been raped, should bring the devil-seed baby to this earth through a 9-month pregnancy that is certain to wipe out any of the child’s youth that has not already been wiped out by the rape. Then of course because she is a child, this child should give up her child to adoption and once again experience more trauma through the separation. And then that devil-seed child whose chances for developing into a functioning member of society are slim at best should go out into society and thrive, probably requiring government assistance or better yet, a $ 100,000 per year jail cell….paid for of course with taxpayer dollars, that the GOP don’t want to collect.
4) Iran was on TV this morning, OUTRAGED that the USA is not providing the drugs its people so desperately need to save lives. This is coming from a country that is demanding the death of the United States. Surely when the USA is dead we will be unable to provide these drugs too?
5) Obama has spent nearly $59 million through his main campaign account — $10 million more than he raised, financial reports filed late Monday afternoon show. The cost of his campaign so far: more than $325 million, not counting spending by the the Democratic Party committees aiding his re-election. Does Obama think spending more than you earn, even for an election campaign, will lead voters to believe he can balance the budget of the USA?
6) Greece is OUTRAGED that the EU might want to oust it from the Eurozone. Outraged! Of course their contribution to the EU has been negative at best…. they have allowed a sector of their population to fleece and drain their economy, and another to rely entirely on government handouts….. but of course they DESERVE the gratitude and kindness of the other European countries. Surely Germany should foot the bill while the Greeks continue with their reckless practices? In Greece lies a good real estate twist though: the last thing the Greeks can turn to now in their desperate attempts to stay afloat is of course…..their real estate! They are seriously considering selling off some Greek islands (land leases) to pay down their mounting debts. REAL ESTATE TO THE RESCUE AGAIN!
Monday, August 20th, 2012
 Posted by Leonard Steinberg on August 20th, 2012
A new insanity has reached our shores in “Appraisal-Land”: Yes, New York Real estate appraisers have come up with a new ‘SCIENTIFIC’ method for valuing apartments that is so absurd, ridiculous and stupid, it defies logic. This is what they are doing:
The appraiser will come in for the physical evaluation and measure the INTERIOR square footage of the apartment, excluding any interior walls, or any form of the exterior walls. Then, the appraiser will multiply this square footage on the $/sf pricing that has been recorded in recent sales…..of course those sales have their square footages from the offering plans that include all the measurements the appraiser has excluded from his measurements. Insane! The difference can be 10% or more. Now some may argue that we should only pay for usable square footage…..this may be true, even though without those pesky walls, the whole place would fall down, right? My point is not to argue how we measure square footages, but more importantly that the methodology is consistent so that you are not comparing two different methodologies and applying the same value.
It’s basic, common sense. But obviously this logic escapes the world of some Appraisers in New York real estate.
Sunday, August 19th, 2012
 Posted by Leonard Steinberg on August 19th, 2012
A wonderful new restaurant just opened Upstate New York in Rhinebeck: Market St. (I am an investor, so naturally a bit biased) Last night, the second night, was nail-biting. Would people show up? Would the place be a success? The lesson learned is that a premium location is the key to success in all real estate, especially restaurants: Within 3 hours of opening, the place was full and people were waiting to get in. The historic building located across from the Beekman Arms Hotel is very charming, and the interior, with it’s country-city, Belgian-inspired relaxed chic seemed to resonate well with the crowds. The superb Gianni Scappin contemporary Italian food kept the crowds happy.
Friday, August 17th, 2012
 Posted by Leonard Steinberg on August 16th, 2012
In a country where most who earn $ 1 million pay over 30% in federal taxes, yet a few of the ‘chosen few’ like Mitt Romeny pay closer to half that (huh?), and where Obama thinks New Yorkers who earn $ 250k per year are rich, it is not surprising that in Manhattan a ‘new normal’ is being established for new building monthly costs (real estate taxes and common charges) will cost closer to $ 3/sf. per month. Of course this, just like our bizzare tax code that views us as un-equal equals, is siginificnatly higher than may existing buildings. Why? Well……it’s OK to punish a few so that others can benefit by their pain, no? The system is so incredibly corrupt I am not sure what is more astounding: the fact that ’equals’ pay signinficantly different real estate taxes, or the fact that there is a surreal hushed silence on the subject?
I guess because those being punished with unfairly higher real estate taxes are in the minority, its ok for this minority to be discriminated against?
But now this silence is about to end. Now that the 421-A tax abatements are expiring and home owners are physically seeing the reality of their grotesquely higher tax bills, this disguntled minority group is growing every year. Hopefully it grows to the point where a class action lawsuit can be filed to highlight this absurd discrimination.
Wednesday, August 15th, 2012
 Posted by Leonard Steinberg on August 15th, 2012
We have heard that a contract has been signed on the building at Washington and Charles Street? Will this become the next Gottesman/Bass-style mega mansion that has infiltrated the area and made the West Village the best location downtown….by far?
Wednesday, August 15th, 2012
 Posted by Leonard Steinberg on August 15th, 2012
We are witnessing the very worst of THE BIG LIE, whereby just because something is displayed or said on television and online, it automatically becomes reality: This election cycle is amplifying this horrible phenomenon. The Obama campaign runs an ad. that blames Mitt Romney for the death of a steel worker’s wife because of Mitt’s doing. An outrageous lie, but viewed almost 1 million times online and run on talk shows and news channels, and all of a sudden tens of millions are exposed to what some may be perceived as the truth. Not to be outdone, Romney’s campaign runs an ad falsely stating that the president dropped work requirements from welfare. And on it goes in the most negative of presidential campaigns ever, surely a distraction from the fact that both campaigns have few, if any, sensible, non-partisan solutions for our country’s huge challenges.
Barbara Corcoran, along with other great leaders and thinkers, always says perception is reality….looking bigger than you are is easy: just say you are and look like you are. Great advice. Yet not reality. Just perceived reality. When a real estate broker goes on national TV claiming he sold $ 1 billion in real estate last year when we all know he sold about 10% of that, one has to wonder. Even Pinnochio would frown at the extent of this lie! When Jessica Simpson appears on TV as a great Fashion critic, or Snookie starts giving advice on becoming a mother, surely we have hit rock bottom? Real estate people claim they have 40% of a building in contract when in fact its closer to 25%. Brokers claim they have many offers on an apartment when they only have one. What is worse: the fact that these liars lie and make fact out of lies, or the audience that supports this garbage or at the very least does not denounce it publicly and loudly?
Looking back in history at some of the world’s greatest atrocities, most of them happened not only because of the perpetrators, but largely it was a result of those who stood by in silence. Yes, the web has democratized out ability to be heard, but the current extent and depth of lying has reached a new level, and I hope the tipping point has arrived where somehow this trend can be reversed. In a culture driven deeper into sound-bite thinking it seems doubtful that there are enough people willing to explore the truth just a bit more. Maybe its time for us all to demand some equally loud public humiliation with serious accountability for false claims?
Friday, August 10th, 2012
Posted by Leonard Steinberg on August 10th, 2012
Now that another property has come on the market at $ 95million located at 50 Central Park South, is it time to start a new show: ONE HUNDRED MILLION DOLLAR LISTING? We are slowly but surely heading towards ONE BILLION DOLLAR LISTING……
Monday, August 6th, 2012
 Posted by Leonard Steinberg on August 6th, 2012
Dolly Lenz, the star of tonight’s CNBC show “Secret Lives of the Super-Rich Mega-homes” is certainly the most entertaining and slickly produced of all the real estate reality-style shows on TV to-day…it makes the others look a little wimpy, low-end and almost amateurish. The Dakota? Time Warner? Karl Lagerfeld: thats’s primetime!.Everyone has an opinion on Dolly, but boy does she come out looking good in this show. It’s almost like an infomercial selling DOLLYWOOD to the world. Manhattan real estate has never looked better. Is Dolly the next Robin Leach but with more muscular calves?
Monday, August 6th, 2012
 Posted by Leonard Steinberg on August 6th, 2012
CNN just reported that New York is one of the TOP 10 cities for aging: further proof of why so many empty nesters are moving back to the big city for their ‘nouvelle retirement’. Gone are the days when those over 60 would automatically consider Florida or a small town for their retirement. The lure of the Big Apple provide lots of mental stimulation, forces you to walk lots, an abundance of entertainment, shopping, people and also outstanding healthcare. This bodes extremely well for Manhattan luxury real estate as New York doesn’t only attract these retirees…..it attracts the wealthiest of them. And these people seek high end real estate, surprisingly more Downtown now than ever before. How will buildings address the specific needs of this demographic? Or will the fact that the buildings don’t appear like homes for the aged be their greatest appeal?
Friday, August 3rd, 2012
 Posted by Leonard Steinberg on August 3rd, 2012
At last AVENUE’S SCHOOL may now have that one element to get it the press it so richly deserves….a celebrity! Lets face it, without some sort of celebrity content or affiliation, the press is just not that interested anymore in our Kardashianesque world.
The rumor is that Tom Cruise and Katie Holmes’ daughter Suri will be attending this school. That should satisfy all the media outlets to maybe now take a closer look at this remarkable addition to the West Chelsea mix.
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Why no web site for the Market Street Restaurant? Can’t find any mention of it save your blurb.