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Posts Tagged ‘new york’
Tuesday, January 10th, 2012
 Posted by Leonard Steinberg on January 10th, 2012
Bloomberg reported to-day that large banks are considering freezing the pay of junior bankers in light of diminished profitability of their institutions. What this really equates to is that the more senior bankers will do whatever it takes to maintain the quality of their incomes: Banks face a huge problem if they do not pay their top people top dollars…..this current state of affairs is the prime environment for banks to steal the best talent from competitors. And the best will always be tempted by the best financial packages.
As much as OCCUPY WALL STREET complained about society’s 99% being disadvantaged, in the banking system too there is a very small percentage of employees who earn the really big bucks.
How does this relate to New York real estate? I think it will further strengthen the higher end of the market at the expense of the lower end. Corporate profits surged in 2011, often because of labor and cost cuts: the top always figures out how to make money. It’s a cruel reality of a capitalist society we live in.
Sunday, January 8th, 2012
 Posted by Leonard Steinberg on January 8th, 2012
Walking up and down the streets of Manhattan I am amazed at the volume of deceased Christmas trees that were once alive and thriving lined up amongst the garbage heaps waiting to be carted off after producing a few weeks of gratification in the form of a living room ornament. Is this what New Yorkers refer to as the MILLION TREES MOVEMENT? Is this what you call putting the AXE into X-mas? Plant a million trees in the City, but kill a million others? Hmmmmmmm…….oh, really?
Friday, January 6th, 2012
 Posted by Leonard Steinberg on January 6th, 2012
The Chinese government announced to-day that they will start to report pollution levles more accurately: if you thought Los Angeles or Denver were bad, you should see Beijing! The explosive 10%+ per year growth combined with 20 million inhabitants and antiquated technologies is producing one of the world’s worst large City health hazzards. We know about pollution all too well in New York.
The GOOD NEWS: By 2030, pollution levels in New York will be vastly improved, and they have improved noticeably over the past few years already. Here are TEN reasons why we can expect an even cleaner City in our future:
1) There is more awareness now than ever before about the health risks of pollution. That usually fuels change.
2) One of the worst polluters in New York is…..oil fired boilers, especially the old kind burning # 6 oil. By 2030, all will have to be converted to # 2 oil by law. Already many buildings have converted to clean-burning natural gas. And many more are planning to do so.
3) Electric and Hybrid vehicles: the growth of this classification of transportation will not only improve air pollution, but also noise pollution. Most busses run on
4) Public transportation will improve: Every day, each person who chooses to travel by bus or train contributes to a cleaner environment. That translates into approximately 700,000 cars kept out of New York City’s central business district daily. It also means 400 million fewer pounds of soot, carbon monoxide, hydrocarbons, and other toxic substances released each year into the city’s air. NYC Transit is a leader in the field of alternative fuel sources and new technologies for cleaner buses.
5) New building codes: LEED certification has become a status symbol in New York new construction. Cook + Fox have won global accolades for their hugely successful (and green) One Bryant Park commercial building. Not only are these buildings good for the city: more importantly they are also good for profits, thereby motivating developers to think beyond the pennies. Many buildings are retro-fitting to make them more efficient: new windows, added insulation and energy management systems add up to huge pollution improvements collectively.
6) Bicycles have taken off and soon the new Paris-style bike sharing program will fuel this trend. The new Nissan NV 200 cabs will also be significantly more fuel efficient (25mpg) and lighter on pollutants. The number of hybrid cabs has grown from 375 in 2007 to over 4,000 to-day.
7) New York’s MILLION TREES program is the ultimate air cleanser: Even NASA has said the most effective air cleanser is a live plant. While Central Park has been the official LUNGS OF MANHATTAN, multiple newly planted parks have added significantly to the power of plants.
 SOLAR and WIND power are two areas that are slowly gaining popularity in New York: With newer technologies that are more easily and cost-effectively applied to buildings, we will see more of this clean energy source.
9) FEWER SMOKERS: now if only we could clear them off the streets altogether! I propose fully enlcosed bubble helmets to fully contain the smoke: Maybe if smokers experienced what their lungs are experiencing (not to mention the rest of us who have to breath in the 80% of smoke they are not inhaling) they may re-consider this filthy, very un-fashionable habit.
10) FEWER GAS STATIONS: yes, the convenience factor is a bit of a nightmare: then again, maybe all new buildings should have electrical charging stations and bicycle racks to compensate?
Friday, November 18th, 2011
 Posted by Leonard Steinberg on November 18th, 2011
Last night I attended the auction of a park facing apartment at the Grand Madison located at 225 Fifth Avenue once owned by an ex Credit Suisse employee whose new home is a lot less elegant….
The 9th floor, approximately 1,600+sf apartment featuring 2 bedrooms and substantial south-facing frontage (about 50ft)onto Madison Square Park was auctioned off fully furnished with a significant B+O system included. Behind the (rather dirty) windows was an impressive view featuring the Flatiron building and other New York landmarks. The winning bid was $ 2,75million, almost $ 500,000.00 below the most recent sale of an identical apartment above this……but throw in the 6% buyers premium, the transfer taxes and some money needed to renovate the apartment and you are over $ 3million. Not the best price I thought, but then it is an auction and real estate auctions have proven to usually give buyers a good discount in New York. But then, a bank ruled this sale, so what do they care, right?
The bad news is I feel strongly a thorough, regular market sale would probably have produced a higher price. The good news is the price is far from being a bargain and the (at least 2 dozen) bidders hoping to buy this place for under $ 2,5million were disappointed….more importantly, the volume of bidders proves that Manhattan real estate has an automatic safety net of vulture buyers with deep pockets built in to prevent massive pricing declines. That’s great news.
Sunday, November 6th, 2011
 Posted on November 6, 2011
Mega Cities as a trend will continue to grow through 2050, positioning New York very well for the future: High-density cities are creative, thrilling and less environmentally destructive than sprawling car-based suburbs typical of America. Cities are passports from poverty. They attract poor people, rather than creating them. They are where humans are at their most artistically and technologically creative. It is no longer possible to keep the bulk of humanity down on the farm. By 2050, three-quarters of the world’s population will be urban. That means more cities – and more megacities. These megacities are a big part of humanity’s future and the prospect should be both exhilarating and terrifying. The examples of Tokyo, Seoul and Shanghai show that megacities don’t have to be monstrosities. For many of us, the megacity is our fate. The goal of humanity should be to manage that fate, not succumb to it. Solid urban planning will be essential, providing the necessary infrastructure to support this growth.
Right now we can witness the creation of an entire mini-city within Manhattan at the Hudson Yards and further south in West Chelsea where the volume of construction is pretty astounding. Wisely the City is extending the # 7 subway line to Eleventh Avenue to connect this part of the City to the center. Throw in the Hudson River Park and the Highline Park and the area is well prepared for this next spurt of growth.
Thursday, October 20th, 2011
Posted on October 20th, 2011
Senators Charles Schumer of New York and Mike Lee of Utah are proposing a Bill that would provide foreign buyers a residence visa if they buy a US home worth $ 500,000.00 or more. Now that’s a REAL incentive for foreign buyers! I think this is a brilliant idea, and could be exceptionally valuable to the New York real estate market.
I also think anything to encourage foreign investment is a good thing, and this seems practical and good for all. For those who will gripe that this is unfair, allowing the wealthy an unfair advantage in the immigration game, they should consider the following:
1) Foreign buyers bringing foreign currency to the country helps the economy…that helps all.
2) Selling off real estate to new buyers promotes the need for more inventory……building….that fuels US construction jobs.
3) With New York’s average pricing above $ 500k and the City being the biggest draw for foreigners, we could benefit the most compard to other US cities. It will also help Miami considerably, and lets face it Florida’s housing market needs all th help it can get!
4) Every time a $ 500k real estate sale occurs in Manhattan, taxes of about $ 9,000.00 are collected for the City and State….that benefits all.
5) If the apartments require painting, renovation, management, etc…..that creates jobs too.
6) Foreign buyers buying property here will visit more frequently, spending on US soil at retail stores, restaurants, theatre, etc. The US economy suffers most from lack of demand right now. This can only help.
7) Wealthy buyers who can afford a property in a foreign country for over $ 500k may also want to invest more in the USA. And New York.
For foreigners, getting this VISA will mean an easier time with financing, as well as a good reason to bring their currencies to the US.
Now comes the bigger question: Is the USA still so highly desired by foreigners? The answer in my opinion is a resounding YES. I remember driving in a cab in London at the time the US invaded Iraq and the world fell seethed with anger towards us and the cab driver said that with all the anger towards the US, every day as he did his rounds, it was only the US embassy that had long lines outside with crowds waiting their turn to get into the Great American Dream. Right now we are being swayed by the political and media forces to believe its all gone and lost forever, but I believe they are simply wrong.
Saturday, October 15th, 2011
Posted by Leonard Steinberg on October 15th, 2011
As OCCUPY WALL STREET continues, I feel its connection to the real estate world and how location is everything. Do these demonstrators know nothing about how one block can make all the difference in New York? Firstly, the title is about as accurate as WOODSTOCK, the era-defining music festival that never really happened in the town of Woodstock at all, just close by. These demonstarations are somewhat mis-located: almost like buying an apartment in Gramercy Park, yet being unable to see a single leaf of the park. Or living in Tribeca, but living in a building East of Broadway?
I understand the average salary of all those working on Wall Street currently is around $ 70,000/year, certainly not the fortunes that qualify as the target audience. Of course abongst bankers, that average is closer to $ 340,000.00/year. Frankly, I always thought the real wealth of Manhattan was focused more in Mid-town? Scarier is the fact that this group has LOTS in common with the Tea Party movement, although I do think (joking aside) that many of this group’s grievances (which as yet are badly focused) are somewhat legitimate. Until this great country of ours acknowledges the huge disparity in incomes between the super-rich and everyone else, social unrest will continue. But it had better become intelligent soon. $250k/year in Manhattan is not rich. And if everyone who is rich is removed from Manhattan, the parks will wilt, the public services will be destroyed, and worse: large chunks of real estate transfer taxes will be removed from the State’s coffers, adding further pain to the already struggling state…..remember Manhattan supports the rest of New York State? We cannot forget that while certain super-rich individuals escape the Federal taxation the masses support, but no homeowner in New York escapes real estate taxes. About 30% of Manhattan is owned real estate, and those owners are paying LOTS in real estate taxes. LOTS. A typical 2,000sf apartment pays around $ 24,000 per year….. A 5,000sf apartment could pay 50k per year or more. Townhouses and some apartments do pay lots less (unfairly) which is a disgrace.
OCCUPY WALL STREET should clearly identify what they are for rather than what they are against. It’s easy to complain. It’s really tough to provide solutions. Realistic, workable solutions. Naive dreaming is the last thing we need right now. Maybe we are all learning to adjust to a new terrifying reality: Is man being replaced by machines en masse now? And are those who control the machines automatically reaping the biggest rewards, bigger than anything we have ever seen or known because no-one ever imagined the human consequences of an un-re-educated population in the MASS computer age?
Tuesday, February 1st, 2011
Posted by Leonard Steinberg on February 1st, 2011
After attending the launch to-day of AVENUES, the new private school scheduled to open in September 2012 in West Chelsea on Tenth Avenue at 25th Street, I realized a new breed of global wealthy is emerging: The MEGA-CLASS.
The MEGA CLASS is a group of very wealthy people who are not entirely committed to one city on this earth, but rather exist with a more global eye. They venture from continent to continent wherever the best opportunities exist. AVENUES is a school that will cater to this class, by providing schooling for their kids consistent from Asia to Europe to the USA, located in the MEGA CITIES, New York, Beijing, London, etc. These kids will be educated to become the next generation’s leaders, with a more advanced academic program that insists on all students speaking more than one language, with a second language being either Chinese or Spanish…..preferably both if they want to compete in the new world order approaching. The traditional upper class tradition of learning French is not in the cards for the MEGA CLASS.
The MEGA CLASS are primarily attracted to world centers, and a city like New York qualifies. Did you know that the largest growth demographic in New York is kids under 5 years of age. These kids will need solid educations and more, quality schools to cater to them. AVENUE’s will cater to these kids. As these mega cities develop, so too will these city’s needs for very high end real estate. We see a potential for high end rental buildings too, although the super-wealthy do not like renting as the quality is too mediocre. The consistency of quality in buildings from city to city will be important. Developers take note.
Sunday, January 23rd, 2011
Posted by Leonard Steinberg on January 23, 2011
Mayor Bloomberg we love you: you are the greatest mayor this town has had. BUT, we have a serious problem with the real estate taxes in this City, and you are avoiding the big issue. You recently said in the NEW YORK POST that you feel the pain we are all about to feel with rising real estate taxes on your own townhouse on the Upper East Side.
Currently you pay around $ 95,000/year. Thats a lot. BUT, its a lot less than some of us are paying. You are paying about $ 7,800 per month or roughly $ 0.62 per square foot per month (Your townhouse is about 12,500sf)
Did you know that most condominium owners pay about $ 1.00 or more per square foot for real estate taxes per month? Why do you and a select group of others pay so much less? Why are condo owners a lesser class in the eyes of the government, and why do they have to foot a larger burden of your budget?
PLEASE EXPLAIN THIS TO ME in light of the US constitution…..are we not all equal?
Sunday, January 9th, 2011
 Posted by Leonard Steinberg on January 10, 2011
INSANE? The photo you above is just a mockup. But even with something just dreamed up in the mind of some crazed super yacht designer, you have to admit that it looks disturbingly appealing, in a Dubai-meets-Donald gawdy kind of way…..
This creation is called “The Streets of Monaco“, and is based off Monaco. Imiagine other versions based on your favourite part of the world: Capri, Manhattan, Rio, St Barth’s….. On the main four decks, you’ll find various pools, a swim-up bar, a jacuzzi, a replica of Casino Square, a courtyard and a large BBQ area. Oh, and a go kart circuit. The main boarding deck features a sauna, spa, manicure, gym, hairdresser, care and a relaxation lounge with indoor bar/pool.
Of course there is a cigar lounge, library, cinema wine cellar, casino, dining room and dance hall. Would Candy Spelling insist on the addition of a gift wrap room?
While it hasn’t been built (or even purchased), chances are someone, somewhere in the world is counting their oil profits (or Facebook over-valuation-profits) and seriously considering where they’d park this 155 meter (close to 500ft!)vessel. Maybe the most appealing aspect of a product like this would be it’s tax-free status? Those savings alone could easily pay for the entire product for the clientele this would appeal to.
Designed by Yacht Island Design in cooproration with BMT Nigel Gee. No price was mentioned but we expect it to be slightly higher than a penthouse at 15 Central Park West….
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Herve Senequier 
lola gardner 
The true meaning of growth and development…urban sprawl!