LuxuryBlurb
Posts Tagged ‘new york real estate’
Friday, April 6th, 2012
 Posted by Leonard Steinberg on April 6th, 2012
Do you pay a half or a third of the rent for the same apartment as your next door neighbor? Well, in New York there are some antiquated laws that allow this insanity (paid for by landlords, yet protected by some politicians whose only goal is re-election). I know of some wealthy, famous, RICH people who keep citizenship in the Hamptons, remain separated and pay super-low rent because of these laws. You could argue that governments should provide affordable housing and you would be correct……but should this ‘government provided affordable housing’ be paid for by a few select landlords/individual owners? And who decides who qualifies for this perk? Why do only a select few benefit by this?
The U.S. Supreme Court will decide this month whether to take a case challenging the constitutionality of New York’s 1943 rent regulation law that gives tenants the right to renew their leases and limits rent increases to a variable percentage. If taken, the case would be heard in the high court’s October term — and a decision would be rendered by June 2013.
While the rent laws have withstood numerous court challenges over the years, the highly conservative court led by Chief Justice Roberts — which has already declared corporations to have the rights of people and may strike down the federal Affordable Health Care Act — has tenants all over New York nervous. But our elected officials have yet to contemplate actions government could take to ameliorate the effects of an abrupt end to rent stabilization and rent control.
Just like real estate taxes, if the select few beneficiaries lost their privileges, the majority would benefit. This court decision will be very telling as to whether we do or do not indeed live on ANIMAL FARM, where we are all equal but some are more equal than others…..
Sunday, March 25th, 2012
 Posted by Leonard Steinberg on March 24th, 2012
We just listed a $ 25million townhouse at 815 Fifth Avenue, a rarity if there ever was one. A little over 25 ft wide, with over 11,000sf, we suspect it will be bought by someone anxious to transform it to a single-family mansion. Already multiple parties are interested. The Wall Street Journal covered it this weekend in an article about how the very high end of the market continues to soar in New York City….
http://online.wsj.com/article/SB10001424052702304636404577299913044460108.html?mod=googlenews_wsj
Friday, March 23rd, 2012
 Posted by Leonard Steinberg on March 23rd, 2012
The recently proposed regulatory legistlation (The Corzine Rule) to be named after Mr. Corzine because his firm MF Global still cannot find where a few billion dollars went ‘missing’ made me think that maybe its time for us in the real estate industry to name some brokerage rules after brokers who have severely abused areas of our industry….Who would you name a rule after for the following abuses: please send us suggestions for:
THE _________ RULE: for pocket listings.
THE _________RULE: for consistently denying co-brokers access to their listings.
THE _________RULE: named after the broker who has the worst manners.
THE ________RULE: named after the broker who showcases the worst photographs of their listings, or no photos.
THE________RULE: for the broker who lies more about his accomplishments than any other.
THE _______RULE: for the marketing firm that spends more of its clients money than any other.
Any more suggestions?
I propose THE PINOCCHIO RULE: for all the brokers who lie more than little Pinocchio. There are so many broker names that come to mind that we cannot attribute this rule to just one broker. Maybe for all lies told, the broker has to wear a nose attachment for a month, its length determined by the size of the lie?
Tuesday, March 20th, 2012
 Posted by Leonard Steinberg on March 20th, 2012
Is the ‘affordable’ market being ignored Downtown? It appears so. I have heard that over 600 people have already pre-registered to buy at the Brodsky developed Condop building across from the exquisite Seminary at 422 West 20th Street….and while the pricing is extremely attractive, just a bit over $ 1,100/sf, are buyers turning a blind eye to the $ 2+/sf monthlies (with only a part time doorman), the railroadish low-end layouts with 8ft wide bedrooms, mediocre ceiling heights and small living spaces……or are buyers so desperate to buy at this price-point (and so deprived)that none of this matters? While seemingly all developers focus on large expensive apartments these days, one has to wonder whether 422 West 20th Street will encourage developers to re-think the ‘affordable market’?
After this weekend’s marathon open house hot-cakes buying bonanza we shall see…..
Sunday, March 18th, 2012
 Posted by Leonard Steinberg on March 17th, 2012
Do you pay $ 55 per month for rent? Probably not. In this morning’s New York Post, a pensioner proudly boasts how he does in fact pay $ 55/month in rent. Why? Because he is entitled to that rent….and you are not! It’s called rent regulation, a law enacted in New York in the 70′s that applies to a few of us……a select few.
I am not in any way saying that pensioners should not get a break from high New York rents that they cannot afford: but why are a select few people entitled to these breaks when others are not? Who is deciding this? God? The argument is always that a law exists to protect certain select people and their relatives…..and that same law simply does not address everyone else….sorry! I guess these people who hide behind a completely ridiculous law must also endorse the laws that allow individuals and corporations earning millions to pay zero taxes? I guess these same people simply don’t care about the next generation trying to get a go in life, or quite frankly everyone else who has to foot the bill? If I knew I only had to pay $ 55/month in rent I would have to work significantly less, wouldn’t you?
I don’t object to tax breaks. I don’t object to subsidies. I don’t object to rent assistance and relief. But why is it that only a few select people get to enjoy these enormous benefits?And where is the OUTRAGE at these abuses? Doesn’t the US Constitution protect us all and promise fair and equal treatment….to ALL?
Saturday, March 17th, 2012
 Posted by Leonard Steinberg on March 17th, 2012
At Monday night’s Community Board meeting, Friends of the High Linee released the initial design plans for the third and final section of the High Line Park at the Hudson Rail Yards. This third section will connect the West Village/Meatpacking District to West Chelsea and ultimately take you all the way to the Javits Center on Eleventh Avenue where the new subway station is being constructed. The renderings from architects James Corner Field Operations and Diller Scofidio + Renfro are available on the High Line’s website and they show the final section of the elevated park incorporating familiar elements, as well as several brand new features. The design will be closely integrated to the massive Hudson Yards development, as the park will wrap around the new buildings of the Hudson Yards, and construction is expected to be complete by the end of 2013!
The third section’s total cost will be about $90 million (which comes from donors, not the city’s pockets), and it will be open to the public by spring 2014. The impact of this section will be huge for New York real estate, acting as a connector to neighboring areas in the form of an elevated promenade that will link an entire ‘new city’ to the more established parts of the west side of Manhattan. Watch real estate values soar around this new section: while it is definitely new turf, its proximity to the #7 subway extension will be critical. Now lets hope that what they build around there doesn’t look like the generic vulgarity that is Dubai….
Thursday, March 15th, 2012
 Posted by Leonard Steinberg on March 15th, 2012
Yesterday’s New York Times OP-ED by departing Goldman Sachs executive Greg Smith seemed to cause a bit of a storm throughout the Wall Street banking community: could it be true that one of the worlds most successful financial institutions puts itself before its clients? This question is often asked of real estate brokers.
While I feel certain there may be times some Goldman employees have put themselves before their clients best needs, I know from being a broker that if you are in the business for the longterm, this philosophy is simply un-sustainable. And with Goldman’s long and successful history, I would bet the majority of Goldman employees know the value of a happy client. I do. I have witnessed other real estate brokers purely serving their own best interests, and while some have continued to be rather successful, most have faltered over time. New York City, just like the super-wealthy community, is a small community. Bad behavior cannot hide for too long. Word gets out pretty quickly. And I have seen some bad apple brokers crash and burn badly….and deservedly. Personally, I think there are too many great people at Goldman with solid intentions that ultimately the best will win.
Sunday, March 11th, 2012
 Posted by Leonard Steinberg on March 11th, 2012
Even though I live in West Chelsea surrounded by hundreds of the greatest art galleries, I nevertheless schlepp myself over to the Armory Shows on the Piers every year not only for the art (the perfect place to get a nice global perspective of the art market) but also to see who is there, what people are talking about and wearing……and yes, its important in my field to understand what my clientele will be hanging on their walls and what kind of wall space they will need…..
This year the crowds were as intense as prior years. I am no art authority, so I will not even tread on the subject out of fear of the obvious. These were some of the highlights I observed:
1) Michael Shvo was back in town, on the arm of a highly manicured, very-rich-looking dame. He looked a bit tired I have to say, a far cry from the mythical hot-shot playboy-broker he used to be…..and it made me scared for the new batch of brokers emulating his meteoric rise that at one point even toppled the inimitable Dolly Lenz. Remember when Shvo boasted about selling over $ 300million a year? These days brokers boast about selling over a BILLION. Then again, the entire world has spiraled into a mode of gross exaggerations to garner attention. Unfortunately, those gross exaggerations become fact for so many.
2) I bumped into a friend whom I had met many years ago. She and her then fiancee had bought a huge Mansion upstate. Ultimately they sold it after years of painful renovations that never seemed to end. This same house has been bought and re-sold about 3 times since: I guess each owner learned the painful lesson about how a seemingly low purchase price on a mansion is just the start, and just like a super-yacht, its the maintenance that is the real cost. Heating the house was a killer, and made a strong argument about installing multiple zones for heating and cooling in large properties.
3) The art I saw reminded me of another important message that is so important right now: there simply is no one style or direction that dictates anymore. The freedoms in style of art are as broad as those in interior design. The only thing that seems to have some consistency is the framing and even then, many works have no framing at all. And this was just a contemporary art show! I don’t think there has ever been a time when so many different styles and fashions co-existed in almost all spheres of creativity. You see it in art, interior design, fashion, industrial design. Its quite astounding. From a real estate perspective I think this is a strong and important message about having the freedom to deliver a building that has a point of view as well as being spare enough to accommodate individual styles. I think being bland and generic is dangerous.
4) It amazed me that something as old-fashioned as painting with paint and a brush is still so important in art. It also amazed me how much VOLUME of art exists out there. Lots of art, but lots of buyers too. Or were most of them just lookers?
5) Pricing wise, just like in real estate $ 2,000/sf is the new $ 1,000/sf, it appears $ 40,000 is the new $ 20,000 for art. LUXOflation continues its upwards spiral.
6) The volume of competition in this world is rather astounding: so many artists competing for stardom, not too unlike the hoards that circled the Javits Center auditioning to be Americas next superstar on THE VOICE….this world is definitely designed to encourage the Michael Shvo’s of this world.
Wednesday, February 22nd, 2012
 Posted by Leonard Steinberg on February 22nd, 2012
Is unseasonable good weather fueling this strong market? Home resales rose to a 1-1/2-year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.
The NAR said today existing home sales increased 4.3 percent to an annual rate of 4.57 million units last month, the fastest pace since May 2010. This is the latest indication the housing market may be fully deflated and rising. Even some economists attributed some of the rise to the warmer winter weather, but also said it signaled genuine improvement. The jobs market has improved. Sales at HOME DEPOT are up. Builders are digging again.
Sales were up across all four regions of the country, with the West recording the biggest gain — an 8.8 percent increase. Sales in New York are very strong this month, and if our theory is correct to-day’s glorious weather should boost Manhattan sales for the month of February for sure.
Wednesday, February 15th, 2012
 Posted by Leonard Steinberg on February 15th, 2012
New York is the 47th most expensive city in the world…huh? Zurich took over from Tokyo as the world’s most expensive city to live in: that is what the Economist Intelligence Unit’s most recent world-wide cost-of-living survey says, even though it is somewhat difficult to believe. Of course the survey does not include real estate prices, but it may be one of the many reasons why New York real estate sales are so brisk these days with global buyers…..
After a trip to London, Tokyo or Zurich one cerainly feels richer going out to dinner, filling up a tank of gas or shopping for clothes in New York. So maybe its time for all us New Yorkers to stop whining about how expensive our city is…..the list says we are even cheaper than Los Angeles!
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That rich looking ”very mature” dame you described next to Michael Shvo is his 28 year old wife Seren Shvo. FYI